NEWS RELEASE                                                                                                 6 March 2001

INTERNATIONAL CONVENTION CENTRE SIGNALS INVESTOR CONFIDENCE IN CAPE TOWN

The City of Cape Town Council expects the world-class International Convention Centre on the foreshore to create thousands of jobs and pave the way for further investment in the city.

Once construction starts in April this year, the project is expected to create thousands of jobs and open the way for new investment in the city.

"The commitment of public and private sector investors in this huge project is seen as a vote of confidence in the economic future of the city," said Councillor Kent Morkel, the City of Cape Town Council's Executive Committee member responsible for Economic and Social Development.

"Together with The City of Cape Town, SunWest International are ploughing millions of rands into this exciting development that promises to generate economic development and job creation on a large scale over many years," he said.

"The example set by SunWest will almost certainly be followed by others who will inject capital into the city for more development, thereby increasing property values and rates income and promoting the rejuvenation of the inner  city as a desirable and safe place to work."

Councillor Morkel said the International Convention Centre - to be managed by the RAI Group from the Netherlands - would greatly increase Cape Town's share of the African convention industry. It is expected to generate R1,2 billion during the construction phase and R705 million in the first year of operation. In the tenth year this figure should climb to R2,5 billion.

The centre will accommodate up to 8000 convention delegates in 12 000 square metres of space which is also suitable for exhibition space, sporting events, concerts and other large public gatherings.

"With its prime focus on economic and social development, the International Convention Centre will be seen as an excellent example of what can be achieved through partnerships between local government and private investors," said Councillor Morkel.

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