Page 20 - KZN Top Business Portfolio eBook -2024
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Projects Underway The excellent climate allows many sport and leisure
The R1.9bn Giba Business Estate 20ha is recognised as activities and a range of business opportunities
a key catalytic project by the eThekwini Municipality. has grown to meet the demand of these markets.
The Estate will house 22 sites tailored for light In line with the above, the province hosts several
industry, warehousing, and logistics. The development international events that bring people from around
encompasses eco-friendly green zones aimed at the world. These events include the Dusi Canoe Race,
reducing the site’s carbon footprint and environmental the Comrades Marathon and the Midmar Mile and the
impact. Infrastructure to support high-speed fibre and July horse racing extravaganza.
solar electricity generation as well as state-of-the-art Durban’s central beachfront upgrade has transformed
security have also been included in the planning. The Durban’s renowned beachfront into a feature of which
first phase is set to conclude by July 2024. the city can be justly proud. The promenade provides
Positioned off the N3 between Pietermaritzburg and kilometres of uninterrupted sea views, restaurants
Durban, Westown is an active construction site, with the and other amenities to the benefit of all. The Moses
first phase of the development, the retail hub of Westown Mabhida Stadium is undeniably an iconic landmark on
Square, planned for opening by Easter 2025. The greater Durban’s skyline.
100 ha Westown development will include mixed-use Durban’s showcase International Convention Centre
offerings of residential apartments, The West Private (Durban ICC) is one of eThekwini’s most successful
Hospital, a warehouse and logistics precinct, commercial economic catalysts. The ICC, Arena and adjacent
and business activities, and an active green belt. Durban Exhibition Centre form the Inkosi Albert Luthuli
International Convention Complex, which is the core of
The North Coast will soon be home to the first Club
Med resort in mainland Sub-Saharan Africa. ‘Club the region’s business tourism industry.
Med Tinley’ was announced in September 2023 and The Durban ICC was once again crowned as “Africa’s
construction will begin early next year and is expected Leading Meetings and Conference Centre” at the 2023
to be complete in July 2026. The prime beachfront site, World Travel Awards. In the 23-year history of the award
previously owned by Tongaat Hulett is just north of category at the World Travel Awards, this marks the 18th
Tinley Manor, in the area between the ski boat club and occasion that the Durban ICC has been awarded this
a natural lagoon. title.
The over R2-billion, 32-hectare beachfront site will Post Covid-19, the business and tourism sector is
include 342 rooms and 64 suites, as well as a large opening up again to international travellers through
conference centre and the resort amenities that have additional airlines providing direct routes to the King
come to be associated with Club Med resorts. Shaka International Airport.
Shongweni Park lifestyle estate which will comprise 20 The forecast of the direct tourism contribution of Durban
phases to be built out over the next four years is set to to the GDP of South Africa for 2026 is approximately 1.4
break ground mid-2024. billion U.S. dollars.
TRADE SECTOR Mining and Beneficiation
The trade services industry comprises the following The mining sector is a small economic sector, which
activities: contributes less than 2% to KwaZulu-Natal’s GDP. The
industry is concentrated around the mining of coal,
Wholesale trade
Retail trade titanium dioxide, zircon, aggregate and other minerals
Motor trade in lesser quantities.
Hotels and restaurants The increased beneficiation of minerals especially
in aluminium, coal, iron and steel, phosphates and
KwaZulu-Natal is one of the country’s prime tourist mineral sands is being promoted.
destinations for both domestic and international
tourists. Owing to its strategic location along the east In Conclusion
coast, the province has a competitive advantage in so Commenting on the KZN economy, Neo Ralefeta, the
far as tourism is concerned. KwaZulu-Natal’s tourism treasury structuring consultant for Investec corporate
assets include great accommodation facilities, and institutional banking, recently said that the province
excellent beaches, two World Heritage sites, the had potential to grow its economy further by focusing
iSimangaliso Wetland Park and the uKhahlamba on its trade and transport sectors and marketing itself
Drakensberg Mountains Park, private and public as a tourism destination. He added, “I think there’s a lot
game reserves where one can spot the ‘Big Five’, the of positivity … There’s a lot of opportunity and I think
battlefields, numerous golf courses as well as cultural we have a lot of low hanging fruit to be able to turn this
and heritage sites. economy around.”
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