The eThekwini Municipality’s Economic Development and Planning Committee, endorsed the next phase of the Sibaya Coastal Precinct, a R11.3 billion investment over three years, and R23 billion, over eight years.
The precinct includes residential, commercial, retail and hospitality components.
The City also said it anticipates significant rates revenue, expected to increase from R219 million in 2025 to R770 million annually by 2032. A Memorandum of Agreement between the City and the developer is yet to be formalised.
To unlock the next stage of development, road infrastructure upgrades estimated at R160 million are required. The developer has committed to funding R152 million, equivalent to 95.1 percent of the total cost. The City will contribute R7.8 million, which is 4.9 percent, subject to cost recovery from the KwaZulu-Natal Department of Transport. This funding is expected to support the upgrade of critical slip lanes on the M27 and M4 routes.
The City said socio-economic impact is estimated at 50 000 temporary construction jobs and 20 000 permanent ones created post-construction.
Another approval is for the formation of a Climate Change Forum, in line with the recently passed Climate Change Act Number 22 of 2024.
The forum is expected to play a central role in coordinating City-wide responses to climate risks and aligning local strategies with national legislation. It will also ensure the Municipality’s compliance with the International Governance Relations Framework Act, Number 13 of 2025.
The forum is also expected to facilitate collaboration between government departments, industry, academia, and civil society.
Councillors welcomed the move as timely and strategic, considering the increasing frequency of extreme weather events and the need for robust mitigation and adaptation responses in urban governance.
The Committee also supported a strategic three-year partnership between Durban Tourism and Gold Circle to co-host the Durban July from 2025/26 to 2027/28.
The Durban July attracts about 45 000 attendees and millions of viewers worldwide.
The event is a flagship for tourism and economic development, drawing local and international visitors, promoting the City’s hospitality sector, and bolstering Durban’s creative and fashion industries.
Picture: Gold Coast Estate