(Business in Cameroon) - On the site hosting the Congo market, in Douala, foundations are gradually emerging from the ground. Thanks to a XAF28 billion public-private partnership with the Cameroonian economic operator Emmanuel Neossi, the start of this construction, which should make way for a modern shopping centre with 3,350 shops, is now effective. This construction is launched after many years of difficulties, which led the Urban Community of Douala, the project owner, to terminate the contract with its former partner, the Cameroonian-American company SICC.
The new partner has been at work for three months now. According to sources close to the case, Neo Congo Mall (name of the new shopping centre) will be erected on this site.
This project will enable the industrialist Emmanuel Neossi, promoter of Neo Industry, to carry out his first major real estate project, following the signature, in September 2019, of a joint venture with the French business engineering company CIOA. This agreement led to the creation of a company called Neo Real Estate, 49% controlled by CIOA and 51% controlled by Neo Industry.
According to the agreement, this joint venture is licensed to exploit CIOA group’s Bati-Fablab micro-plant technologies, which will enable the production in Cameroon of 80% of the materials required for the construction of buildings. This joint venture also plans to install a pilot Bati-Fablab with a capacity of 1,000 houses per year in the Western region of Cameroon.