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|| UAE Investor to finance $120 million hotel project in Antigua

eig SharjahUAE Investor Sheikh Tariq Bin Faisal Al Qassimi has signed an agreement to invest $120 million in a tourism project at Antigua.

The property will be located on a 36-acre beachfront site, the government said, five acres of which will be developed into a national park facility.

Sheikh Tariq Bin Faisal Al Qassimi is chairman of the Emirates Investment Group (EIG), a Sharjah-based private sector investment group. EIG has a number of real estate projects in its portfolio including the Ritz-Carlton Residences in Singapore, Emirates Financial Towers in Dubai International Financial Center and Enshaa, a UAE-based real estate firm with investments in Pakistan, Australia and the UAE.

Emirates Investment Group is listed in the Middle East Investors Directory with the code SIN32.

More details follows from the Caribbean Journal

Antigua Prime Minister Gaston Browne has signed a memorandum of agreement with Sheikh Tariq bin Faisal Al Qassimi on a $120 million hotel project, the government announced.

The agreement with the United Arab Emirates-based investor was signed on Sunday after negotiations following Browne’s trip to Brazil last week.

Al Qassimi signed the agreement on behalf of Al Caribi Development, which will develop a five-star branded luxury resort project on Morris Bay near the island’s famous Curtain Bluff hotel.

The property will be located on a 36-acre beachfront site, the government said, five acres of which will be developed into a national park facility.

The government said in a statement that the resort would be carried out by a joint venture company formed with the government, but that, should the project fail to perform within a specified period, the land would automatically revert to the government.

“This safeguard is intended to ensure that no long drawn-out court procedure is required to settle any complications resulting from non-performance,” Browne said.

The government said the project was expected to break ground on its first phase within six months, following the granting of licences and architectural renderings.

Al Qassimi is a member of the ruling family of the Emirate of Sharjah in the United Arab Emirates.

He is a frequent investor in private equity and other ventures.

The agreement is the latest high-profile project signed by Antigua’s government since taking over in the country’s national elections last month.

Sharjah is the third-largest Emirate in the UAE.

The UAE and the wider Middle East has been ramping up its investment in the Caribbean tourism sector, most notably through Dubai-based Range Developments’ planned Park Hyatt in St Kitts.

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