Antigua and UAE investor sign agreement for US$120m hotel project
The Antigua and Barbuda government has signed a memorandum of agreement with an investor from the United Arab Emirates (UAE), for the construction of a US$120 million hotel project.
Prime Minister Gaston Browne signed the agreement with Sheikh Tariq bin Faisal Al Qassimi 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.
In a statement on Tuesday, the government said the property will be located on a 36-acre beachfront site, five acres of which will be developed into a national park facility.
The resort will be overseen by a joint venture company formed with the government, but 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 licenses and architectural renderings.
Al Qassimi is a member of the ruling family of the Emirate of Sharjah in the United Arab Emirates.
Sharjah is the third-largest Emirate in the UAE.
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