Billionaire Naguib Sawiris to invest US$350 million in 2 tourism projects in Grenada

by Linda Straker

  • Luxury hotel at Port Louis, St George’s and 5-star eco spa resort in St Mark to be built
  • Spice Land Limited announced that they had sold all the lands which it owns at Port Louis to JDC 2
  • Main financer behind JDC 2 is Naguib Sawiris

JDC 2 the company which recently completed the 5-star Silver Sands Resort, has announced its intention to invest millions in the hospitality sector.

A joint press release from Port Louis Limited and Mount Cinnamon whose developer is Spice Land Limited announced that they had sold all the lands which it owns at Port Louis to JDC 2. The main financer behind JDC 2 is Naguib Onsi Sawiris, Egyptian billionaire businessman. Sawiris is chairman of Weather Investment’s parent company, and chairman of Orascom Telecom Media and Technology Holding SAE.

“The concept of the Port Louis development has been the brainchild of Peter de Savary. For the past 12 years the positive achievements of Port Louis have been lauded and acclaimed globally,” said the release which explained that one of the important achievements was the positive and powerful exposure and credibility that has attracted worldwide interest in Port Louis as a result of the mega yacht marina created by de Savary, now owned and operated successfully by Camper & Nicholson.

Spice Land Limited explains that the sale of its surplus development land at the Mount Cinnamon Resort to JDC 2 is to build another first-class hotel and other related facilities.

The release said that Peter de Savary, having created the successful Mount Cinnamon Resort Hotel which is highly rated internationally and provides exceptional exposure for Grenada overseas, will continue his involvement with the resort which employs about 100 people. De Savary will now focus on a project in St Mark.

“During this time, attention will be focused on creating a 5-star eco spa resort project at the Tufton Hall plantation in the mountains above Victoria. This will bring a new dimension to tourism in Grenada and in due course, attract considerable international media interest whilst providing economic activity and many jobs in the north-west of the country” said the release.

Peter de Savary has during the past 13 years, brought investment into the country worth millions of dollars and maintained his commitment to Grenada throughout the recession. “He has both economically and philanthropically been sensitive in his contributions to the country. He will continue to enjoy Grenada and play a positive role towards the ongoing success of the country’s future,” the release assured.

In his National Address on Sunday night, Prime Minister, Dr Keith Mitchell, announced the project without providing details. “We are also buoyed by the fact that in the midst of this crisis, investor confidence remains high. The recent acquisition of Port Louis and Mount Cinnamon, with plans to add up to 500 new hotel rooms, in an investment worth more than US$350 million, speaks volumes for the recovery potential of our economy,” he said.

“It is important to note that no concessions will be given until the developer is ready to begin construction of the four hotels,” he told citizens who heard or viewed the address via radio. No date was provided for the start of feasibility studies or construction of the new properties.

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