Ivory Coast tourism attracts $5bn from Arab investors

Ivory Coast tourism attracts $5bn from Arab investors
A man walks in front of a flooded farm in the village of Yaou near Bonoua, in southern Ivory Coast on October 17, 2019 after heavy rains. (AFP)
Updated 22 October 2019

Ivory Coast tourism attracts $5bn from Arab investors

Ivory Coast tourism attracts $5bn from Arab investors
  • The tourism ministry said “a round table of investors in Dubai” expressed interest In Ivory Coast
  • The initiative, dubbed “Sublime Cote d’Ivoire” (Magnificent Ivory Coast), was launched in May

ABIDJAN: Ivory Coast announced Tuesday that Arab investors had pledged $5 billion to support its program to attract foreign tourists to the West African nation.
The tourism ministry said “a round table of investors in Dubai” on Sunday and Monday expressed interest In Ivory Coast and in total, the minister for tourism and leisure, Siandou Fofana, “enlisted from them pledges worth just over $5 billion” (4.49 billion euros).
Ivory Coast’s charm offensive in the United Arab Emirates included a delegation with recently retired star footballer Didier Drogba and A’Salfo, lead singer with the pop group Magic System, who gave two concerts.
The initiative, dubbed “Sublime Cote d’Ivoire” (Magnificent Ivory Coast), was launched in May.
“Our goal is to become the fifth biggest destination for tourism in Africa by 2025,” Fofana said in the ministry’s statement.
If objectives are reached, tourism would account for 12 percent of GDP compared with 5.5 percent today, and jobs in the tourism sector would grow from 270,000, as of 2016, to 365,000.
The economy today is hugely dependent on rural earnings, especially cacao and coffee.
The plan is to attract tourists to the remote west of the country, a region of unspoiled mountains and beaches.


Tadawul slips 0.3%, Anaam Holding falls, SARCO soars

Updated 54 min 45 sec ago

Tadawul slips 0.3%, Anaam Holding falls, SARCO soars

Tadawul slips 0.3%, Anaam Holding falls, SARCO soars
  • Tadawul All Share Index falls to below 8,700 points, turnover at $3.14bn

Saudi equities extended their losses, with benchmark Tadawul All Share Index (TASI) slipping 0.3 percent, or 28 points, to close at 8,694 points on Wednesday.

Total turnover reached SAR 11.8 billion ($3.14 billion), with advance-decline ratio at 52:131.

The shares of Almarai Co., Saudi Telecom Co., Riyadh Bank, Banque Saudi Fransi, Yansab and Zain Saudi ended trading today with declines between 1 percent and 2 percent.

Anaam Holding was the top decliner as it went limit down to SAR 154.20. The Securities Depository Center Co. (Edaa) deposited today, Dec. 2, the subscribed securities of Anaam International Holding Group to the accounts of eligible securities' holders.

On the other hand, SARCO went limit up to SAR 105.6 amid trading volume of 6.3 million shares.

Al-Omran shares recorded their highest close since listing, rising 10 percent to SAR 108.8.

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