RMB Westport in Côte d’Ivoire

African property development jurisdictions

Abidjan is the largest city in Francophone Africa and is the economic hub of the UEMOA 8 country West African region. * It already has the highest number and density of formal retail space in West Africa and the second highest (after Nigeria) levels of executive remuneration in the region.

*Source Morgan Philips

Côte d’Ivoire is the world’s largest cocoa producer and exporter, accounting for approximately one third of the global market. Thanks to its pro-reform government is set to be the fastest growing economy in West Africa for the foreseeable future. Adding to this positive context is the absence of exchange rate volatility in Côte d’Ivoire due to its currency peg with the Euro and subsequent low inflation rate.

RMB Westport is pursuing a number of projects in Abidjan, such as:

  • Riviera Mall, Cocody
  • Office Tower, Plateau
  • Riviera MallRiviera Mall, Cocody
  • Office TowerOffice Tower, Plateau

Côte d’Ivoire fast facts

Population:23.2 million
Population of Abidjan:4.8 million
GDP:US$34-billion
GDP per capita:US$3 756
Projected GDP Growth (2016-2020):7.5%
S&P Country Rating:B+

Economy

  • Cocoa, palm oil, cashew nuts and other commodities (gold, oil etc.) are the mainstay of Côte d’Ivoire’s economy with foreign currency receipts supporting a relatively healthy trade balance and currency peg to the Euro
  • Côte d’Ivoire is investing heavily in infrastructure, education and health in order to move the economy from frontier status to emerging market status
  • Record levels of FDI are assisting in diversifying the economy and growing manufacturing and services

Context

  • Political landscape: Côte d’Ivoire experienced a lost decade starting 1999 but has turned a corner and made remarkable progress since 2010 when the current democratically elected President Ouattara took control
  • Economy: Projected to be one of the fastest growing economies in the world until 2020. Multinationals are investing in every sector in order to gain access to the region
  • Policy environment: Côte d’Ivoire has a pro-reform government with incentive schemes for FDI
  • Infrastructural challenges: While weak compared to more developed markets, Côote d’Ivoire leads West Africa in the quality of its infrastructure. Côte d’Ivoire is a power exporter and has one of the best transport networks in the region (second port after Abidjan, fastest growing air passenger traffic in West Africa and largest new road building programme)

Retail and commercial market

  • Rentals in Abidjan remain low compared to Accra, Luanda and Lagos due to an undersupply of quality real estate stock (especially offices)
  • Abidjan’s 37km metrorail project will ease congestion and contribute to significant development along its rail axis
  • Sophisticated market: Abidjan has six modern shopping centres with a further three in the pipeline

*Sources: Economic intelligence unit; IMF; RMB Global Markets Research; OECD