Maravi

Qatar, Cuba in $75m hotel project

Qatar, Cuba in $75m hotel project
Written by Larry Moonze in Havana, Cuba
Thursday, May 07, 2009 3:15:52 PM

QATAR has entered into a US $75 million exclusive 5-star hotel resort joint project with Cuba and described the investment a clear message that Doha stands by Cuba.

Signing the joint-venture project between Qatari Resorts Company and Cuba's Gran Antilla SA on Wednesday at Havana's Hotel Nacional, Qatari Diar Real Estate Investment Company chief executive officer Ghanim Bin Saad al-Saad said at the height of the global economic meltdown Cuba provided a suitable economic base.

Bin Saad Al-Saad said Qatari Diar was a vehicle for economic expansion and a diplomatic tool for the state of Qatar.

He said Qatar was comfortable with Cuba's foreign policy and investment regime.

"As an investment and development company we have quickly become one of the key real estate players in the world," he said. "We have announced and have begun work on projects at home and around the world, including Lusail in Doha. Lusail is the largest development project ever undertaken in Qatar, and will be one of the largest developments in the entire region, covering over 35 square kilometers and accommodating up to 200,000 people."

Bin Saad Al-Saad said the Qatar-Cuba project was constituted as a joint-venture company called Gran Paraiso to develop and manage the project.

Qatari Diar, through its affiliate Qatari Resorts Company, and Gran Caribe SA (wholly owned by the Cuban Ministry of Tourism) through its affiliate Gran Antilla SA would undertake to develop the resort on a 28.59 hectares parcel of land in Cayo Largo del Sur, a resort island that is approximately 30 minutes flight from Havana, Cuba.

The new luxury resort hotel and spa would consist of up to 450-bedroom hotel with world-class amenities, including a spa and fitness centre and conference facilities. The second phase of development would include 60 deluxe villas designed to meet the standards of the world's most discerning travelers. The development will be complimented by retail facilities and is scheduled to open in 2012.

Bin Saad Al-Saad said the project took two years of negotiations and that now Cuba and Qatar were ready for more joint ventures in various strategic industries particularly in agriculture.

"I am proud to be here today not only as the CEO of Qatari Diar, but also as a representative of the State of Qatar. Under the guidance, will and support of His Highness the Emir Sheikh Hamad bin Khalifa Al Thani and His Excellency the Prime Minister and Minister of Foreign Affairs Sheikh Hamad bin Jassem bin Jabor Al Thani, this development reflects more than a business deal, but signifies a genuine friendship between our two countries," he said. "In the midst of this severe economic crisis, Cuba turns out to be an important destiny of our investment. Cuba has an important economic base."

Bin Saad Al-Saad said Cuba was one such country that was open to everyone.

He said Cuba had a lot of investment opportunities and that Qatar was seriously looking at other sectors of cooperation.

"We believe that in undertaking this project we are sending a clear message to the world that Qatar is behind Cuba," Bin Saad Al-Saad said.

He said the Cayo Largo del Sur project represented the vision and goals of Qatari Diar which was to invest in long term sustainable development that stayed "true to the local culture and to enhance the friendship and governmental ties between the two countries".

"This is truly a flagship development for Qatari Diar and one that I believe will help set a new standard for the Republic of Cuba, a nation known for its great natural beauty and distinct Caribbean spirit," said Bin Saad Al-Saad. " The project will create a dynamic new force for economic growth and it will set a new standard of luxury in the Caribbean, introducing Cuba to a new generation of tourists."

Gran Antill SA director Jose Joaquin Alvarez Portela said the Cuban tourism sector was developing for all markets.

He said Cuba would not close any door to anyone.

Alvarez said the Qatari-Cuba project was the first joint-venture with an Arab country.

He said considering that it was being undertaken in the midst of financial and economic downturn, the project was for mutual benefit.

Alvarez said the two parties would ensure high standards were met and fulfilled within schedule.

Gran Caribe group is one of the leading hotel operators in Cuba with 47 hotels strategically positioned in the most important locations.

Qatari Diar - Real Estate Investment Company was established in December 2004 to support Qatar's growing economy and to coordinate the country's real estate development priorities.

Labels: CUBA, QATAR, TOURISM

posted by MrK @ 2:18 PM