Rwanda: Dubai World 'In Discussions' for Tea Factories
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Rwanda News Agency/Agence Rwandaise d'Information (Kigali)
18 June 2008
Posted to the web 19 June 2008
Kigali
Barely six months after Dubai World announced a mega tourism investment in Rwanda, the United Arab Emirates investment arm is said to be in 'advanced discussions' with government for a portion of the tea sector, RNA has established.
If talks advance as planned, according to the Executive Secretary of the Privatisation Secretariat Mr. Twahirwa Manasseh, Dubai World should be in possession of three tea factories.
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The Emirates holdings firm wants to buy out the Gisovu Tea Estate and factory, Gisakura Tea Estate and factory, as well as Kitabi estate and factory - all in western Rwanda.
In December last year, Dubai World, the state-owned enterprise, announced an investment totaling some $ 230 million into Rwanda's tourism sector.
Through its investment arm, Istithmar Real Estate, Dubai World is building eight tourism facilities including luxury hotels and lodges in national parks as well as golf courses and villas.
It will put up a 60-room lodge in the Akarega National Park, in the eastern province, and a five-star tented camp in the Volcanoes National Park, home to hundreds of rare mountain gorillas.
Gisakura Tea Estate and factory are adjacent to another Dubai World venture - an eco-lodge adjacent to the Nyungwe Forest National Park, which protects one of the largest single tract of mountain forest remaining anywhere in Africa.
The ongoing privatization drive of the many tea estates in the western and northern Rwanda have seen tea production up by 18.7 percent in 2007 bringing in some $36 million that year alone.
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British tea trading company LAB International just finalized last week the takeover of the Pfunda Tea Company in Western Rwanda as well sealing its controlling stake now at 90% with 10 percent staying with the farmers.
In 2004, LAB paid $1,060,160 (about Rwf 5.8 billion) for the estates and last week the firm paid up another additional Rwf 350 million for the final seal.
According to Mr. Twahirwa of the Privatisation Secretariat, the remaining 3 tea estates with their factories - Mata, Shyagashya and Mulindi will be sold through open bidding for the companies.
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Jean-Louis Kayitenkore
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