Overview

• The tourism authority confirmed the original $6 billion smart city project is canceled and the land has been returned to the state.
• Efforts to secure the full $6 billion stalled after missed payments and regulatory rejection of the Akoin cryptocurrency by the Central Bank of West African States.
• SAPCO will invest $1.2 billion to develop hotels, apartments, a marina and a promenade on the coastal site.
• The redevelopment is designed to enhance tourism infrastructure ahead of the 2026 Youth Olympic Games in Dakar.
• Akon publicly took full responsibility for past mismanagement and will remain involved as a partner in the new plan.