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Weekly Roundup | 06.04.2024

Our pick of headlines this week impacting commercial real estate in sub-Saharan Africa and Latin America.

 

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Headlines:









Watch: Experience the Panama Canal's Locks in Action








 

Africa


📰 Kigali's $2 Billion Innovation City Construction Scheduled to Begin in September 2024


The $300 million construction of Kigali Innovation City (KIC) will start in September, following agreements signed between the Government of Rwanda and investors at the African Development Bank..… Read More



📰 Radisson Hotel Group Set to Double Its Presence in SA By 2030


Radisson Hotel Group has set a goal to reach 25 hotels in South Africa by 2030, effectively doubling its current portfolio..… Read More


📰 UAE Sets the Pace for Gulf Investments in Africa’s Mining Sector


The United Arab Emirates (UAE) has emerged as a major player in Africa's critical minerals sector, driven by the global shift towards clean energy and the need to diversify its economic portfolio. The UAE..… Read More



📰 The UAE’s Rising Influence in Africa


As China pares back loans to Africa, the oil-rich Gulf state has become an increasingly important source of foreign investment. In 2022 and 2023, the UAE pledged $97bn in new African investments across renewable energy, ports, mining, real estate, communications, agriculture and manufacturing — three times more than China..… Read More


📰 UAE's Role in Gold Smuggling from Africa Could Jeopardize Its Investment Ambitions on the Continent


A 2024 Swissaid report reveals that between 321 and 474 metric tons of gold are smuggled from Africa annually through artisanal mining, representing 72% to 80% of the continent's small-scale production..… Read More


 

Latin America


📰 Fibra UNO Escalates Courtship of Terrafinna's Assets Aiming to Create Mega-Industrial REIT in Mexico


Fibra UNO's proposed industrial mega-merger aims to create Mexico's largest industrial REIT by combining three portfolios into 487 properties with a GLA of 11.6 million square meters (i.e., 124 million sq ft). The merged.… Read More



📰 Collaboration and Investment of Semiconductors in North America


In Mexico, several US-based companies conduct R&D, design, assembly and test manufacturing in different parts of Mexico. Mexico exported over 30% of the electronic connectors and parts used in backend semiconductor.… Read More


🎦 Watch: Experience the Panama Canal's Locks in Action




📰 Strong Peso, Stubborn Inflation Cloud Mexico’s 2024 Growth Prospects


Despite nascent nearshoring trade expectations, the Mexican economy will be challenged by a welter of economic issues during the second half of 2024. The most notable are a still-restrictive interest-rate environment.… Read More


📰 QSM Invested $12 Million in Mexico


The chip design company QSM invested US$12 million for the construction of the first silicon wafer manufacturing plant, with which it seeks to put Mexico on the map for the manufacture of semiconductors used in various..… Read More


📰 Vulcan Rejects Mexico’s “Illegal Expropriation” of its Investments

U.S. construction company Vulcan Materials, opens new tab on Monday rejected what it considers the "illegal expropriation" of its investments in Mexico and said it remains open to a negotiated solution with the Mexican...… Read More


 

Global


📰 Canadian Pension Fund Exits Manhattan Office Sector with 90% Loss in Firesale Deal


The $437 billion Canadian pension plan recently sold its 45% stake in 10 East 53rd Street for $7M, a 90% loss from its 2012 purchase price of $57M. The 37-story, 390,000 sf building, extensively renovated in 2015.… Read More


📰 Imminent $239 Million Office Property Default Expected, This Time in Seattle


A $239 million loan by Martin Selig Real Estate, a major player in Seattle's property market, has been sent to a special servicer. The loan, tied to seven office buildings, faces challenges as… Read More



📰 Vietnam's Property Sector Attracts $1.98 Billion of FDI So Far in 2024, up 70% Year-on-Year


Vietnam attracted $1.98 billion in foreign direct investment (FDI) in its property sector in the first five months of 2024, a 70% increase year-on-year, according to the Ministry of Planning and Investment. This makes… Read More

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