Senga Bay Capital is a boutique project finance and project development advisory firm specialising in the hospitality industry. We develop and structure hotel and resort projects internationally and help raise capital for them. Senga Bay Capital works with owners, operators, travel companies, investors and lenders.

Senga Bay Capital also works in other sectors, such as FMCG, agribusiness, transport and logistics, where we provide corporate and project finance advisory services. Every engagement is unique and we take great care to understand each situation before recommending solutions.

Our services include

Dr. Richard von Kalmar


Dr. Richard von Kalmar established Senga Bay Capital in 2014 and has since worked on a long list of projects, predominantly in the development and financing of hospitality projects in the Middle East and Africa, but also in the agribusiness, FMCG and transport sectors. Dr. von Kalmar has over 25 years’ experience in finance and as a management consultant and entrepreneur. He was formerly a Partner at Bearing Consulting, where he worked on corporate finance and project finance assignments across Africa and Europe, a Managing Director at a subsidiary of Fitch Ratings and co-founder of a financial technology firm in South Africa that was sold to SunGard Data Systems. He started his career at Standard Bank and holds an MBA from Edinburgh Business School and a Doctorate in Industrial Economics from Cranfield University.

Gleb Cohen


Gleb Cohen started his career with Grant Thornton, an international audit firm, and then worked with Baker Tilly and other advisory groups, carrying out financial due diligence and market research projects for private equity and venture capital funds. Thereafter, Mr. Cohen studied institutional economics as a post-graduate student at the Institute for Economic Policy and undertook various project-based assignments for government bodies, municipal authorities, state corporations and private businesses, working with boutique consulting firms and acting independently.


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