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Billionaire Naguib Sawiris to invest US$350 million in 2 tourism projects in Grenada

This story was posted 2 years ago
12 May 2020
in Business, Travel/Tourism
3 min. read
Naguib Sawiris and Prime Minister Dr Keith Mitchell, November 2018
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by Linda Straker

  • Luxury hotel at Port Louis, St George’s and 5-star eco spa resort in St Mark to be built
  • Spice Land Limited announced that they had sold all the lands which it owns at Port Louis to JDC 2
  • Main financer behind JDC 2 is Naguib Sawiris

Joyau des Caraibes Ltd (JDC) the company which recently completed the 5-star Silver Sands Resort, has announced its intention to invest millions in the hospitality sector.

A joint press release from Port Louis Limited and Mount Cinnamon whose developer is Spice Land Limited announced that they had sold all the lands which it owns at Port Louis to JDC. The main financer behind JDC is Naguib Onsi Sawiris, Egyptian billionaire businessman. Sawiris is chairman of Weather Investment’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 which explained that 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 explains 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.

The release said that Peter de Savary, having created the successful Mount Cinnamon Resort Hotel which is highly rated internationally and provides exceptional exposure for Grenada overseas, will continue his involvement with the resort which employs about 100 people. De Savary will now focus on a project in St Mark.

“During this time, attention will be focused on creating a 5-star eco spa resort project at the Tufton Hall plantation in the mountains above Victoria. 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.

Peter de Savary has during the past 13 years, brought investment into the country worth millions of dollars and maintained his commitment to Grenada throughout the recession. “He has both economically and philanthropically been sensitive in his contributions to the country. He will continue to enjoy Grenada and play a positive role towards the ongoing success of the country’s future,” the release assured.

In his National Address on Sunday night, 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 US$350 million, speaks volumes for the recovery potential of our economy,” he 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 provided for the start of feasibility studies or construction of the new properties.

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Tags: jdcjoyau des caraibes ltdlinda strakermount cinnamonnaguib sawirispeter de savaryport louissilver sands resort
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Comments 21

  1. Jen Jen says:
    1 year ago

    Go look up the proposed development for Port Louis, the mountain above, which will include the destruction of the land above Pandy Beach and the reef along that beach below the mountain.

    They plan to destroy the reef by digging out and making a super yacht parking space at the opening to the Carenage. The whole of the mountain, all the trees and bushes there, along with all the almond trees, chinette trees etc. will disappear from Pandy Beach and be replaced with million dollar condos for foreigners.

    The beauty of the that beach and the land above completely destroyed along with the beach that affords peace and is very much a locals beach. The residents along there use the foods from the trees and fish the reef along there.

    This is NOT in the best interests of Grenada as when you denude this mountain of the trees that hold the soil you will cause erosion and slippage.

    Why does every inch of beach or beach view have to be destroyed by this man and turned into a concrete jungle? He has stated that the current Beach House and the restaurant there, that was a favourite of all for years is no good. The contempt in Sawiris voice can be heard that he will replace it with something better. You are an idiot sir. We come to Grenada and spend our monies here to experience CARIBBEAN LIFE and the style of building, culture, food that it represents. NOT EGYPTIAN life styles or Italian food and more foreign foods shoved here. If you do not want to experience the true Caribbean island life then take your developments to Italy where you will have that food. Stop striving to change this wonderful little island into a made over version of Europe or your own culture. These things are NOT what draws Tourists to the island. If we seek to experience these other cultures, foods and building styles we will travel to THOSE COUNTRIES. In just six years I see the horrible attitude you bring, the comtempt for the local people, and the rush you are making to take over this island and even the AIRPORT so you will completely control what happens on Grenada through your influence. NO SIR, Public ownership of Maurice Bishop Airport IS NOT in the best interest of the island. You will cater to your rich friends, and have stated that you will FIRE locals who do not smile at visitors entering the country. You DO NOT need to have ANYTHING to do with the Customs and Immigration or importation of cargo into this country. You DO NOT serve the best interests of Grenadians, you serve your own. You want a private area so you can skip all the checks and balances of what and who you and your rich friends seek to bring into Grenada and not be contaminated by contact with locals or having to adhere to the rules. You are GREEDY and SELF SERVING and pretend to have Grenadians interest at heart. Your contempt for locals shows in your hiring practices in construction where locals are not good enough to all the jobs and fine finishing you want on projects. Go back to Egypt and leave this wonderful little island alone. Nothing has improved for the local people since you built Silver Sands.

    Reply
  2. George says:
    2 years ago

    I wonder if Chad Chen is a real person or just trying to “get a rise” out of folks? I remember well what Port Louis looked like and smelled like before DeSavory started work there. I know my wife loves the “old” Grenada with the cows on the beach but the gardens at Cinnamon and the clean Lagoon are better. So, good on DeSavory. As to the Egyptian, what he’s contributed so far is fairly horrible. You can bet that 500 rooms spells casino, without a doubt in my mind. Whatever DeSavory has planned for St. Marks will surely be a positive for Victoria, my favorite town in Grenada. I look forward to his vision. It saddens me to say Sawiris will not march to the same tune. It was his attitude that got him kicked out of Canada. Let’s make sure the infrastructure, the water and sewerage treatments are well in place BEFORE construction begins.

    Reply
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