Actis, a leading growth markets investor has started constructing the “Douala Grand Mall & Business Park”, which is projected to create 4,500 using local material and labour.
The mall said to be Cameroon’s first destination retail & leisure mall, will comprise of 18,000 square metres of retail and leisure space, close to Bonapriso in Cameroon’s largest city. According to reports, the mall will include multiple restaurants, a children’s play zone, a five screen cinema, a supermarket and retail shops. The Mall is Phase 1 of the development which also includes a business park hosting a hotel and corporate offices spaces.
Reports say the project has been granted tax incentives following a convention signed with the Government of the Republic of Cameroon.
Amanda Jean-Baptiste, Partner, Head of West Africa, Real Estate at Actis, said: “Actis is thrilled to reach this key milestone in delivering Cameroon’s first destination retail mall; anchored by two flagship brands seeking to benefit from the growing consumer power. The Mall will make a significant contribution to job creation and other economic indicators in the Cameroonian economy.”
While, Mathurin Jidjouc Kamdem CEO of Craft Development added: this is a landmark project that will provide the vibrant city of Douala with one of its biggest international standard mixed-used development, with over 4,500 jobs created in both the construction and the operation phases.
Actis is also invested in the electricity sector in Cameroon. In partnership with the government Actis holds a majority interest in the country’s electricity utility, Eneo. Actis is in advanced discussions with the Government to facilitate further significant investment into the energy sector to continue to expand the electricity grid and improve the quality of supply. Actis has also established Honoris United Universities, a pan-African higher education business which brings together the most prestigious universities, Actis also has a strong presence across the wider Francophone Africa region including energy, education and healthcare businesses.