Why a prestigious London hotelier is building a city in Ghana

The new 2,000-acre city is called Petronia

TRD 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
An example of roll-off waste management (Credit: YouTube, iStock)

Big building owners prevent city from dumping container-pickup in trash-collection reform

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

30 West 31st Street and 52 West 36th Street (Credit: Google Maps)

South Korean firm snaps up two Midtown hotels for $137M

Council member Vanessa Gibson (Credit: New York City Council)

Commercial landlords face new fines as City Council passes anti-harassment bill

Brookfield Property Group CEO Brian Kingston and 652 11th Avenue (Credit: Google Maps)

Brookfield drops $83M on Hell’s Kitchen hotel

As House begins impeachment inquiry, here’s what we know about Trump’s Ukraine-real estate ties

Embattled Prodigy Network CEO Rodrigo Niño to step down

The Watchtower building at 25 Columbia Heights, CIM Group’s Shaul Kuba (right) and LIVWRK’s Asher Abehsera (Credit: Wikipedia, CIM Group, and LinkedIn)

JPMorgan leads $335M refi for CIM and LIVWRK’s Watchtower renovation

arrow_forward_ios