Grenada Says Egyptian Billionaire Planning Major Hotel Investment
Above: Grenada
By the Caribbean Journal staff
Grenada’s government said billionaire Egyptian investor Naguib Sawiris could build three five-star resorts on Grand Anse Beach.
Sawiris, one of the most prominent businessmen in Egypt, built his fortune in the telecommunications industry. He held talks with Prime Minister Dr Keith Mitchell at the Maurice Bishop International Airport on Thursday.
Grenada’s government said Sawiris, who has reportedly already bought beachfront property in the country, was introduced to the island by Danny Fahkre, Grenada’s Deputy Ambassador to the United Kingdom.
In a statement released Friday, the government said Sawiris had already purchased Silver Sands, and is interested in the Riviera property between Camerhogne Park and the Grenada Grand Beach Resort.
Talks also continue for the lot owned by St George’s Univesrity in Morne Rouge.
The government said Sawiris is “hoping to get the ball rolling” on construction of the lot at Silver Sands “as soon as possible,” with the possibility of three new five-star hotels within three to four years.
The government did not disclose the dollar amounts of any potential investments.
