Two Tales of An Island

It was exactly 3 years ago on 04.10.2007, when Mr.Jacquelin Dugasse, then Minister for National Development, formally presented the National Assembly with a preview of what was termed the biggest investment project ever to be undertaken in the country.

There was to be over €400M in Foreign Direct Investment, from the period 2008 to 2012 for the new 780000m² newly reclaimed -at a cost of €13M - Aurore island, itself part of the East Coast Reclamation Phase III project!

€400Million at one scoop!! Who was the genius who managed to pull that rabbit from the white elephant’s hat! For that kind of capital input, the representatives of the nation were suitably impressed to be quite ready to brush aside such persistent issues as the wisdom of the multi-million investment for a reclamation project with unclear Land Use Plan, or the ability of the country to sustain the long term economic debt implications, or again, how much of our national soul had we bargained into the deal!

There were to be an 18-hole golf course, 144 luxury villas, 90 condominiums, a casino, a five-star hotel and a waterfront marina.
All constructions and operations of the facilities on the island were to be undertaken and managed by a company named as Aurore Nouvelle Seychelles,2 tiers-removed from its RSA parent company.
Local businesses were led to understand that they would benefit from the vast range of business opportunities that were to be made available.
1000 jobs were promised for the development phase and some 400 other during its operational phase.
The country was to further benefit from various facilities that the developer was to put in place, such as
· US$10M electricity generator to be provided by Aurore Nouvelle Seychelles,
which was to also supply the nearby Ile Perseverance.
· US$1M desalination plant with links to the national water network,
· Sewerage treatment plant which would also serve Ile Perseverance.
· Construction of the North Mahe Highway from Maison du Peuple through Ile Perseverance and Ile Aurore right up to La Retraite
· Bridge to link Ile Aurore to Anse Etoile.
· An additional US$100M reclamation of 35 hectares to add to the national territory
· 10% of the sale price of condominiums & villas each time there is a new sale and each time there is a change of ownership.

Three years later, same island, different tale! The €400M investment was nothing more than another empty promise. ANS the magician, Aurore the hat, and €400M the rabbit were all part of the bundle that lasted the time it took for us to understand that it was all another show with little to grab onto once the curtains are drawn. We had not even blinked!!

The case of Aurore Island is not an inter-corporate deal that misfired due to the 08-09 global crisis. It is an illustration, if ever another was needed, of how the current political leaders squander the limited means of our small nation, are too eager to chase after windmills in seeking to take their coals out of the fire and have no shame in feeding us hogwash to cover their mismanagement and incompetence!

The President himself came forward on 4.10.2010 to announce (one assumes with some mysterious sense of pride and personal achievement) that “Seychellois investors and small-scale entrepreneurs are to be given the chance to bid” for the revised projects at ile Aurore. “The economic environment is now favourable to encourage small Seychellois businesses and create more wealth in the country……” he said. “ the time has come when Seychelles has enough large hotel schemes to cater for a certain kind of clientele……” he said. “We now have a new strategy …..to give more possibilities for ordinary Seychellois to invest not only in tourism projects but related economic projects and developments.” he said.

GULP!

Three years ago, we did not notice that local entrepreneurs had the investment capability to take on Aurore.
Three years ago, we had not understood that we had enough large hotels
Three years and one harsh economic reform after the Aurore bubble bust, we suddenly turn around to take notice of our own kinfolks!
The questions now are, what Land Use Plan does Aurore have, how far back has the bubble bust put Ile Perseverance, the North Mahe Highway, Anse Etoile –Aurore Island Bridge, etc. and are we capable of pulling a €400M rabbit for it all?

That’s our merry-go-round with defective brakes! The operator is out for lunch!