ROSEAU: Dominica has signed an agreement with the Dubai-based Range Development Limited for the construction of a 125-room high-end luxury hotel in the north of the island.
Dominica Prime Minister Roosevelt Skerrit said the Memorandum of Understanding (MOU) is the first agreement to be signed under the investment arm of the Economic Citizenship Program.
“This is the first MOU that the government is signing under the Citizen by Investment Program, the investment arm of our Economic Citizenship Program, which we believe is the way to go towards addressing economic development issues, employment and greater investment in our tourism industry,” said Skerrit. “So we are very keen on engaging them and moving this process forward.”
Skerrit said Range Development Limited 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 Range Development Limited website, the company is developing Park Hyatt St. Kitts, an ultra-luxury five-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 in the twin-island federation.
Range Development Limited vice chairman, Mohammed Asaria, said his company was pleased to partner with the Government of Dominica 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,” he said. “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.”
The German-based international luxury hotel brand, Kempinski, 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.