The Comoro Gulf Holding Company, a joint venture between Kuwaiti businessmen and the government of the Comoros islands, has announced a plan to invest $56 million in the small Indian Ocean archipelago.
The announcement of the plan is seen by many as a boost for President Ahmed Abdallah Sambi, who has been working hard at persuading Arab businessmen to invest in his country, which lacks natural resources and has been burdened by political strife between the central government on Grand Comore and the leader of the island Anjuan.
The authority of the government was only reinstated last week after it launched a military invasion of Anjuan, backed by African Union forces.
Ninety percent of the company is owned by the Kuwaitis and 10% is owned by the government, with the Kuwaitis providing most of the money, which will be invested in telecom and banking, Bachar Kiwan a member of the Kuwait delegation was quoted as saying by Gulf Daily News.
The company is also behind the Federal Trade Bank in Comoros that opened last year with capital of $15.8 million.
Earlier this month Dubai World, a state-owned conglomerate, announced that it planned to invest $70 million in a hotel on the main island Grand Comore.
In other news the ruler of Dubai, Sheikh Muhammad Bin Rashid Al Maktoum, is visiting China with a large delegation of Emirati businessmen in order to strengthen relations between the two nations.