Gaston Browne Administration Attracts another Multi-Million Dollar Investment Project
ST. JOHN’S, Antigua and Barbuda – 14th November, 2014…….The Gaston Browne Administration earlier this week made another significant stride towards the realization of making Antigua and Barbuda the economic powerhouse of the Caribbean, with the signing of a Memorandum of Agreement for a project valued over US $200 million dollars.
Prime Minister, the Hon. Gaston Browne and Antigua and Barbuda’s newly appointed Ambassador to the Republic of Cyprus, His Excellency Dr. Aly El Dakroury, representing SunnyHill Group Limited, signed the MOA that will result in the construction and development of over four hundred units as a world-class hotel complex to be constructed in four phases.
Prime Minister the Hon. Gaston Browne said that the signing of the MOA sends another strong signal that his government is serious about doing the people’s business for which they were elected. “This project will create over one thousand new jobs for Antiguans and Barbudans with five hundred in the construction sector and over five hundred in operation and management positions. In addition, the principals of this project will also attract new investments for Antigua and Barbuda further solidifying our determination to make Antigua and Barbuda an economic powerhouse,” said Prime Minister Browne.
Ambassador Dr. Aly El Dakroury said that the signing of the MOA marks the beginning of a partnership which his company is determined to make long and prosperous for the people of Antigua and Barbuda and for the SunnyHill Group.
The SunnyHill Group is a newly formed domestic company founded by Caribbean Trust Immigration Services, a licensed and leading promoter of the Citizenship by Investment Programme of Antigua and Barbuda based in Dubai, UAE, in a joint venture with Stuart Investment Management, a Canadian licensed Investment dealer.
With more than twenty years of experience in construction projects, Trust Arabia Contracting, an affiliate of Caribbean Trust Immigration Services will oversee the realization of the project with the best local talents and expertise.
“We intend to develop and manage a world class, high quality hotel resort complex with an investment of over US $200 million dollars to be invested in four phases of US $50 million dollars each. We are committed to realize the first phase of this project in under two years,” Ambassador Aly El Dakroury announced.
Patrick Abikzer, President of Stuart Investment Management, who cosigned the MOA, said his company is inspired by the Honourable Prime Minister’s objective to transform Antigua and Barbuda into an economic powerhouse in the Caribbean.
“The SunnyHill Group is proud to participate in this great vision. It is our intention to contribute significantly over the next few years to the economic and social development of Antigua and Barbuda by investing in the Tourism sector and attracting international high-net-worth individuals,” Abikzer pointed out.
As part of the MOA, the SunnyHill Group will also establish the SunnyHill Antigua Development Fund to provide young people seeking employment and reintegration with scholarships to attend classes of vocational education and qualified technical training to enhance their profile skills in the tourism, information technology and communication sectors and to encourage entrepreneurship in the tourism, Information Technology, Communication, Agriculture and manufacturing sectors by investing in selected projects. The SunnyHill Antigua Development Fund will be capitalized at $2 million US dollars per phase, for a total of $8 million US dollars.
The project, which will be in the form of a joint venture project, will utilize one hundred acres of land in the Falmouth and Bethesda areas owned by C.O. Williams Property Development Company Limited.
The Government of Antigua and Barbuda will provide the necessary incentives and concessions commensurate with a project of this magnitude.