Akon City, the futuristic city to run on renewable energy and the Akoin cryptocurrency, has awarded a $6 billion contract to KE International. Announced by the famous singer and producer Akon, the city should have its first two phases finished by 2029.
Akon City Awards $6 Billion Contract
While most community members regarded the rumors about the futuristic-cryptocurrency themed Akon City initially as somewhat sarcastic, Akon himself made it official after finalizing the agreement earlier this year.
The Senegalese-American star plans to establish the first city to run entirely on renewable energy and cryptocurrency with his own digital currency – Akoin.
The construction of the city will occur on 2000 acres of land given to Akon from the President of Senegal. The area is near the ocean, and it’s relatively close to the new international airport in Dakar.
While the initial costs were estimated to be approximately $2 billion, the announcement from today revealed a much higher amount.
Akon City has awarded a contract for building and executing the city to the US-based firm worth $6 billion in total. With this deal, KE International has secured $4 billion initially from investors to start the first and second phases of the building procedures.
The Dubai-based Bakri & Associates Development Consultants will lead the architectural designs under the guidance of the American company.
Timeframes For Building Akon City
The announcement informs that Akon City’s phase one should be completed by the end of 2023. It will include the construction of roads, a Hamptons Hospital campus, a Hamptons Mall, hotels, residences, a school, a police station, a waste facility, and a solar power plant.
The development of phase two, on the other hand, should be done in five years from 2024 to 2029. Once completed, Akon City will run exclusively on the Akoin cryptocurrency.
Another co-developer partner of the futuristic city is a Senegal’s state tourism agency called SAPCO. Aside from collaborating with the building procedures, SAPCO will also assist with advancing the tourism sector in the region and the country.
The President of the country has also earmarked the futuristic city as an exclusive tax zone with several planned tax breaks to incentivize investments.