Actis (www.act.is), a leading growth markets investor, and Genesis Group (Genesis) have signed an agreement to bring the first premier cinema to Doula. The five screened cinema will add to the leisure and entertainment offering at Douala Grand Mall, a retail led, mixed-use development, close to Bonapriso in Cameroon’s largest city.
Developed by Actis and local partner Craft Development, Douala Grand Mall will be part of the largest mixed use development in Cameroon with 18,000 square metres of retail and leisure space, anchored by the Genesis cinema and a supermarket. The full development, also including a business park hosting a five-star hotel and corporate offices spaces, will be a landmark touristic spot in the city that reflects the aspirations and dynamism of Douala.
The project, is expected to create over 4,500 jobs using local material and labour and has been granted tax incentives following a convention signed with the Government of the Republic of Cameroon.
Amanda Jean-Baptiste, Partner, Head of West Africa, Real Estate at Actis, said: It is fantastic to be able to attract regional brands into Cameroon, we are encouraged by the interest already received from retailers and restauranteurs seeking to take up space in the mall, keen to benefit from the growing consumer power.rdquo;
Dr. Nnaeto Orazulike, GMD of Genesis Group, added: We are excited by the prospects of expanding to other West African states after 25 years of leadership in the hospitality and entertainment sector in Nigeria. As one of the leading cinema chains in Nigeria with cinemas in major cities in the country, a West African expansion represents a brilliant opportunity for us particularly with a partner like Actis.rdquo;
Actis has a strong presence across Francophone Africa including energy, education and healthcare businesses.