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Saudi Arabians explore local investments

Published:Saturday | July 9, 2022 | 12:09 AMAsha Wilks/Gleaner Writer
Prime Minister Andrew Holness (left), makes a point of interest to H.E. Badr Al Badr (second right), deputy minister for investors outreach – Kingdom of Saudi Arabia while looking on are (from second left) Alok Jain, chairman of Port Authority of Jamaica
Rudolph Brown
Prime Minister Andrew Holness (left), makes a point of interest to H.E. Badr Al Badr (second right), deputy minister for investors outreach – Kingdom of Saudi Arabia while looking on are (from second left) Alok Jain, chairman of Port Authority of Jamaica; Edmund Bartlett, minister of tourism and Senator Aubyn Hill, minister of industry, investment and commerce at the Jamaica Saudi Business luncheon to welcome the Kingdom of Saudi Arabia team at the Port Royal Cruise Ship Pier yesterday.

Deputy Minister for Investor Outreach in Saudi Arabia Badr Al Badr says investors from his country are ready to invest in Jamaica.

Badr, who spoke at a business luncheon on Friday at the Port Royal Cruise Ship Pier, was accompanied by an 80-member delegation comprising 65 business persons.

The private sector representatives are involved in logistics, agriculture, tourism, infrastructure and real estate.

Badr said that the Saudi Arabian delegation was very grateful to the Jamaican government for organising the event, while offering them the opportunities and privilege to invest.

Describing the visit as historic, the Saudi Arabian minister told members of his delegation that they had an excellent opportunity to see first-hand what was on offer in Jamaica.

He noted that investments represent key factors in the development of an economy as it would boost productivity and lead to the creation of jobs, bridging the gap between the present and the future.

Badr added that he was looking forward to developing a stronger investment relationship with Jamaica.

Prime Minister Andrew Holness said that “the greatest resource of Jamaica [is] its people”, and therefore, the Government was interested in projects that were “people-centric”.

He also noted that there were several prospects in Jamaica that needed investors to buy into them as the Government had been “building a solid economic platform for the last decade ... through a significant transformation”.

This economic stability, he continued, has become very attractive to not only Jamaican investors but persons around the globe.

The parishes of Westmoreland and Portland will receive a lot of attention in terms of investments as a part of the first project.

Holness wants low-density, high-value tourism zones over the traditional hotels and resorts to be built in Port Antonio, located in the northeast of the island.

The prime minister also stated his aspirations for investments to commence in Port Royal so as to leverage its rich heritage.

President of the Port Authority of Jamaica, Gordon Shirley, shared these sentiments describing the city as “extremely historic”.

He said there were several projects that investors could pursue, noting that the Port Royal Museum was being built and expected to be completed in October.

The third project is to showcase the 650-acre Caymanas special economic zone (SEZ), described as “prime land” and among the top-tier logistics free zones across the region.

Different investment options in the Corporate Area and Montego Bay will also be showcased.