UAE-based Bukhatir Group said on Thursday it was reviving a $5 billion real estate project in Tunis and would start work immediately on an initial phase, the first big project in the North African country since a 2011 revolution.
Tunisia has been seeking foreign investment to boost its economy which has been hit hard by the pandemic after years of stagnation, compounded by political turmoil.
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Tunisian sources told Reuters last Friday that Bukhatir would re-commit to the project, which was halted after the revolution that ended the rule of former president Zine El Abidine Ben Ali.
Bukhatir Chairman Salah Bukhatir confirmed at a press conference the project was being revived, and that the first phase would involve building luxury villas and a golf course.
“This project will change the face of the capital Tunis,” he said.
The project includes sports academies, hotels, golf courses and villas covering 250 hectares in the north of Tunis. It is expected to provide thousands of jobs in a country where unemployment is more than 18 percent.
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