| 14 April 2024, Sunday |

UAE’s Bukhatir group revives $5 billion real estate project in Tunisia

The Bukhatir Group, based in the United Arab Emirates, announced on Thursday that it was restarting a $5 billion real estate project in Tunis and would begin building on the first phase immediately, marking the first major investment in the North African country since the 2011 revolution.

Tunisia has been looking for foreign investment to help restore its economy, which has been heavily impacted by the epidemic and has been stagnating for years due to political uncertainty.

Last Friday, Tunisian sources informed Reuters that Bukhatir will resume work on the project, which had been put on hold following the revolution that toppled previous 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.

  • Reuters