It is also expected that it will increase its workforce when it is completed.
The project is being executed by Mabani Holdings Ghana Limited, in partnership with the largest Real Estate Fund in West Africa, Actis LLP and located in the Airport City.
Speaking in an interview with Times Business Mr. Ghassan Yared, Chief Executive Officer, Mabani and Forewin Group said, “The project is set to benefit the Ghanaian economy immensely, with over 90 per cent of the project to be sub-contracted to local companies, which is very important to bring in the value that is expected.”
“The Exchange is poised to be the city within the city of Accra. It is here for life, for business, for pleasure. It is there to pamper clients and customers”, the partners have promised,” he said.
Mr. Yared said the project when completed was would become a focal point in Accra.
“The Exchange’ offering a unique combination of attractions, including a retail park, hotel, luxury residences and office space. The first phase of the project is expected to be ready in 2018,” he said.
The Exchange is a multi-purpose complex encompassing a super-modern hotel, retail mall, residences and office accommodation, all operating with internationally appraised and approved practices and standards.
The project he said becomes the first project in Africa to receive the EDGE certification.
EDGE honors projects of high environmental awareness that embody consciousness when compared to conventional developments.
The project is expected to achieve a more than 20 per cent reduction in energy and water use.
According to Mabani Holdings Ghana Limited and Actis LLP, the investor-partners of the project, work on the concept was started in 2011.
It has since gone through the design stage and construction has already commenced on the site.
Radisson Blu a 4-star consisting of 206 rooms, several restaurants and a wonderful seating area with an outdoor pool and bar will be located in the ‘Exchange’.
Managed by Carlson Rezidor Hotel Group, the premium hotel is at the heart of the whole ‘Exchange’ experience.
Amanda Jean-Baptiste, Director of Real Estate at Actis, observes said, “We are delighted to partner with Rezidor in delivering its first Radisson Blu to Ghana.”
This partnership she said reflects the company’s collective view that despite the current headwinds, Ghana had strong underlying fundamentals and remains an attractive investment destination for long-term investors such as ourselves.
By Kingsley Asare