Africa-Press – Cape verde. The Irish company Paradise Beach will invest 250 million euros, over 10 years, to remodel and expand a tourist village on the Cape Verdean island of Sal, according to the agreement document with the State, consulted this Monday by Lusa.
Salt/Tourism: Irish invest 250 ME to remodel and expand Paradise Beach tourist village in Cape Verde
In 2006, Paradise Beach – Aldeamento Turístico Algodoeiro SA began investing 3.3 billion escudos (30 million euros) in an area of 28 hectares on the island of Sal, to build a tourist village, the document describes.
The project has been in operation since 2011, and investment has already reached 9.9 billion escudos (90 million euros), with 851 apartments, providing employment to 46 people and functioning only as a short-term residential rental condominium. medium and long term.
Meanwhile, the investors acquired a 35.2-hectare plot of land in the same Comprehensive Tourist Development Zone (ZDTI) of Algodoeiro, to remodel, expand and convert the existing tourist village.
This is an investment of 27.5 billion escudos (250 million euros), which will remodel, expand and convert current units into others, totaling 2,534 apartments, to be developed in four phases, over the next 10 years and creating 1,800 direct jobs.
In the first phase of the new venture, whose works are expected to begin next month and last two years, the investor intends to complete and convert 543 units into 818 luxurious suites, also foreseeing the construction of a five-star hotel, for a total investment of 8.8 billion escudos (80 million euros).
In the second phase, the completion and conversion of buildings and infrastructure into 616 units and another hotel is planned, starting in 2025, corresponding to an investment of 5.5 billion escudos (50 million euros).
In 2027, the third phase is scheduled to begin, which will include new facilities for another five-star hotel with 350 rooms, with an investment amount of 3.8 billion escudos (34.8 million euros).
The fourth and final phase of the project includes a new building for another five-star hotel, consisting of 750 suites, and many other facilities, in an investment of 9.3 billion escudos (85 million euros), which should begin to be built in 2029.
According to the Government, the investment is fully part of the Algodoeiro ZDTI Tourism Planning Plan (POT), currently underway, and respects the environmental protection requirements of the area.
In the agreement document between the company and the State for the development of the project, approved by the Council of Ministers on October 10 and which came into force on Saturday, the executive considered that the project is “structuring for the development of tourism on the island of Sal and in Cape Verde, in general”.
The Government of Cape Verde considers the project “of great value” for promoting and accelerating the development of the national economy, therefore, it declares it to be of “exceptional interest”, reads the establishment convention, signed by the vice-prime minister and Minister of Finance, Olavo Correia, and the administrator of Paradise Beach Aldeamento Turístico Algodoeiro SA, Edward Cotter.
In 2022, Cape Verde received 785,272 tourists, a growth of 481.5% compared to the previous year, in a sector that represents around 25% of the country’s Gross Domestic Product (GDP), and is considered the “engine” of the economy. The Week with Lusa
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