Three years ago only a handful of formal shopping centres exceeding 10,000m² were scattered across Africa north of SA's borders. And not a single JSE-listed property company had a presence on the continent.
The World Bank committed a record US$14.7bn in its fiscal year to June to support economic growth and better development prospects in Africa despite uncertain economic conditions in the rest of the global economy.
With limited opportunities for expansion in SA, a slew of hospitality companies are eyeing the rest of the continent, for future growth as there is an under-supply of quality hotels and upbeat economic prospects.
Hilton Worldwide has expanded its product offering in SA over the past six months and the US-based group intends to increase its presence in Africa‚ according to vice-president of operations for Africa and the Indian Ocean‚ Jan van der Putten.
YUM! Restaurants International continues to expand the footprint of its KFC brand on the African continent, with plans to add stores in Tanzania, Uganda and Zimbabwe this year, the company said on Monday (14 January).