Is more of our mother city moving into foreign hands? Dubai World, the holding company that bought the V&A Waterfront from Transnet for R7-billion, may also have the rights to develop on land that could be reclaimed from the sea, from the Green Point lighthouse to Robben Island, including the high water mark at Table Bay and extending to the Castle. This would mean that 50 to 75% of the metro would belong to Dubai World, according to Patrick McKenzie, acting chairperson of the provincial government's committee on environmental affairs. It is not yet clear whether Dubai World, through the Lexshall consortium, had bought the land from Transnet with all of the parastatal's development conditions.
Until the Integrated Coastal Management (ICM) Bill is passed, the rights of Transnet are still determined by the Sea-Shore Act. This means Transnet owns land and sea within designated harbours, including the V&A Waterfront and the adjacent sea and sea-bed. It exempted the parastatal from certain planning restrictions and allowed for development on land reclaimed from the sea. The ICM Bill that would regulate future development along the coast is still being debated in the National Council of Provinces. The bill has been opposed by Dubai World's Lexshall. The Dubai World sale has been mired in controversy since 2006. Dubai World has also been linked to the sale of the Somerset Hospital site, valued at R1-billion.
