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Grenada gets $350m investor

Regional 05 Jun, 2020 Follow News

Grenada’s beautiful Silver Sands hotel will attract rich clients

Grenada will soon get a $350 million injection for its tourism industry from the billionaire Egyptian businessman Naguib Onsi Sawiris.

Joyau des Caraibes (JDC), the company which recently completed the 5-star Silver Sands Resort, has announced its intention to invest heavily in the hospitality sector.

Spice Land said that the sale of its surplus development land at the Mount Cinnamon Resort to JDC is to build another first-class hotel and other related facilities.

The release said that British businessman Peter de Savary, having created the successful Mount Cinnamon Resort Hotel which is highly rated internationally and provides exceptional exposure for Grenada overseas, will continue his involvement with the resort which employs about 100 people. De Savary will now focus on a project in St Mark in creating a 5-star eco spa resort at Tufton Hall plantation in the mountains above Victoria.

De Savary has in the past 13 years, brought investment into the country worth millions of dollars and maintained his commitment to Grenada throughout the recession. “He has both economically and philanthropically been sensitive in his contributions to the country. He will continue to enjoy Grenada and play a positive role towards the ongoing success of the country’s future,” the release assured.

Prime Minister Dr Keith Mitchell announced the project without providing details. He said: “We are also buoyed by the fact that in the midst of this crisis, investor confidence remains high. The recent acquisition of Port Louis and Mount Cinnamon, with plans to add up to 500 new hotel rooms, in an investment worth more than US$350 million, speaks volumes for the recovery potential of our economy.”

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