The National Coloured Congress (NCC) has withdrawn a proposed 10-year multi-billion rand investment agreement with businessman Gary Itzikowitz after concerns surfaced over his public support for Israel. The deal, initially expected to run from 2027 to 2037, promised to create over 100,000 jobs and SMME opportunities specifically for coloured, Khoi, and San communities, according to a statement released by the party.
The withdrawal came after party members raised objections upon discovering a LinkedIn post Itzikowitz shared about a year earlier openly declaring his support for the State of Israel. This information led the NCC to reconsider their position and ultimately halt the partnership.
“Our position concerns the State of Israel and its actions. It is not directed at any faith or any people. No investment, however large, is worth more than the trust of our people,” said NCC deputy president Larry Varrie, who initially signed the agreement with Itzikowitz.
The party confirmed in their statement, as reported by the Daily Voice on 29 October 2026, that they would not proceed with the 10-year contract. Varrie’s signing of the agreement underscored the preliminary approval before it was revoked amid controversy.
Cedric Laguma, commenting on the deal, criticised the brevity and perceived ambiguity of the contract, stating, “A multi-billion rand 10-year deal and it is not bigger than five pages.” His remark highlighted questions that remain about the deal’s formal details, which have yet to be independently verified beyond the NCC’s announcement and Daily Voice reporting.
The NCC is a South African political party representing marginalised communities mainly in the Cape Flats area. Its withdrawal signals a firm stance on political allegiances tied to the Israeli state, signalling the party’s prioritisation of ideological alignment alongside promises of economic development.
This development raises concerns about balancing economic empowerment for disadvantaged groups with broader geopolitical and ethical debates influencing local decision-making. The promised scale of the deal, including over 100,000 jobs and substantial SMME participation, underscores what has been lost due to political considerations.
Neither the exact financial terms nor the underlying LinkedIn support post have been independently verified by CapeFlats.co.za. The NCC’s website confirms the party’s role but does not provide further details on the investment agreement, leaving the full extent of the proposed deal unconfirmed.
CapeFlats.co.za will continue to monitor the story and provide updates as more information becomes available, particularly regarding any new attempts to secure alternative investment partnerships aimed at job creation for the communities the NCC represents.