ST. GEORGE'S, GRENADA, Thursday, September 26, 2013 - GIS: Grenada could soon see the construction of three five star resorts along the coast of the world famous Grand Anse beach.
Egyptian billionaire and businessman Naguib Sawiris is in discussion with government to invest in the island’s tourism sector.
But Grenada’s newest investor, whose prominent family in Egypt already owns nearly 50 percent of that country’s stock exchange, says he was attracted to the Spice Isle by the warmth of the Grenadian people.
Sawiris, who has already bought beachfront property, was introduced to the island by a friend with strong Grenadian roots, Danny Fahkre, Grenada’s Deputy Ambassador to the United Kingdom.
Sawiris, Grenada’s Ambassador to France, met with Prime Minister Dr. Keith Mitchell on Thursdayin the VIP lounge at the Maurice Bishop International Airport.
Sawiris has his eye on three plots on the popular Grand Anse Beach.
He has already purchased Silver Sands, and he is also interested in the Rivierra property located between Camerhogne Park and Grenada Grand Beach Resort while talks continue for the St. George’s University’s lot in Morne rouge.
It is believed that the construction of hotels and villas on the three properties can contribute as much as 30 to 40 percent of the country’s room stock.
Mr. Sawaris is hoping to get the ball rolling on construction of the first lot at Silver Sands as soon as possible.
He believes that if all goes well, within three to four years, Grenada can see three more 5 star hotels on the island.
Prime Minister Mitchell says those are the type of investment the country needs.
Sawiris has Major investment in telecommunication industry in Egypt and other parts of the world.
His company owns major shares in the world’s largest cement producing company.
His business portfolio extends to many countries including the Middle East, Switzerland and USA.