New V&A Waterfront incubator aims to drive tourism industry, economy and job creation
V&A Waterfront plans to develop a R63 million multi-use facility says CFO Narriman Taliep.
The V&A Waterfront will be pushing ahead with its plan to develop a R63 million multi-use facility showcasing South African food and culture, which is expected to create new jobs.
Maker's Landing is the next phase of an overarching plan to develop the Cape Town Cruise Terminal area. “It is an extension of the V&A business to bring a new initiative to Cape Town, diversify its business and revenue streams, continue to contribute to a growing cruise economy and, in doing this, contributing positively to job creation,” says V&A Waterfront CFO Narriman Taliep.
She has been an integral part of the team driving the new facility, working with the National Treasury Jobs fund, and signing off and ensuring the necessary compliance, governance and accurate reporting is in place to track the success of the project. “The diversified revenue streams of the Waterfront and strength of our balance sheet allow us to create the model, which will deliver success in the long term.”
The tourism industry, which is a large part of V&A Waterfront’s revenue base, has been dealt a crippling blow by Covid-19 and the consequent lockdowns. “The tourism industry is in need of positive sentiment and, more importantly, needs to be recognised for its contribution to the economy of South Africa,” Narriman says. “Tourism is a major driver of the economy of the Western Cape and for the V&A as well.”
However, she adds that since the closure of borders to curb the spread of the Covid-19 virus, the V&A Waterfront’s customer base has been reduced to only locals.
The facility will not only offer new opportunities for tourism and the Cape Town community, but will also have a social impact of creating new jobs and allowing small-scale farmers to contribute to sell their produce to operators and directly to the public.
“The space and the concept has been designed to enable the growth of small businesses in its membership model and incubator philosophy,” Narriman says. “The V&A is happy to create the platform in this much needed and unprecedented time where unemployment is expected to spike dramatically while the economy will take some time to grow and stabilise.”