The fund will target three- to five-star hotels located in sub-Saharan African capitals and other commercial centers in the region and will position itself on the business tourism segment.
The Angolan sovereign wealth fund announced its intention to begin investing in sub-Saharan Africa, in the hotel, transportation and electric power sectors, which it identifies as priority areas.
As far as concerns the hotel industry, the fund is looking at three- to five-star properties positioned on the business tourism segment and located in the sub-Saharan African capitals and other commercial centers in the region. According to Bloomberg, it plans to invest in 50 hotels over the next three years. "The number of rooms that meet international standards is very weak and has strong growth potential," declared José Filomeno dos Santos, president of the sovereign wealth fund to Bloomberg.
The Angolan sovereign wealth fund currently has 5 billion dollars in assets under management.
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