ZANZIBAR government and Quality Group Limited (QGL) yesterday signed a lease-cum master development agreement to develop an integrated international class residential community at Hotel Bwawani worth US$250 million.
Principal Secretary in the Ministry of Finance, Mr Khamis Omar, said during the signing ceremony of that implementation of the master plan agreement would be done as soon as possible. The agreement was signed with the Zanzibar Investment Promotion Authority (ZIPA) on behalf of the Revolutionary Government of Zanzibar.
Mr Omar noted that the project will boost the economy of the country from a low class to a middle income class status. “This is among the biggest investment opportunities that have ever existed in Zanzibar and it’s anticipated to create more than 17,000 jobs to the residents,” said Mr Omar. Implementation of the project will go inline with all the rules and regulations of the country.
“Assessment and mitigation will be taken in every step of the project to overcome any environmental effects from occurring,” he affirmed. The Chairman of the Board of Directors of QGL, Mr Yusuf Manji, pointed out that the project’s completion will take three years in mainly two phases.
“The Stone Town Village project component will include 12 residential towers, 90 private villas, signature apartments, state- of-the-art shopping mall of 20,000 square metrer with recreation centres for kids and family,” pointed out Mr Manji.
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