LONDON — The investment unit of Renaissance Group plans to build a 2,600-hectare city in the Democratic Republic of Congo as it seeks to benefit from Africa's urbanization.
Renaissance Partners is working on a master plan for the new urban center after securing land outside Lubumbashi, the country's second-largest city, Arnold Meyer, Renaissance Partners' managing director for real estate in Africa, said in London.
"The West has peaked in terms of economic growth and the new markets are in Africa," Meyer said. "And the main drivers of this growth in Africa are going to be cities."
Renaissance's Lubumbashi project will be more than double the size of Tatu City, the $5 billion center that the firm is building from scratch outside the Kenyan capital of Nairobi.
Tatu City, a 1,000-hectare site about nine miles north of the capital, will eventually have 62,000 residents and include a stadium, technology park, hospital, shops, office towers and playgrounds, the firm said in October, when it started the project. The Nairobi Stock Exchange is in talks with Renaissance about relocating there. Renaissance expects the city's first buildings to be erected by the end of 2013, Meyer said.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.