Qatari firm invests in Africa

The Qatari investment firm IAS has resolved to spend $1.6 billion in the CAR, which would represent the latest in GCC interest in African countries. Amongst the real estate projects that are part of this package are tax-free homes, office space and a tourism hotel.

North Africa's property markets have been enjoying strong economic growth for the last several years. A rapidly growing tourism industry has helped African countries gain the attention of overseas investors from the US, Europe and most recently the GCC.

A Qatari investment firm, IAS International, has recently announced their plans to spend over $1.6 billion in the Central African Republic. The developments would include several tax-free homes, commercial office spaces and even a hotel on an island near the capital of Bangui.

As with most emerging markets, the government is showing an unprecedented level of cooperation. Developments in Africa represent a renewed interest in the region. CAR also shows what is possible when foreign investment isn't hampered.

Increased foreign investment has strengthened African economies and further development will spread the benefits throughout the continent. CAR's government in interested in becoming one of the first free zones in Central Africa. CAR not only offers unlimited development potential and an economy ready for growth. IAS has already invested heavily in CAR's mining industries. Gold, diamond, oil and and gas are the latest projects to be taken on in the country by IAS. Because the economic growth isn't only through real estate development, CAR's government is quite sure that the growth in sustainable.

The tourism industry will be receiving a boost with the IAS development. Cite Lumiere, a tax exempt island, has, until now, been undeveloped. The island is to be connect via bridge to Bangui and will become a large community with both commercial and residential spaces.

Additionally, a luxury hotel is in the works. Direct foreign investment in Africa doubled between 2004 and 2006 for a total of $36 billion. Other GCC investors include Saudi Arabia and Kuwait. These investors are responsible for spending billions of dollars in Africa's economies.

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