The Portuguese company Sonae Turismo, part of the Swiss conglomerate Sonae SGPS S.A., has announced two construction projects for complexes at Troia, 50km from Lisbon, and Lagos in the Algarve. The Troia complex will cost an estimated US$362 million and will have five hotels, an aquarium, a yacht marina and several sports centres. A contract signed with the Minister of Economy will mean the installation of a casino at the resort.

The Sonae Group has investments in Spain, France, UK, Canada, Brazil and South Africa. Founded in 1959 as a timber derivative company it diversified in the 80s, moving into telecommunications, tourism, transport, real estate, construction, media, venture capital and gaming. By 1999 the Group had extended operations to 17 countries with around 58,000 employees.

Troia, famous for golf, boasts seven kilometres of white sandy beaches south of the Portuguese capital, Lisbon. Described as one of the last remaining natural paradises in Portugal, there is a protected nature reserve and views of the Arrábida mountain range. The Sado Estuary has a colony of dolphins and the Troia Peninsula has a wide range of tourist facilities. The Sonae Group will be seeking hotel chain associates for the casino resort project. (E-07.05.05)

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