Global investor ALTEC is considering Zanzibar as a key location for its business in the East African region and is prepared to invest USD10bn according to the second Vice President, Ambassador Seif Ali Iddi.
Press Officer Mr Athman Ame confirmed that the company has USD 10 billion prepared for Zanzibar and investments in areas including oil and gas, sea port, airport services.
The proposed investment comes after a recent visit by Ambassador Seif Ali Iddi to Dubai to meet with and attract investors to the islands.
ALTEC is a global company that serves over 100 countries in industries such as telecommunications, utilities, seaport, airport and contractor markets.
Zanzibar recently announced that it intends to become the leading tourism destination in the Indian Ocean and has received several large investments including a deal to upgrade its airport with French owned Aeroports de Paris Ingenerie (ADPI) as well as the construction of a new port for the region.