Cameroon market
Cameroon begins work on first destination retail mall, By Andrew Iro Okungbowa
By Andrew Iro Okungbowa (Contributing Editor, Nigeria) Cameroon is on the verge of history as it has commenced the construction of Douala Grand Mall and Business Park, the first destination retail and leisure mall in the city. The construction is being undertaken by Actis and its local partner, Craft Development.
Spanning 18, 000 metres of retail and leisure space, the mall is said to be cited close to Bonapriso in Cameroon’s largest city. The phase one of the mall would on completion feature among other facilities multiple restaurants, a children’s play zone, a five screen cinema, a supermarket and retail shops as well as a business park hosting a hotel and corporate offices spaces.
A number of outlets and distribution channels are said to have signed with the new project, with CFAO, an international group, which specialises in distribution in Africa, top on the list as it has signed an agreement to set up and operate a Carrefour Market in the shopping mall while world’s leading hospitality and entertainment conglomerate, Genesis Group has signed on to operate the cinema.
South African contractor, Raubex has been appointed as the general contractor and has since mobilised on site while a formal ground breaking ceremony is set for the middle of the year. The project is expected to create over 4,500 jobs using local material and labour and has been granted tax incentives following a convention signed with the government.
According to the Partner, Head of West Africa, Real Estate at Actis, Amanda Jean-Baptiste: “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 the Chief Executive Officer of Craft Development, Mathurin Jidjouc Kamdem, revealed that ‘‘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 has before now invested in the electricity sector in Cameroon and in partnership with the government it also 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.