With Rebosis Property Fund’s debt ballooning to R9.5bn, and after protracted business rescue attempts, the major property group has been left with no option but to sell some of its assets, including Baywest Mall, worth a total R1.6bn.
As the country celebrates 29 years of freedom from apartheid, the Eastern Cape provincial government saluted the role played by all those who courageously stood against the oppressive regime, calling for justice and equality for all South Africans. They included legendary traditional leaders such as Nkosi Jongumsobombu Maqoma, who fought again land dispossession, the clergy such as the late Desmond Tutu, Beyers Naudé, and Dr Allan Boesak, and freedom fighter Chris Hani.
Close economic and political ties have triumphed over national interests, business ethics and proper investment protocols as the South African government continues to keep mum despite the R11-billion Chinese auto investment at the Coega Special Economic Zone outside Gqeberha not gaining any tra.
Nelson Mandela Bay is among 15 municipalities in the Eastern Cape that failed to convince the National Treasury not to withhold a portion of its conditional grant funds for the 2023/2024 financial year.
Eastern Cape premier Oscar Mabuyane and his team set off to the United Arab Emirates on Thursday for a three-day investment discussion with the Middle East country’s ruling and business leadership. Mabuyane is expected to meet UAE president Sheikh Mohamed bin Zayed Al Nahyan. Insiders say the UAE had expressed a keen interest in investing in a range of business ventures in the province, which would translate into jobs being created.