Porto Murdeira Master Plan by PLANIFICACIONES MUNDIALES SL

Master Plan PORTO MURDEIRA Island of Sal – Cape Verde

Registered Offices: Urb. El Rosario, Parcela G A-7, Km. 188 29604 Marbella – Málaga Spain Tel: +34.952.831.559/+34.952.837.663 Fax: +34.951.310.744

Cape Verde Office: Zona Ponta Preta Santa María Isla de Sal – Cabo Verde Tel: +238.242.21.50 Fax: +238.242.21.50

www.planificacionesmundiales.com

Administration Office: C/ León y Castillo , 152 35600 Puerto del Rosario Fuerteventura Spain Tel: +34.901.13.14.15/+34.928.85.60.17 Fax: +34.928.85.16.69

PORTO MURDEIRA Master Plan窶的sland of Sal

Content 1.Introduction 2.Cape Verde a) Geographical situation b) Factsheet c) Tourism d) Photos of Cape Verde 3.Why invest in Cape Verde? Incentives and exemptions 4.Island of Sal a) Description b) Airport 5.Porto Murdeira Master Plan a) Situation b) Description c) Town Planning Parameters d) Types e) Environment f) Distinguishing aspects g) Photo-report

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Introduction: Cape Verde is becoming more and more consolidated on the world market as a holiday destination with great potential. Its wild, exotic landscapes, the excellent sandy beaches with crystal clear water, the deep ocean full of fish, coral and marine archaeology, along with the unique conditions for practicing water sports, the warm nights filled with irresistible musical rhythms and last but not less important, the delightful, outgoing personality of the people make this archipelago a paradise set in the heart of the Atlantic Ocean. At the beginning of 2008, Cape Verde abandoned the Group of Low Income Countries and entered the group of Middle Income Countries (according to OECD criteria). In addition, from July 2008, the archipelago is a member of the WTO, which strengthens the multilateral trading system and will enable it to continue integrating into the world economy. From 1991 the country has been applying market-orientated economic policies, making foreign investment easier, encouraging the private sector through privatisation and by developing tourism, light manufacturing industries and the fishing industry. It has also improved transportation, communications and electricity installations. Furthermore, the integration of Cape Verde into the world economy and the development of the private sector, backed up by the arrival of large groups of foreign investors, a key element in the development of the country, have made it necessary to set up a legal framework that no only offers attractive incentives for investment, but also provides security that will facilitate and guarantee foreign investment in the country.

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2. Cape Verde: a. Geographical Situation:

Archipelago of Cape Verde

The Republic of Cape Verde occupies an area of 4,033 square kilometers. The islands of Cape Verde are situated in the Atlantic Ocean, to the south of the Canary Islands and some 500 kilometres from the coast of Senegal. Cape Verde has a privileged location, between the continents of Europe, Africa and America, right on the Atlantic shipping route. The archipelago is of volcanic origin and is made of ten islands and eight small islets. The islands form two groups, depending on their relation with the north-east wind: the Windward Islands (Barlovento) consisting of São Antao, São Vicente, Santa Lucia, São Nicolau, Sal and Boa Vista; and the Leeward Islands (Sotavento) formed by Maio, São Tiago, Fogo and Brava. The terrain is generally craggy and of volcanic origin; the highest point is in Fogo with an altitude of 2,829m. However, Sal and Boa Vista are flat, with extensive meadows and dunes of fine, white sand. The climate is dry subtropical with an average temperature of 25 degrees centigrade (the coolest in Africa). Temperatures drop somewhat from December to February due to the wind blowing from the Sahara, the Hamattan. The sea temperature varies between 21 and 25 degrees. . Urb. El Rosario, Parcela G – A7, Km. 188 – 29604 Marbella-Málaga – www.planificacionesmundiales.com 5 Tel: +34.952.831.559/+34.952.837.663 - Fax: +34.951.310.744

Archipelago of Cape Verde

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b. Factsheet:

Flag Capital

Praia

Surface Area

4,033 Km2 965 Km. of coast

Population

519,000

Independence

5th July 1975

Form of government

Parliamentary democracy

President Prime Minister

Pedro Pires José María Nieves

Currency

Capeverdean escudo (CVE)

Total GDP GDP per head

3,905 million US$ 7,904 US$

Languages

Portuguese - Creole

Density Hab./Km2

101 Hab./Km2

Annual growth

5.8%

Life expectancy

71.7 years

Urban population

57.3%

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c. Tourism:  Tourism is one of the pillars of the economic development of Cape Verde. In the last few years the tourism sector has undergone a spectacular evolution. The islands of Cape Verde received over 320,000 tourists during 2007.  On the island of Sal, there were 210,000 tourists that visited in 2007. The island of Sal receives 65% of the holidaymakers travelling to Cape Verde. Holidaymakers come mainly from Italy, Germany, Portugal and the Scandinavian countries. The average stay is 4-7 days. As an emerging market, Cape Verde has a growth rate of incoming international holidaymakers that is above the world average (22% growth per year). There are currently some 5,800 beds and 29 holiday establishments in the archipelago of Cape Verde. Hilton Hotels Corporation plans to open a hotel in Santa María (Island of Sal) during the second quarter of 2010. Riu and Iberostar plan to open 2 hotels that will open at the end of 2010.  Most popular hotels:  Island of Sal: Hotel Riu Funana-Garopa, Hotel Morabeza, Hotel Odjo d’Agua.  Island of Boa Vista: Hotel Riu Karamboa, Hotel Ventaclub, Hotel Estoril Beach.  Island of Maio: Hotel Belavista, Hotel Marilu, Residencial Bom Sossego.

Hotel Riu Funana – Island of Sal

Hotel Riu Karamboa – Island of Boavista

Hotel Morabeza – Island of Sal

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Holiday demand in Cape Verde: Markets of origin (2008)

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d. Photos of Cape Verde:

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3. Why invest in Cape Verde?  Its privileged location: Situated between the continents of Europe, Africa and America. Situated right on the Atlantic shipping route. Communicated by regular sea and air connections.  Virgin market in full economic growth: 6.9% economic growth in 2007. January 2008: integrated in the group of Middle Income Countries. Member of the WTO since July 2008.  Its political and economic stability: Parliamentary political system with free elections. Free from political, ethnic and religious conflict. Stable economic and social indicators.  Manpower: Freely available and low cost. Highly qualified. High production level.  The Caribbean of Europe: Spectacular beaches of white sand and crystal clear water Perfect conditions for water sports (windsurf, kitesurf and surfing) Attractive sea fauna for fishing and scuba diving Urb. El Rosario, Parcela G – A7, Km. 188 – 29604 Marbella-Málaga – www.planificacionesmundiales.com Tel: +34.952.831.559/+34.952.837.663 - Fax: +34.951.310.744

The integration of Cape Verde into the world economy and the development of the private sector, backed up by the arrival of large groups of foreign investors, have brought about the need to establish legal and taxation conditions to create the right framework of security to facilitate and guarantee the new foreign investments. The Cape Verde Foreign Investors’ Statute (Act nº 89/IV/93) provides for the following incentives and guarantees:

 Tax Incentives: • Tax exemption for dividends and profits during the first five years of activity. •Tax exemption for dividends and profits re-invested in the same or another business in the country. • Tax exemption on interest payments. A privileged taxation system for any investments that, after the exemption period has expired and they are not re-invested, will only be taxed at a rate of 10% on the profits and dividends (this represents a 50% tax reduction on Income Tax applied to non-residents, currently set at 20%)

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By law, a foreign investment is considered to be any participation in financial business that is made with money brought from abroad and that can be financially revalued. For foreign investments thus qualified, the State of Cape Verde, under its own law, guarantees the non-discrimination of foreigners, who are given fair treatment both regarding the security and protection of their assets and rights, and also the guarantee that they cannot become subject to nationalization or expropriation, except in the case of for public use.

Guarantees: Protection of assets and rights inherent to foreign investment. Free transfer of dividends and profits abroad. No nationalisation or expropriation. Possibility of opening bank accounts in foreign currency.

 Benefits and Incentives under the Tourism Utility Law for tourist investments: (Act nº42/IV/92) Exemption from customs duties on the importation of materials to be used in the construction and running of hotels and holiday complexes. Exemption from local property rates on buildings. 100% tax exemption during the first five years. Tax deductions on profits reinvested in similar businesses.

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4. Island of Sal: a. Description: The Island of Sal has an area of 216 Km2, it is 30 km long from North to South and 12 km wide from East to West. The Island of Sal forms part of the Barlovento islands. It is flat and dry in appearance, and has a predominately dry subtropical climate, characterized by mild, stable temperatures, with annual averages from 19 to 28º C.  Capital: Espargos.  Holiday resort: Santa María.  18,000 inhabitants  The most tourist-orientated island in the archipelago. Spectacular beaches of white sand and crystal clear water. Sea fauna that attracts fishing enthusiasts and scuba divers, with great variety and abundance.  Perfect conditions for sports such as Surfing, Kitesurf and Windsurf.

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 The island of Sal is considered to be the front door to the archipelago of Cape Verde, due to its international airport of Amílcar Cabral.  The tourism market is made up principally by holidaymakers from the Nordic countries, Italy, England, Germany and Portugal. A large part of the holidays are organized by tour operators. The current offer is orientated towards sun and beach holidays. Urb. El Rosario, Parcela G – A7, Km. 188 – 29604 Marbella-Málaga – www.planificacionesmundiales.com Tel: +34.952.831.559/+34.952.837.663 - Fax: +34.951.310.744

b. Airport:

 There are at present 4 international airports in Cape Verde. One is located on the island of Sal, the Amílcar Cabral International Airport, that receives the main international flights. The other three airports are on the islands of Santiago (Praia International Airport), Boa Vista (Boa Vista International Airport) and São Vicente. (São Vicente International Airport).

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In the first six months of 2008, the airports of the archipelago of Cape Verde received over 700,000 passengers, which is an increase of 7.2% on the same period of the previous year.

Origin

Duration

Lisbon

3h30

 The airport of the island of Sal continues to be the busiest, as this is the most tourist-orientated island of the archipelago, where 55% of the total traffic is concentrated.

Amsterdam

Bergamo

Bologna

 As for the airline companies, the first one is the national airline, TACV, followed by the British THOMPSONFLY, the Portuguese TAP, the Italian NEOS SPA and TUIFLY NORDIC. The main places of origin and destination are therefore Sal, Lisbon, Gatwick, Manchester, Amsterdam and Stockholm.

Rome

Múnich

Paris

Vienna

Madrid

Las Palmas

Dakar

New York

6h30

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4. Master Plan Porto Murdeira:

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a. Situation of the Project:  The Porto Murdeira residential development is only 10 Km. from the international airport and 8 Km. from Vila de Santa María, the main holiday resort on the island of Sal.  The Porto Murdeira project is located on the west coast of the island of Sal, in the area situated between the Bays of Murdeira and João Petinha, separated by the Monte Leon peninsula (165 m.) Both areas are part of the national network of Protected Natural Spaces, known as the Bay of Murdeira Marine Nature Reserve and the Rabo de Junco Nature Reserve.  The project has been conceived to be self-sufficient, in a strategic location in the middle of the island, with excellent access to the airport and to the main points of tourist attraction.

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b. Description of the project:  The Porto Murdeira Master Plan is a pioneer project to be developed on an area of 504 hectares, in a privileged location of great natural beauty. It will be the largest holiday development on the African coast, from the point of view of accommodation capacity and size, and also for the diversity and quality of the services and amenities that it comprises. The environmental value and the scenic beauty of its surroundings add great value and potential to the project, whose uniqueness is a response to the protected areas, the environmental interest of the Murdeira beach where the sea turtles come to lay their eggs, and the virgin spaces.

 Porto Murdeira is a clear example of Sustainable Development. Its location is an area declared as ZDTI (an area selected by the government for tourist residential development) will mean conceptual development with planning that not only meets the parameters set by the government but also the concept of sustainability, the preservation of the environmental values of the area, the minimisation of impact and the maximum integration into the surroundings. It is a project that has the support of the Government of Cape Verde and its institutions, and has all necessary approval, permits and licences.

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The development will comprise: Plots for hotels and aparthotels with a variety of offers: Ecohotel, hotel with Casino, beach hotels, a convention hotel and a hotel with golf course.  Marina with capacity for 400 berths for boats from 7 to 105 metres in length.  2 Golf Courses: one 18 hole course and one 9 hole course. Sports Centre  Clinic with heliport Shopping Centres Leisure Park

 Business Centre

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c. Town-Planning Parameters: PORTO MURDEIRA MASTER PLAN :  General parameters: • Total area: 5,040,980.75 m2 • Maximum occupation: 20% • Maximum building volume: 50% • Density: 100-120 beds/hectare • Maximum height: II + A.F

 Environmental measures: • Desalination plant using reverse osmosis • Tertiary treatment of waste water. • Electricity generated using a diesel/photovoltaic system • Water heated by cogeneration. • Low-impact illumination. • Ecopark. • Sustainable mobility system

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d. Types:

Master Plan PORTO MURDEIRA Total area: Developable area: Total building area:

5,040,980.75 m2 3,550,448.53 m2 2,387,967.93 m2

Land for hotels: Mixed plots for Holiday-Resid.: Land for Commercial: Residential plots:

367,362.94 m2 750,509.18 m2 84,430.16 m2 938,242.17 m2

- Intensive area: - Semi-intensive area: - Extensive area:

147,652.02 m2 305,751.29 m2 484,838.86 m2

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e. Environment:

 The PORTO MURDEIRA Master Plan is being developed with the utmost respect of the environment, which is one of the priorities of the PLANIFICACIONES MUNDIALES Group.  The PORTO MURDEIRA Master Plan is a project that is completely integrated into its surroundings following criteria of sustainability and respect for its location. The project is bordered in an area of high environmental protection by the Bay of Murdeira (Protected Maritime Area) and by the Monte Leao (protected adjoining area). In compliance with these levels of protection, the PORTO MURDEIRA Master Plan has been planned to a high degree of environmental protection, moving the line of coastal protection to 150 metres and defining the Marina outside of the Bay of Murdeira, in an unprotected area.

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f. Distinguishing aspects: The location of the project offers unbeatable conditions.  Excellent accessibility from the airport.  Direct access from the main road of the island of Sal to the entrance of the Resort. Largest centre of tourist attraction, Hotels, Marina, Golf and general amenities. The only resort with a permit for a Marina.  Right on the beach.  Excellent quality beaches.  Situated between the main towns of the island, Espargos and Santa Maria (at less than 20 minutes on foot).  Designed as a sustainable holiday project, different from the rest and will high added value.  Has all permits licences and approvals.

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g. Computerised graphical report of the Porto Murdeira Master Plan:

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