London, UK – 23 November, 2014: Tunisia Economic City, the mega economic development and urban modern city project in Enfedha, Tunisia, set for the future of North Africa, announced during a press conference held in Tunis, Castlepines Global Equity, as the leading investor in its project. The announcement comes after signing an MOA (Memorandum of Agreement) between Dr. Riadh Khalifa Toukabri, President and founder of Tunisia Economic City project and Mr. David Grose, Chief Executive Officer; Castlepines Global Equity agree to invest large sums of capital in the project.
Tunisia Economic City has been publically announced during a press conference held in the Tunisian capital – Tunis, in the presence of more than 50 international companies participating in the project from almost 30 countries and attended by the Royal Prince Fahad Bin Miqrin Bin Abdul Aziz Al Saud, a prominent Saudi businessman, in addition to international investors and a high level delegation headed by Riadh Khalifa Toukabri, President and founder of Tunisia Economic City,
Commenting on the occasion Mr. David Grose, Chief Executive Officer, Castlepines Global Equity said; “We believe that the Tunisia Economic City project is well suited to our investment criteria and will benefit from our capacity to invest large sums of patient capital. It is well known that there is a vast amount of cash currently tied up in global pension funds. Despite the economic climate, pension funds are continuing to grow in size and seek more opportunities to receive reliable and steady incomes.”
Castlepines has developed a reputation for evaluating each project carefully and funds a project only when satisfied that it provides a clear economic benefit to the country in which the asset is located, provides developmental opportunities to the local community and that it is also morally and environmentally sustainable.
Dr. Riadh Khalifa Toukabri, President and founder of Tunisia Economic City said; “We welcome on board with us Castlepines Global Equity, a leading international investment fund, at a time where we are completing our elections and looking forward to a promising future where we strive to position Tunisia on the international arena”.
Dr. Toukabri added; “The legislative elections and the political stability in Tunisia has been highly praised and through Tunisia Economic City project, the private sector in Tunisia will contribute in developing the joints of the economy and start a new phase of building, constructing and creating job opportunities to raise the bar of the living standards of the Tunisians, and transfer the modern technology, create new investment opportunities in various fields and work to succeed the emerging democratic experiment, to make Tunisia become an ideal platform for global and regional investors, as the project draws the future of North Africa and plays a vital role in connecting continents.
The concept of Tunisia Economic City is to build, in phases, a world class city, that will become an international hub connecting East and West, North and South for Business, trade, cultural and educational exchange. the project will contribute to the formulation of the overall comprehensive economic map and sustainable development prospective for Tunisian Republic, and the wider region.