Egyptian billionaire Naguib Sawiris plans to invest $350 million in Grenada's tourism and hospitality sector through Joyau des Caraibes Ltd (JDC), part of Wind Telecom. JDC has recently completed a 5-star Silver Sands Resort in the Caribbean island nation of Grenada. Port Louis Limited and Mount Cinnamon – whose developer is Spice Land Limited – announced on Wednesday that they had sold all the lands which it owns at Port Louis to JDC. The main financier behind JDC is Sawiris, who is chairman of Wind Telecom'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. The released also said 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 explained that the sale of its surplus development land at the Mount Cinnamon Resort to JDC is to build another first-class hotel and other related facilities, St. Lucia News Online reported. "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. In his National Address on Sunday night, Grenada's 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 $350 million, speaks volumes for the recovery potential of our economy," Mitchell 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 announced as regards to the start of feasibility studies or construction of the new properties.
