Dominica, Dubai-based company sign MOU for construction of luxury hotel
From Caribbean360
ROSEAU, Dominica, Wednesday February 19, 2014, CMC – Dominica has signed an agreement with the Dubai-based Range Development Limited (RDL) for the construction of a 125-room high-end luxury hotel in the north of the island.
Prime Minister Roosevelt Skerrit said the Memorandum of Understand (MOU) is the first agreement to be signed under the investment arm of the Economic Citizenship Programme.
“This is the first MOU that the government is signing under the Citizen by Investment Programme; the investment arm of our Economic Citizenship Programme which we believe is the way to go towards addressing economic development issues, employment and greater investment in our tourism industry. “So we are very keen on engaging them and moving this process forward,” he added.
Skerrit said the Dubai-based company is also involved in a multi-million dollar investment project in St. Kitts-Nevis and he was confident of their expertise and knowledge of the market.
According to a statement posted on the website of the company, Range Developments is developing Park Hyatt St. Kitts, an ultra-luxury 5 star resort hotel in St. Kitts-Nevis.
It informs potential investors that a US$430,000 investment through a limited partnership structure in Park Hyatt St. Kitts would entitle them and their family to apply for citizenship of in the twin-island federation.
RDL vice chairman, Mohammed Asaria, said his company was very pleased to partner with the Dominica government to bring a new hotel project to the island.
“We look forward to bringing an ultra-luxury branded five star hotel to the Commonwealth of Dominica and realizing the Commonwealth of Dominica’s ambition to become a luxury destination for tourism in the coming years.
“I think under the foresight of the Prime Minister and his Government and the recent enactment of the new Citizenship by Investment Bill and the introduction of the Real Estate Arm Dominica will benefit from increased foreign direct investment over the coming years which will be beneficial for the country and the good people of the Commonwealth of Dominica,” he said.
The German-based international luxury hotel brand, Kempinsk, is partnering with Range Developments in the new venture.
“We are at the high-end luxury market doing business from our European hubs and also cover the American market to the east coast and, therefore, believe that we can add value to this venture,” said Ulrich Eckhardt, President Middle East, Africa and India for Kempinski.
PHOTO: Prime Minister Skerrit (left) and RDL’s Mohammed asaria (Photo courtesy GIS)
For more on this story go to:
