Qatari Diar signs $75m joint venture with Cuba
Doha, May 13, 2009
Qatari Diar Real Estate Investment, a leading sustainable development projects provider, has signed a $75 million joint venture agreement with a Cuban-government owned firm towards developing an exclusive 5-star resort in Cuba.
The joint venture was signed through its subsidiary Qatari Resorts with Gran Antilla, an affiliate of Gran Caribe, a Cuban company fully owned by the Cuban Ministry of Tourism.
As the first major joint venture between Qatar and Cuba, this key partnership will cement two close visions of quality community resort. Gran Paraiso, the joint venture company, will develop and manage an island resort located 30 minutes flight from Havana, on a 28.59 hectares parcel of land in Cayo Largo del Sur.
Reflecting the traditions and customs of the local Cuban culture, Cayo Largo del Sur, the new luxury resort hotel and spa, will consist of up to 450 bedroom hotel with world-class amenities, including a spa and fitness centre.
The second phase of development will include 60 deluxe villas, designed to create a dwelling for travelers’ community. The development will be complimented by retail facilities and is scheduled to open in 2012.
“Signing these agreements comes in line with Qatari Diar’s vision and strategy to support sustainable development,” said Ghanim bin Saad Al Saad Al Saad CEO of Qatari Diar and director of Qatari Resorts Company.
“Cuba offers a good market that we look for a strong presence in; therefore, these agreements give us the opportunity to invest in Cuba’s emerging tourism and economy,” he added.
Luis Miguel Diaz, president of Gran Caribe, said: “With this new joint venture with Qatari Diar, we will initiate the development of many other projects in the tourism sector. It is a first step in a long term win-win business relation.”
Gran Caribe Group is one of the leading hotel operators in Cuba with 47 hotels strategically positioned in the most important locations. Gran Caribe and Qatari Diar will offer world-class, quality products and services that are designed to reflect the spirit of the Cuba culture, said a report.
Furthermore, another joint venture agreement between Qatari Diar and Habaguanex Compania Turistica, a Cuban tourist company based in Old Havana was concluded.
The potential project, named Prado y Malecón, involves the development and construction of a hotel in a plot of land located at the Malecón in Havana. Habaguanex Compania Turistica takes care of making the old Havan’s historical centre revive, through tourism investments renewing old traditions.
In keeping with Qatari Diar’s tradition of creating sustainable, community-enhancing projects, these two projects will generate hundreds of jobs during the construction phase while enhancing Cuba’s tourism infrastructure and desirability as a tourist destination.
The resort and the hotel will also help cater to the needs of the Cuban business and tourism sectors, and will serve as an attractive venue for the growing number of people expected to travel to the country in the near future. – TradeArabia News Service