June 22, 2024
Investors

Spanish investors set to inject US$700 million more in Jamaica | News


Tourism minister Edmund Bartlett has revealed that Spanish investors are set to contribute an additional US$700 million in investments during 2024.

This marks a significant boost, bringing the total new investments to US$2.2 billion.

These investments are anticipated to create around 20,000 jobs in the construction and tourism services sectors, initiating development in the first half of this year.

Bartlett, who is currently attending the FITUR trade show in Madrid, Spain, engaged in discussions with three prominent Spanish investors at the Grand Melia Palacio De Los Duques. Shortly after these negotiations he declared that the projects are already progressing through advanced stages of development approval.

The upcoming developments include the construction of 1,000 luxury rooms in Lucea, Hanover, by Grand Palladium. Additionally, there are plans for 600 housing units catering to tourism workers, a convention centre, entertainment facilities, and golf courses.

“In Runaway Bay, St Ann, Bahia Principe is set to embark on an expansive project, introducing 1,000 new rooms along with a residential community, fisherman village, PGA golf course, schools and entertainment facilities. This comprehensive development is projected to provide employment for 12,500 workers,” said the tourism minister.

Meanwhile, Secrets Resorts will be initiating the construction of 700 rooms in Richmond, St Ann, contributing to the employment of 2,000 individuals.

This announcement builds upon the news shared on Wednesday, where Bartlett disclosed that the Pinero Group, the proprietors of Bahia Principe, was embarking on a US$1.5 billion development.

Describing it as a mega development, he emphasised how it will enhance Jamaica’s tourism offerings, attracting a greater number of visitors to the island. The combination of hotel rooms and villas is anticipated to yield significant economic and social benefits both nationally and at the community level.

Bartlett expressed his belief that this expansion will be a game-changer for Jamaica’s tourism industry, effectively preparing the island for the anticipated surge in visitors.

“This also demonstrates the confidence our hotel partners have in the destination,” he added.

– Janet Silvera

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