NewswireToday - /newswire/ -
Manotick, Ontario, Canada, 2010/11/29 - GCN-C has designed a most remarkable and unique development concept, combining the benefits of a financial tax haven with the attraction of an ultra-exclusive resort-style duty free zone, the only such destination of its kind in the world.
After four and a half years spent in design and development, Africa will soon boast the first combined financial and tourism free zone ever developed on that continent. The project, known as the EMERALD COAST FINANCIAL AND TOURISM FREE ZONE PROJECT, will be built in the Republic of Cameroon in its designated Strategic Economic Development Zone on the coast near the port city of Limbe.
The project is a joint-venture between Ottawa-based consortium GCN Canada Inc. (GCN-C), and Bonanza Estates SA (BE SA) of Limbe. The Project was conceptualized and designed by GCN-C, and utilizes the Free Zone License granted to BE SA for the development of a jointly-owned 311-hectare parcel of land with almost 2 km of private beach located some 20 km north of Limbe.
Full build-out of the Project is estimated to cost some US$ 3.5 Billion, and will take 7-8 years to complete. During and after its construction, the Project is expected to create employment for up to 10,000 people directly and indirectly as a result of its development. Understandably, its start-up is being keenly anticipated by the Government of Cameroon, as its impact on employment and general development in the area, and the draw it will create for additional investment in the country is expected to be enormous.
President and CEO of GCN-C, His Excellency Robert Sabga, says “The Emerald Coast Project is going to fundamentally alter the way the rest of the world looks at Africa, and is going to meaningfully impact for the better on the lives and welfare of thousands of people. It is going to change lives, it is going to change Cameroon, and it is going to change the continent of Africa as never before.”
In planning and conceptualizing the Project, HE Sabga assembled a global team of professionals drawn from four continents, all proven experts in their respective fields. GCN-C’s professional lineup includes some impressive members: a former Rear Admiral, a retired Air Force Captain, a Sheikh, a retired senior banker, an African Prince, and another former Ambassador (HE Sabga is himself a former Ambassador, having served as the High Commissioner for the Republic of Trinidad & Tobago to Canada). The architectural firm selected to design the Project is Sadek Architects SRL of Dubai, famous for the ‘sea urchin’ design for the King’s Park Stadium in Durban S.A., designed for the 2010 World Cup Games, and for a host of resort and hotel designs throughout the Middle East, Europe and North America.
The Emerald Coast Project will feature a host of amenities that will position it as unique in both concept and function. It will operate as a financial free zone, offering full off-shore banking and wealth management services. It will feature an ultra-secure underground vault complex built into a mountainside for the safe-keeping of hard assets such as bullion and other valuables. It will offer 3- 4- and 5-star hotels and villas, a private marina, boardwalk with restaurants and duty free shopping, a world-class golf course, a casino complex, and a private airport and marina, to name a few of its numerous features.
GCN-C is now ready to break ground on the Project, and is currently seeking interested Investors and potential JV partners.
To learn more about the Emerald Coast Free Zone Project, visit GCNcanada.com/.