Gulf investors asked to support African plan for a Dubai-look-alike hub

Capital Consulting Group is looking capital and has invested in Dubai-based road show to drum up interest for an aviation hub on the Cape Verde Islands which is aim is to the Dubai  success story and provide a transit point for 50 million passengers to have access to Africa.

Indexed as one of the top three safest African countries for foreign investment by the Mo Ibrahim Foundation, the country shows exemplary economic promise due to its political stability, strategic location and investment-friendly rules and institutions.

Cape Verde is also a member of the World Trade Organisation and of the Economic Community of West African States (ECOWAS), which has a total population of 300 million and a combined GDP of US$ 703 billion.

All these factors have led to increased investment, tourism and trade from Europe and the Americas in recent years. Cape Verde now wants to develop its economy further, and having studied a number of successful global aviation hubs, they believe Dubai’s is the one they should use as their blueprint.

Capital Consulting has engaged French company naseba to organise a road show in Dubai on November 27 and 28 at the Ritz Carlton in DIFC -- to raise capital for the creation of the ‘Gateway to West Africa’ -- a strategic aviation hub on the Cape Verde Islands which will cater for 50 million passengers per year.

The country’s government has shown unwavering support for the initiative because aviation has always been strategically important to Cape Verde’s evolution and it remains instrumental in driving the country’s future growth. Sal International Airport has served as a commercial springboard for growing hospitality and tourism, and a conduit for its numerous infrastructural projects. It therefore forms a fundamental pillar to the continual GDP growth in Cape Verde and growth in ECOWAS and the West Africa region.

The project will be executed in three phases via a long term plan. Phases one and two will see an investment of EUR 310 million create 15,000 new construction jobs and develop the airline and airport so they are fully operational. The final phase, requiring investment of a further EUR 3 billion, will ensure the goal of a consumer-centric and commercially driven strategic aviation hub is achieved, similar to Dubai International Airport. It will also see a further 75,000 jobs created in Cape Verde.

Mr Mário Paixão Lopes, President of the Board of Administration of The National Airport Authority (ASA), explained: “our airports are a central part of our Government Strategic Plan to grow and become an important aviation hub in the region. Travel, tourism, trade and hospitality are some of the sectors identified as key drivers of our growth.” He continued by adding that “growth in these sectors has to be matched by a corresponding expansion in the aviation infrastructure capacity.”

Her Excellency Mrs Sara Maria Duarte Lopes – Minister of Infrastructure and Maritime Economy of the Republic of Cape Verde, reemphasised the project’s importance, stating that it is a “priority for our country’s economic development goals within the West African region.”

By providing efficient transportation services, the proposed hub will enhance the competitiveness of Cape Verde’s economy and “attract foreign direct investment and integrate our local companies with the global business community,” noted Ambassador José Armando Duarte, President and CEO, Cape Verde Investment Promotion Agency.

Many African airlines are currently blacklisted from flying to the European Union due to safety reasons. The proposed project will provide more than two billion customers with a way into Africa through Cape Verde. As Ambassador Duarte explained “our strategic location in the Mid-Atlantic Ocean makes it a perfect air and sea hub for the economic crossroads from West Africa to Europe and South and North America.”

Naseba Chairman Scott Ragsdale concluded: “We are proud to have been mandated by Capital Consulting to organise and host a capital raising initiative to help achieve a strategic aviation hub on the Cape Verde Islands. The country is the perfect gateway into Africa, and completion of this project will have a profound effect on Cape Verde’s economy -- and Africa as a whole.”