The Bocom Group, controlled by Cameroonian billionaire Dieudonné Bougne, has acquired the shares of Qatari investment fund Kasada Capital Management in Douala’s Ibis Hotel, reported the news outlet businessincameroon.com.
This three-star hotel, located in Cameroon’s economic capital, was originally acquired by Kasada from French group Accor in 2021 as part of a broader agreement to transfer Accor’s assets in Cameroon, Senegal, and Côte d’Ivoire.
Details of the transaction between Bocom and Kasada Capital Management have not been disclosed. However, it is notable that just over three years after entering the Cameroonian market, the Qatari group is divesting its first known investment in the country. This comes at a time when investors from Qatar are increasingly eyeing opportunities in Cameroon.
“We intend to enter this vast market located in the heart of Central Africa. We appreciate the unique nature of the Cameroonian market in the sub-region,” stated Qatar’s Ambassador to Cameroon, Ali Ghanem Al-Hajri, on June 14, 2023, in Yaoundé after a meeting with Cameroon’s Minister of Commerce, Luc Magloire Mbarga Atangana.
Bocom Strengthens Its Hospitality Footprint
In February 2023, a delegation of Qatari investors visited Cameroon and met with Finance Minister Louis Paul Motazé. They expressed keen interest in investing in various sectors, including mining, agriculture, textiles, and industry. These discussions signal the potential arrival of new Qatari investments in Cameroon following Kasada Capital Management’s exit.
For now, the deal between Dieudonné Bougne and Kasada Capital Management, which focuses on hotel investments in sub-Saharan Africa, allows Bocom Group to expand in the increasingly competitive hospitality market. Through its subsidiary B & B Investments SAS, Bocom already owns the Palais des Hôtes Hotel in Bansoa, in Cameroon’s West region. In 2019, the group secured a CFA4.5 billion loan from the Central African States Development Bank (BDEAC) to construct a four-star hotel in Douala.
Beyond hospitality, the transaction strengthens Dieudonné Bougne’s position in Cameroon’s economic landscape. Bougne, who started as a docker at Douala Port and became one of the first importers of Chinese products in Cameroon, is now involved in petroleum product distribution, industrial waste treatment, eco-friendly sheet metal production, transportation, and hospitality. He is also set to become the country’s first industrial mine operator with the Bipindi Grand-Zambi iron ore project in the South region, with the first exports expected in 2024.