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Comoros
Comoros Property Investment SalesDubai World, a state owned property company in the UAE, has decided to extend investment into Africa further. They have announced \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\$70 million will be allocated to a project in the Comoros Islands.
Africa's recent rise in foreign visitors has forced many real estate investors to re-evaluate their plans. Dubai World, the state conglomerate property developer, is going to aggressively increase its presence throughout Africa's growing property markets. More specifically, the developer recently announced plans to develop a luxury beachfront property on Grand Comore Island, which is one of four islands found in the Mozambique Channel. The existing structure will be demolished and replaced by a 150 unit hotel along with 100 residential villas and townhouses.
Real estate investors have found that the Comoros government is working hard to bring in foreign developers. Africa's increased popularity as a tourist destination is good news for rental property owners. Developers like Dubai World bringing in luxury resorts will provide the kind of boost the local economy needs in order to sustain growth. The first phase of the Grand Comore project is set to be completed early in 2010.
The Comoros government has many plans for the area and wants to make sure that the local economy benefits. Foreign contractors will work along side local contractors and entrepreneurs from the very start of construction, so the local economy will begin to benefit. Dubai World is partnering with the Comoros government to make sure that Comoros grows its tourism business to a sustainable level.
Several global development firms are looking to invest aggressively in African economies. Over the next five years, analysts predict that African real estate markets should stabilize. Regions that feature attractive climates like the Comoros Islands will benefit the most.
The archipelago is home to 57,000 and is most know for its beaches, reefs and one of the largest active volcanoes in the world. In addition to luxury beach resorts, there are also plans to add world class golf courses and other luxury facilities.
Area: 1,862 sq. km. (excluding Mayotte)
Population: 711,417 (2007 estimate)
Capital City: Moroni (Ngazidja)
People: Comoran
Languages: Comoran, French, Arabic.
Religion(s): Islam (state religion), with a very small (less than 0.5%) Roman Catholic minority.
Currency: Comoros Franc (pegged to the euro).
Major Political Parties: Convention pour la renaissance des Comores (CRC), supporting former President Assoumani.
Rassemblement National pour le Developpement (RND) - loose alliance of parties formed at the 2004 elections to oppose the CRC.
In general, the islands have a large number of political parties, many of them based on personal loyalties.
Head of State & Federal President: Ahmed Abdallah Sambi Membership of International Groupings/Organisations: African Union (AU); League of Arab States; Organisation of Islamic Conference (OIC); Indian Ocean Commission (IOC); Common Market for East and Southern Africa (COMESA).
GEOGRAPHYGeographically, the Comoros comprises four islands, but politically it comprises three: Mayotte is not a member of the Union but is a quasi-overseas department of France. The archipelago itself lies nearly 500 km. equidistant from the northern tip of Madagascar and the Mozambican coast. The largest island is Ngazidja, followed by Nzwani (Anjouan); Mwali is the smallest of the group. All are mountainous. The climate is tropical, and temperatures average 25C (coastal) and 22C (highlands). The hot and rainy season is from November-April. Regular cyclones can cause extensive damage. Karthala volcano on Ngazidja erupted in August 2003, in April 2005, and again in November 2005.
HISTORYThe earliest inhabitants were probably of Malay-Polynesian origin. Later settlers came from mainland Africa, Madagascar and the Arab world. The Shirazis from Persia became dominant in the 15th-16th century, establishing sultanates in the Comoros linked to their trading settlements in Kilwa (on the coast of present day Tanzania) and Zanzibar, and dealing in spices and slaves to the Middle East. Comoros became known for Islamic learning and exported teachers to Zanzibar.
France established protectorates over Ngazidja, Nzwani and Mwali in 1886 and declared the Comoros a French Colony in 1912, administered from Madagascar. In 1947, the Comoros became a separate French Overseas Territory, gaining a degree of internal autonomy in 1961.
In a referendum held in December 1974, 96% of Comorans on Ngazidja, Nzwani and Mwali voted for independence from France, but a majority on the island of Mayotte (64%) voted against. Political tensions grew until, on 6 July 1975, the Comoros declared independence unilaterally, Ahmed Abdallah becoming its first President. France retained control of Mayotte, but recognised the independence of the other islands. Later in 1975 President Abdallah was deposed in a coup, to be replaced in 1976 by President Ali Soilih, who was in turn overthrown in 1978 by a group of French and Belgian mercenaries led by 'Colonel' Bob Denard. Abdallah, who had helped finance the coup, returned from exile in France to be re-elected President, but remained dependent on a mercenary-trained Presidential Guard. He was killed in unclear circumstances during a meeting with Denard on 26 November 1989. At the request of the Interim President, French warships arrived offshore. Denard handed over control of the islands and later returned to France. Political tensions and instability continued through the 1990s. On 30 April 1999 the army seized power in a bloodless coup (the 18th coup or attempted coup in Comoros since independence in 1975). Army Chief of Staff, Col.Azali Assoumane, assumed power at the head of a transitional executive.
POLITICSOn 17 February 2001, representatives of all three islands signed the Fomboni Accord. This formed the basis for a draft constitution published in September 2001 which proposed a much greater degree of autonomy for each of the three islands of the Union and a system whereby the Presidency of the Comoran federation would rotate between the three islands every three years. This draft was accepted by majority vote in referenda in all three islands in March/April 2002. Nzwani and Mwali also each elected its own island President; on 19 May the voters of Ngazidja elected an opposition MP, Abdou Soule Elbak, as President of the island. Col.Azali Assoumane was elected Union President with 75% of the votes in December 2002.
Under the constitutional arrangements, each island governor may appoint eight ministers to deal with local affairs, whilst the union authorities control foreign affairs, finance, defence, justice and religious matters. However, there remain areas where the division of authority is unclear and this has led to continuing political friction over control over security, customs revenue, and the country's budget. Three days of talks in Pretoria in August 2003 produced a draft agreement but this was not followed through. An African Union (AU) delegation led by South African President Thabo Mbeki went to Comoros in December 2003 for a regional summit to resolve the crisis. An accord was signed which, among other issues, detailed that the army would be controlled by the Union but the police would be administered by each local President.
As a result of the Accord, legislative elections were held for the three island assemblies in March 2004, and for the Union federal assembly in April 2004. In the latter poll, which was declared generally free and fair by international observers, Col.Assoumane's CRC gained just 11 out of 55 seats, the majority going to 'Island' as opposed to 'State' candidates and putting them in a position to block legislation. In April 2005 proposed legislation to enable President Assoumane to stand for a second two-year term and avoid the constitutional proviso on a rotating federal presidency was reportedly withdrawn for lack of parliamentary support. A Comoran National Election Commission (CNEC) with representation from all three islands was appointed in December 2005. In the Union presidential election on 14 May 2006 Ahmed Abdallah Sambi was elected on 58% of the vote.
Violence broke out in advance of June 2007 elections on Nzwani, where island president Mohamed Bacar refused to stand down. He subsequently claimed 89% of the vote in locally-organised elections on 10 June 2007, the results of which were not recognised by the Union (nor by the AU). Following clashes between local policemen loyal to Bacar and Union soldiers the AU deployed over 100 peace-keepers to the island in May 2006. A similar force is expected from the Arab League.
HUMAN RIGHTSAccording to the latest US State Department Country Report on Human Rights, the Comoros Government's record on human rights remains poor.
ECONOMYBasic Economic FactsGDP: US\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\$ 402 million (2005 est.)
Annual growth: 3% (2005 est)
Annual inflation: 3% (2005 est.)
Major industries: agriculture, fishing & forestry
Main imports: rice, petroleum products
Main exports: vanilla, cloves, ylang-ylang (perfume oil), copra.
Major trading partners: Exports – France, USA, Singapore, Germany; imports – France, South Africa, Japan, Thailand, Indonesia, Singapore, China.
Exchange rate: Cfr: US\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\$ (2006 av) - 392. [the Comoran franc is pegged at 491.9677 francs per Euro]
The main export crops are vanilla, cloves, and ylang-ylang, used in perfume manufacture. Services account for 56% of GDP, agriculture 40% and industry 4%. The economy has been badly hit by sharp declines in world prices for its export produce. There is a small fishing industry, a minimal industrial base devoted mainly to processing vanilla, and a developing tourist industry. France is Comoros' main trading partner, providing almost half of imports and taking two-thirds of its exports. Economic growth was hard-hit by low vanilla prices and reduced production in 2005.
INTERNATIONAL RELATIONSSuccessive governments have lobbied for the return of Mayotte to Comoran control. But the Mahorais (people of Mayotte) remain firmly against such a move. President Assoumane stated in his July 2005 independence day speech that the time had come to take steps to promote bilateral exchanges between the Comoros and Mayotte in order to bring about unity among the islands.
The islands' Islamic history and culture, and membership of the League of Arab States and OIC, underpin the existing close links with the Gulf (and Libya). China has maintained a resident Embassy in the Comoros ever since independence; in November 2005 China wrote off all Comoros’ US\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\$5 million debt.
Harun Fazul, suspected leader of the 1998 US embassy bombings in East Africa, is Comoran.
DEVELOPMENTThe economy depends largely on remittances from the 70,000-strong Comoran diaspora in France to offset deficits and on French and European Union (EU) aid. In June 2005 the EU granted 27.3 million Euros to Comoros for education and to strengthen local administrative structures. A donors’ conference held in Mauritius on 8 December 2005 resulted in aid pledges of US\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\$ 140 million in cash, and US\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\$ 60 million in kind (training and technical assistance etc.) In general, economic progress and development have been undermined by political instability.
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