Bukhatir Group said it was reviving a $5 billion real estate project in Tunis and would start work immediately on an initial phase, the first big project in the North African country since a 2011 revolution. Tunisia has been seeking foreign investment to boost its economy which has been hit hard by the pandemic after years of stagnation, compounded by political turmoil. Tunisian sources told Reuters last Friday that Bukhatir would re-commit to the project, which was halted after the revolution that ended the rule of former president Zine El Abdine Ben Ali.
The project includes sports academies, hotels, golf courses and villas covering 250 hectares in the north of Tunis. It is expected to provide thousands of jobs in a country where unemployment is more than 18 percent. Major Western lenders have said he needs to restore normal constitutional order. Saudi Arabia and the United Arab Emirates have pledged to help Tunisia as it battles its worst financial crisis.