Ethiopian Business Review

Kuriftou to Open an Exclusive Resort on a Red Sea Island

Kuriftou Resort and Spa is planning to construct a resort in Djibouti, Moucha Island at the cost of 10 million dollars, according to Belete Mekuria, PhD, vice president of Boston Partners’ the parent company of the resort.

“Negotiations are underway for the exclusive lease of the island and the 478,000 m2 plot on which the resort will be constructed,” he told EBR. “The island will also have about 120,000 m2 of protected forest.”  Moucha Island is a 20 minutes boat drive from Djibouti City.

The construction will be completed in two years time divided in two phases, building 50 suits under each phase.

The management of Boston Partners is currently finalizing paper works and legal grounds to secure the capital for the investment, 80Pct of which is expected to be secured through loan from the banks of Djibouti. Negotiations with the government of Djibouti and possible financiers have been undergoing in the last six months, according to Belete.

Upon completion, the resort is expected to create job opportunities for 160 people in the first phase and another 140 people when it goes fully operational. The employment opportunity will be shared by both Ethiopians and Djiboutians. The Embassy of Djibouti in Addis Abeba has confirmed the issue but could not give detail information.

“This is part of a larger vision of the Partner to grow more dominant in the region,” said Belete explaining the Company’s plan to expand Kuriftou Resort’s brand to Mombasa, Kenya and Zanzibar.

Established in 2002 and starting its business venture by investing on the Boston building on Africa Avenue in 2005, Boston Partners has built Kuriftou Resort and Spa on the shores of Lake Kuriftou in 2007 and Lake Tana in 2009. Partnering with other businesses, Boston Partners is expanding Kuriftou Resort and Spa to three other locations in the country. Boston Partners is a conglomerate which is running a capital of more than ETB400 million hiring more than 1,500 Ethiopians, according to Belete.

Leave a comment

Make sure you enter the (*) required information where indicated.Basic HTML code is allowed.