PORT LOUIS (Reuters) – Foreign direct investment in Mauritius grew 69 percent year-on-year in the first half of 2016, to 7.96 billion rupees ($222 million), driven by real estate, financial services and manufacturing, the Board of Investment said on Thursday.

The agency said investment in real estate totalled 5.03 billion rupees, while financial and insurance activities received 2.01 billion rupees.

“The largest inflows have come from developing economies, mainly from South Africa and China, contrary to previous years where a considerable proportion of FDI flowed in from developed economies,” the board said on its website.

The board said several major projects, such as smart cities and the African Leadership University, will attract more foreign investment but the statement offered no further details.

Famed for its white sand beaches and luxury spas, the Indian Ocean island nation is diversifying its economy away from sugar, textiles and tourism into offshore banking, business outsourcing, luxury real estate and medical tourism.

($1 = 35.8800 Mauritius rupees)

(Reporting by Jean Paul Arouff; editing by Katharine Houreld/Jeremy Gaunt)