Possible Middle East Investment in Jamaica
Could Jamaica’s south coast become the Dubai of the Caribbean? .
Potential funding could be coming from the middle east for the development of Jamaica’s south coast, according to Tourism Minister Edmund Bartlett.
Why focus on the South coast, you ask? Well it seems everywhere else is taken and the government is on a move to diversify its tourism offerings beyond the popular north coast destinations.
The Saudi Arabian government has been generous in providing nearly $20 billion in investment loans to 90 countries. They’ve already partnered with Caribbean nations Saint Vincent and the Grenadines and St. Kitts and Nevis to back their development plans.
Around $90 million US has been set aside to support projects in these two countries and Jamaica could be the next beneficiary.
If all goes according to plan, Jamaica could see financial support to build new resorts, hotels, attractions, and infrastructure in areas such as Alligator Pond, Pedro Bluff and Cross Keys in Manchester.
The Jamaican government is currently in discussions with the Saudi government. But according to the tourism minister, we might witness the proposed projects becoming a reality within the next two years.
Even though the US Dollar has greater purchasing power than the Saudi Riyal, investments from the oil-rich nation would bring significant benefits. This could include a deal with Emirates Airline, which would bring a boost in the number of tourists visiting the island from the middle east, for example.
Emirates Airline by the way is a big player in the airline industry, hailing from Dubai. They’re famous for their top-notch service, huge worldwide network, and fancy planes. Covering over 150 destinations across six continents.
Exciting times are coming for tourism, and the truth is, Jamaica remains a top economic investment and business opportunity.
And that’s the bottom line.
Ask The Analysts
The Cast David Rose Business Writer, Observer Leovaughni Dillion Investment Research & Sovereign Risk Analyst at JMMB Group
R.A. Williams to list on JSE
The Cast Audley Reid CEO R.A. Williams Distributors Julian Morrison Founder, Wealth Watch JA
Leave A Comment