UAE and Tunisia: $5 billion investment project restarted

UAE and Tunisia: $5 billion investment project restarted

On Thursday this week, a group of companies from the United Arab Emirates announced the resumption of a $5 billion real estate project in Tunisia. This initiative is expected to boost the economy of the North African nation.

The project, called the Sports City of Tunisia, was put on hold for nearly 15 years following the 2008 global financial crisis and the 2011 Arab Spring protests in Tunisia. Currently, in the context of the stabilization of the economy of the Arab region after the crisis, countries are resuming investment projects and are looking for new promising investment options.

The project, called " Tunisia Sports City", will include the construction of golf courses, sports academies, hotels and villas in the northern suburbs of the capital on the shores of Lake Tunis. At the moment, agreements with the government of the country have already been concluded, and preparations for construction have been completed. The real estate project includes three stages, the first of which should be completed in 2026, and the final part by 2031.

If successfully implemented, this initiative is expected to strengthen the economy as the country struggles with inflation, high unemployment and high public debt.

The coronavirus pandemic sent the Tunisian economy into a deep recession in 2020, and although there was limited growth last year, unemployment hit 18 percent.