Waterfront owner invests in Zim

Johannesburg - Questions have been raised over the new investment in Zimbabwe by Dubai World, which is part of a consortium that in 2006 paid R7bn for the V&A Waterfront in Cape Town.

On Monday this group, the sovereign investment company of the United Arab Emirates, told Sake24 that Dubai World Africa Services (DWAS), its African division, had already bought a stake in the Bubye game reserve in Zimbabwe last year.

Bubye is one of Africa's largest game parks, with about 90 000 animals.

The group did not reveal the purchase price - only that its share amounted to about 170 000ha of the reserve's total 340 000ha.

Sake24 has however confidentially ascertained that the group shelled out about $25m (about R211m) for a 50% stake.

A 25% interest is also held by a consortium of owners that includes Charles Davy, while the remaining 25% apparently belongs to the Russian financial company Renaissance Capital, which helped facilitate the transaction.

This company was recently in the news when it became known that it was busy constituting a land bank in Africa.

Davy is the father of Chelsy Davy, who became known for her relationship with Britain's Prince Harry.

What makes the transaction controversial is the questions of Davy's ties to President Robert Mugabe and his followers. He has also had a long-time business relationship with Webster Shamu, the new information minister in the inclusive government

In South Africa DWAS is the controlling shareholder in the Mantis Collection of game reserves.

These include the Jock Safari Lodge in the Kruger National Park, Shamwari in the Eastern Cape, Sanbona in the Western Cape, and the Nkomazi Reserve in Mpumalanga.

- Sake24.com

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