Italian Firm Plans $22 bln Tunisia Resort

6 February 2008
08:18
Reuters News
English
(c) 2008 Reuters Limited
TUNIS, Feb 6 (Reuters) - Italian property firm Ernesto Preatoni Group will invest 15 billion euros ($22 billion) in a luxury resort of hotels and holiday homes in northwest Tunisia, a Tunisian magazine reported on Wednesday.

"We'll build a high-class tourism complex, hotels, leisure centres and ports in the northwest of Tunisia at a cost of 15 billion euros," Milanese businessman Ernesto Preatoni was cited as saying by magazine El Moulahedth.

"Work will start before the end of this year. It will last 12 years," he added.
Tunisia is eager to attract more foreign investors to spur stronger growth, crucial to reducing a jobless rate of 14.3 percent.

The north African country wants to diversify its tourism business away from the traditional beach market to attract higher-spending holidaymakers.

Real estate baron and financier Preatoni owns Domina, a company with a chain of 40 hotels in 15 countries, and has investments in Egypt and India. (Reporting by Tarek Amara, editing by Tom Pfeiffer/Will Waterman)