The New Times (Kigali)
NEWS
March 21, 2007
Posted to the web March 21, 2007
By Mansur Kakimba
Kigali
A delegation of the Aga Khan Fund for Economic Development (AKFED) led by Prince Amyn Aga Khan arrived yesterday in the country for a two-day working visit. The Fund owns Kigali Serena Hotel and Kivu Serena Hotel, formerly Hotel Intercontinental Kigali and Kivu Sun Hotel in Rubavu District, Western Province, respectively.
The delegation’s visit, according to Rwanda Investment and Export Promotion Agency (Riepa), is aimed at assessing the progress so far made on the rehabilitation of the two hotels which AKFED fully acquired early this year.
The delegation is also expected to explore new areas of investment especially in the country’s booming tourism industry.
In a brief interview with The New Times at Kigali International Airport, Prince Amyn said: “We are now moving to a phase of rehabilitating the two units [Kigali Serena Hotel and Lake Kivu Serena]. We are working with architects to expand them to give them a new face and life.”
Asked whether the Aga Khan Fund has short-term plans of expanding their assets list in Rwanda, and also invest in other investment areas in the country, Amyn said: “Yes, but not outside tourism at this moment.”
Amyn, who oversees Serena Hotels worldwide, added that they are eyeing Gorilla’s Nest Lodge in Kinigi, Musanze District in the Northern Province.
The AKFED entourage was received by Minister of Commerce, Industry, Tourism and Investment Promotion, Protais Mitali and Riepa Director General, Williams Nkurunziza.
A 30-year lease agreement signed on January 9 between the government and Serena Group of Hotels, saw the latter establishing their first business in the country. The hotels will, according to plans, be relaunched following a major facelift.
He heaped praise on Rwanda’s investment climate, saying: “This country is marvelous with distinctive investment potential. Indeed, we hope we will be able to expand our interests here in the near future.”
Nkurunziza said: “The Aga Khan is moving towards implementation of their commitments with regard to their acquisition of the two hotels as well as exploring possibilities of expanding their assets in the country.”
According to the agreement, Agha Khan will invest $ 9.5 million (about Frw 5.2 billion) in the general rehabilitation works, and construct 50 additional guest bedrooms and a modern health and fitness centre to the recently acquired hotels.
Ismailimail 