National Coloured Congress Cancels Investment Deal
The political party terminated a ten-year investment agreement with Gary Itzikowitz over his stance on the State of Israel.
Updated on Oct. 29, 2026 in Openings & Closings
Live Poll
Should political parties prioritize ideological alignment when vetting potential economic investors?
The National Coloured Congress has withdrawn from a planned 10-year investment agreement with former Quantum Property Group executive Gary Itzikowitz. The party cited Itzikowitzs failure to disclose his support for the State of Israel as the reason for the cancellation.
Why it matters
The decision reflects the partys stated policy that it will not enter into business arrangements with individuals who support the State of Israel. This cancellation halts a development project that was projected to generate over 100 000 jobs across South Africa.
The cancelled investment agreement was set to span a 10-year period from 2027 to 2037. The project was expected to create more than 100 000 jobs.
The players
National Coloured Congress
This is a South African political organisation that recently formalised its stance against entering business arrangements with supporters of the State of Israel.
Gary Itzikowitz
He is a former chief executive of Quantum Property Group who gained industry recognition for developing the 15 on Orange hotel and leisure complex in Cape Town.
The details
The National Coloured Congress stated that the investor did not declare his position on Israel when the agreement was initially signed. Gary Itzikowitz previously served as chief executive of Quantum Property Group, the developer behind the 15 on Orange hotel and leisure complex in Cape Town.
Timeline
June 2010: Gary Itzikowitz resigned from Quantum Property Group.
October 2025: Itzikowitz shared a LinkedIn post declaring support for the State of Israel.
29 October 2026: The National Coloured Congress announced the withdrawal of the deal.
2027 to 2037: The period the investment agreement was originally scheduled to span.
Market Landscape
This move marks a departure from typical commercial investment practices as the party aligns its economic activities with its specific political ideological stance. It signals a shift in how political entities in South Africa are now vetting private investors against their own core policy frameworks.
The loss of this investment deal means that the anticipated creation of over 100 000 jobs will no longer move forward as planned. Local stakeholders and job seekers who expected economic growth from this ten-year project will face a change in regional employment prospects.
The takeaway
Organisations often use investment agreements as a tool for public-facing policy enforcement. Prospective investors should be aware that political parties may evaluate commercial partners against ideological criteria.
Further reading
For more news regarding local commercial shifts, visit the South Africa Openings & Closings section.
Live Poll
Should political parties prioritize ideological alignment when vetting potential economic investors?
