Hungarian expert in Sierra Leone

Recognizing difficulties on the real estate market in Sierra Leone, West Africa, the Hungarian firm TWD Investments Plc. - drawing on the knowledge of its owners about local conditions and the experience of its management - plans various projects in that country.

“The idea came about five years ago when two friends of mine accepted an adventurous business offer to take part in a diamond-mining business in Sierra Leone, West Africa. For them, this venture turned out to be very profitable. They got to know – and got to love – the country but, at the same time, realized that while Sierra Leone was starting from deep down, it had great growing potential. Then came the idea why shouldn’t we profit from this potential – an idea followed by action as we took over a public limited company, listed on the Budapest Stock Exchange, TWD (Transworld Diamond) Investments Plc, at the end of 2013. Another company, TWD Co. Ltd., has been established, which is now the owner of a diamond mine in Sierra Leone and an office in the capital, Freetown,“ CEO and Chairman of the Board of Directors at TWD Investments Plc., Zsolt Dámosy recalls to Diplomacy & Trade.

He spent a long time in Germany before raising his profile in Hungary over the past decade in sports management, first managing Hungarian featherweight Olympic, European and World Champion boxer István (Kokó) Kovács, then working as the president of Ferencváros TC, a prominent sport club in Budapest. During his fairly diverse business activities, he played a key role in the Hungarian expansion of Microsoft and Borland in the IT sector. Then, he participated in the development of a residential project worth USD several million as project manager and co-owner. More recently, he was co-owner and director of a hotel development in Bavaria.

“Over the past years, TWD Investments Plc. has become highly acquainted with Sierra Leone. The country is on the path of economic development and we are eager to share our knowledge with potential investors who are also looking to benefit from this progress. We provide full feasibility studies in several areas of the West African country's economy to support the investment decisions of our clients.” Dámosy says. Through increasing its local knowledge, the company has built a priceless network which is essential in African business life, thus, creating the possibility to become an organizing force in founding any further enterprises in Sierra Leone.

The real estate market has not been able to keep up with the economic growth of Sierra Leone, so far. Foreign companies and their businessmen are appearing in an increasingly larger number, generating a permanently and rapidly growing demand for European quality offices and residential real estate. The small number of available properties, originally developed to serve local demands, thus falling short of European quality expectations, is rented for exorbitant amounts and usually requires a pre-payment of one year's rent. Recognizing this market deficiency, TWD Co. Ltd., TWD Gate Co. Ltd and TWD Investments Plc. jointly started their real estate development project in Freetown. The first phase will be the development of a 2,200-sqm apartment residency with 4 floors, 14 flats and 3 offices.

“We have advanced stage negotiations with 4-5 companies that – at our encouragement – have realized that it is really worth investing in this African country. In our consulting activity, we focus on not only giving advice but also participating in ventures in Sierra Leone, thereby proving our confidence in the successful business outcome of these projects. We also welcome and analyze any idea coming from partners who are willing to extend their business activities in West Africa.” Zsolt Dámosy concludes.

For further information about ongoing projects of TWD Investments Plc., please, visit: www.twdinvest.hu/en/under-development