ST. JOHN’S, Antigua — Antigua & Barbuda today signed a Memorandum of Agreement (MOA) with Sheik Tariq Faisal Al Qassimi of Dubai for a luxury hotel project valued at US $1 billion.
Al Qassimi signed the MOA on behalf of Al Caribi Development Ltd., the company that will develop a five-star branded luxury resort at in Morris Bay. The new resort will occupy 36 acres of prime beach-front lands, five acres of which will be developed into a national park facility for Antiguans and Barbudans.
While the development will be carried out by a joint venture company, the Government’s land contribution will revert back to the Crown if the company fails to perform in a specified period. “This safeguard is intended to ensure that no long drawn-out court procedure would be required to settle any complications resulting from non-performance,” the Prime Minister said.
The first phase of the project is expected to break ground in six months or less, following the granting of licences and the completion of architectural renderings, approved by the relevant Antigua and Barbuda authorities. Additional phases of the development will be fixed by Al Caribi in consultation with the Government.
Al Qassimi was accompanied by his lawyer and advisor, Mr. Nitin Singhal. The Antigua and Barbuda team included Attorney General the Hon. Steadroy Cutie Benjamin, two Antiguan lawyers in private practice, and an Antiguan developer who arranged the undertaking.
Sheikh Tariq bin Faisal Al Qassimi is a member of the Ruling Family of the Emirate of Sharjah, United Arab Emirates. As a former member of the Executive Council of the Government of Sharjah, he led the government’s economic committee for five years. His business interests include investments, real estate, property development, trading, construction, insurance, finance, transportation, contracting, services, and hospitality.
Sheikh Tariq is an active investor in capital markets, holding a diversified portfolio of investments in local and GCC equity markets, as well as emerging and developed markets. He also holds additional investments in private equity funds, hedge funds, Global REITs and commodity funds.
This deal comes weeks after Antigua concluded another MOA with Chinese investors, Yida Investments, for what will be the country’s largest mixed-use tourism development on Guiana island.