A very topical issue in Barbados in recent years has been whether Barbados needs to develop a land use policy. Very closely associated with this issue is the concern some Barbadians have shown about the character of foreign investment coming into the country, but more importantly the ease with which foreign investors have acquired land in Barbados. The main argument against the current trend is that Barbados is an island of 166 square miles and to sell significant portions of land to non Barbadians is a policy which has led to inflated land prices and will lead to social fall-out in the not too distant future as Barbadians wake-up to the realization that owing land isn’t a reality any longer. Some may say that Barbados with no significant natural resources cannot afford to be “picky” about where the foreign investment comes from and more importantly how does the government satisfy the legitimate concerns of Barbadians?
We do not envy government on this one!
Interested in Barbados Hotel Sector
Arab News – 21/08/2007
(MENAFN – Arab News) RIYADH, 21 August 2007 – Prince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC), visited Bridgetown, capital of Barbados, on Aug. 11, 2007, and met with the Acting Prime Minister Mia Amor Mottley. Bilateral relations between Saudi Arabia and Barbados, including a number of social and economic issues between the two countries were discussed during the meeting. Mottley commended Alwaleed on his humanitarian efforts and his role in helping economic development around the world.Alwaleed also held meeting with Tourism Minister Noel Lynch which revolved around investment opportunities in the tourism sector in Barbados.
The Saudi prince’s current investments in Barbados are in the hotel sector through Fairmont Royal Pavilion resort, which has been described as “The Jewel in the Crown of Barbados” and Four Seasons hotel that is under construction and expected to open in three years.
Situated just east of the Caribbean Sea, Barbados is an independent island nation in the western Atlantic Ocean and lies in the southern Caribbean region. The economy of Barbados had been dependent on sugarcane cultivation and related activities, but in recent years it has diversified into the manufacturing and tourism sectors.
Source: Menafn.com and a BU Friend
How many Barbadians are aware that the Saudi Arabians have investments in the Fairmont Royal Pavillion and Four Seasons Project in Barbados? A recent meeting with Prince Alwaleed held in Barbados with Deputy Prime Minister Mia Mottley and Minister of Tourism Barney Lynch suggests that the Barbados government is courting this most unlikely source of foreign investment. We must take our hat off to Prime Minister Arthur, he is demonstrating that he is not afraid to play in the big leagues!
Now to our main story!
A drive along the West Coast of Barbados suggests that it should be renamed Boom Coast. The construction activity is operating at a dizzy rate. According to information received by BU the level of construction is expected to escalate in the coming months. A check of the website BACASSA identifies it as a private company with a 85% and 15% equity split between the founding directors and the private directors listed as Mark King and Trevor Ellis. According to the Corporate Affairs the company was established since 2001.
Several properties are listed under its care for development on the West of the island:
Banyan Plantation-Black Best, St. Peter
Battaley’s Mews – Mullins, St. Peter
Permission given to build thirty (30) Town Houses approx: 2000 square feet each. The property will be outfitted with tennis courts, plunge pool and other facilities.
Porters Development – Porters Sugar Factory, St. James
Permission given to construct twenty (20) apartments on a complex which will also have four (4) retail shops, one (1) food court, (1) supermarket/convenience store one (1) cafe and in Phase II the construction of one two storey building to accomodate thirty (30) apartments which incluse gym, tennis court and other facilities.
Turtle Nest-Mullins, St. Peter
A private beach front cottage. Rates listed on the website ranges between USD725-950 per night.
If the information listed on the website is accurate it looks like BACASSA is a company which has been able to acquire large land holdings on the West Coast and at the same time get permission from Town Planning to develop the properties which is obviously targeted at the foreign market. Looks like Messrs King and Ellis along with the other Directors are set to become filthy rich sometime soon.