Why a prestigious London hotelier is building a city in Ghana

The new 2,000-acre city is called Petronia

New York Weekend Edition /
Aug.August 11, 2018 10:00 AM

Azad Cola. (Credit: Joachim Huber, Friday’s Media Group)

The owner of The Westbury Hotel, British multi-millionaire real estate developer Azad Cola, is co-founding a town called Petronia in Ghana.

The new city is to become a business hub for the oil, gas and mining industries in West Africa, according to Forbes. Petronia is to serve as a launch point for companies as they come to the country — oil was first discovered in Ghana in 2007.

“We are creating a blueprint for emerging market prosperity,” Cola told Forbes. “There are very few countries and very few examples in Sub Saharan Africa where producers, manufacturers and distributors neighbor [each other]. There has been a longstanding cycle of dependency which this industrial platform will break by creating a replicable template for sustainable development.”

Cola’s co-founder is a local entrepreneur, Nana Bediako, who recently started his own investment company, Capital Nine Zero. [Forbes]


Related Articles

arrow_forward_ios
Hilton Grand CEO Mark Wang (left), 54 Madison Partners' Henry Silverman and 12 East 48th Street
Hilton Grand Vacations buys Midtown timeshares for $136M
Hilton Grand Vacations buys Midtown timeshares for $136M
From left: BWH Hotel Group's Larry Cuculic and Hilton's Christopher Nassetta (Getty, Notre Dame, Hilton)
Hospitality companies target rival properties
Hospitality companies target rival properties
Neumann reveals his vision for Flow renters to “feel ownership”
Neumann reveals his vision for Flow renters to “feel ownership”
Neumann reveals his vision for Flow renters to “feel ownership”
L&L Holding Company’s David Berkey and Polsinelli’s Gabriel Dabiri along with 600 Third Avenue (Getty, L&L Holding Company, Polsinelli)
L&L, BlackRock sign law firm to renewal, expansion at 600 Third Ave
L&L, BlackRock sign law firm to renewal, expansion at 600 Third Ave
Hawkins Way Capital’s Ross Walker and Värde Partners’ IIfryn Carstairs with 525 Lexington
Shuttered East Side Marriott sold at $100M+ haircut
Shuttered East Side Marriott sold at $100M+ haircut
From left: Adam Weiner and John Fish (Getty, LinkedIn, Curry)
Developer destroyed potential evidence in battle over $800M project
Developer destroyed potential evidence in battle over $800M project
Fromk left: Mauricio Umansky, Christian Ulbrich, and Scott Rechler
They said what now? Real estate quotes of the week
They said what now? Real estate quotes of the week
RXR's Scott Rechler, Tamir Shemesh, Richard Meruelo, and Maria Meruelo (Getty, Serhant, Coldwell Banker)
Breakups, layoffs and walkaways: No love in real estate last week
Breakups, layoffs and walkaways: No love in real estate last week
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...