A South African Company has concluded arrangements to invest $1.5 billion (N175.5 billion) into the development of Jabi Lakefront in Abuja.

Aliyu Umar, Federal Capital Territory (FCT) minister, disclosed this recently while receiving a delegation of the Old Mutual Investment Group, Duval Properties Limited and Louis Karol Architects, in his office.

Umar asserted that the administration would speed up all approvals needed for the project to commence, explaining that the South African investors had informed  him that they had 75 percent of the $1.5 billion in its kitty, that would enable them execute the project easily.

 The minister said that the ground breaking ceremony was scheduled for the first week of October, 2008, while the construction proper would start in December, 2008. The project would be completed within two years so as to speedily turn Abuja into an international tourist arena.

He directed the FCT Development Control Department to within two weeks, give preliminary approval to their building plans to serve as a encouragement to the investors, nothing that the FCT administration was more ever determined to woo investors to the territory to ensure that the city is better placed for its new challenges.