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UAE firm invests $18.5 billion in Abuja Centenary City

By News Express on 29/08/2015

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The Presidency Friday in Abuja welcomed an assurance from Centenary City PLC that all the original inhabitants of the site have been fully compensated.

Speaking after being briefed by the Chairman of the company’s board of directors, General Abdulsalami Abubakar and members of its management team, President Buhari praised the Centenary City’s main development partners from the United Arab Emirates for having enough confidence in Nigeria to agree to invest about $18.5 billion in the project.

President Buhari also welcomed the assertion by Gen. Abubakar and his team that the project will create about 250,000 more direct jobs in the Federal Capital Territory and about half a million indirect jobs.

The president noted that skills, expertise and vast experience that will be brought into country to build the Centenary City on the Dubai model, will also be of immense benefit to Nigeria's overall development.

He said that he looked forward to regular updates on the Centenary City's development.

Vice President Yemi Osibanjo who was also present at the briefing, said that the issue of the rights of the original inhabitants of the site acquired for the Centenary City had been of concern to the present Administration.

“We are glad that it is being handled,” he said while welcoming the assurance that compensation had been paid to those who will be displaced by the project and that the issue of their relocation was being addressed.

Gen. Abubakar and the management of the Centenary City also told President Buhari and Vice President Osinbajo that the project will be totally private sector driven.

•Photo shows artist’s impression of the Model City.

 

Source News Express

Posted 29/08/2015 04:42:27 AM

 

 

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