ADB to assist projects in Seychelles

Posted in International Organisations, International relations at 1:07 pm by Robert Klien

The African Development Bank (ADB) has recently announced that it is looking to assist identified projects in the Seychelles through grants. This was announced On July 17, 2007 by the regional director of the bank for East and Central Africa, Peter Sinon after he visited President James Michel and Vice-President Joseph Belmont.

According to Sinon, there are some 7 identified projects which are important to be prioritise. Sinon also named the Seychelles Water Master Plan through which the bank will finance from its multi-million dollar African Water Facility in a way of a grant. Initiated by the Africa Water Task Force, the African Water Facility is supported by Economic Commission for Africa. It is led by the African Ministers Council on Water (AMCOW) in order to mobilise and apply resources for water in Africa.

Sinon talked with the President about how the bank can reengage with the Seychelles after it clears its loan arrears. He also said that the Seychelles is developing fast and asked the ADB President Dr Donald Kaberuka to pay a visit to the Seychelles during a trip to Uganda. According to him, “Seychelles is in a very dynamic phase of development”, so it is important to encourage more Seychellois to take part in and benefit from the ongoing big projects.


JAIH to manage 2 hotel management contracts in the Seychelles

Posted in Business and Economy, Foreign investments at 12:55 pm by Robert Klien

Jebel Ali International Hotels (JAIH), a UAE-based hotelier that opened its 1st resort in Dubai in Jebel Ali in 1981, has signed its two 1st overseas hotel management contracts in the Seychelles.

The contracts with Trinity Estates and Trinity Waterfront are related to 2 properties – Round Island and The Waterfront. Round Island is planned to open in the 3rd quarter of 2008 just a 15 minute boat ride from Victoria, to offer 10 individual deluxe private chalets with a plunge pool, small private beach and spa, and the Waterfront will be opened in early 2010 on Mahé just 5 minutes outside Victoria to offer 40 deluxe rooms and suites with private beach, marina and spa.

David Thomson, the company’s general manager for corporate affairs, said that the signing of the contracts is the beginning of company’s operations outside the UAE and that JAIH is confident that this will be the 1st of many hotels to be managed overseas. According to Thomson, the company is currently discussing 2 more management contracts outside the UAE, however, the location is not revealed yet.


Seychelles’ and Botswana’s Presidents meet

Posted in Bilateral Treaties, International relations at 3:22 pm by Robert Klien

On June 19, 200 7, Botswana’s President Festus Mogae arrived home from a 3-day official visit to the Seychelles. His visit coincided with the significant anniversary in the Seychelles – the 14th  anniversary celebrations of the Seychelles adoption of the constitution.

The two presidents – President Michel and President Mogae – discussed common concerns between the Seychelles and Botswana.

Among others, the issues under discussion were the special status of small middle income developing countries in the emerging global economy, the development of regional eco-tourism, and the effects of global warming.

The ongoing process of Seychelles renewing its membership of SADC was one of the issues discussed by the presidents of the Seychelles and Botswana. To remind, the Seychelles quit SADC (the Southern African Development Community) in 2003 as it was not profitable in economic terms; but later it decided to rejoin the organisation.

The presidents also shared their views on various additional international issues related to the two countries’ participation in such multilateral bodies as the African Union, ACP and UN.


New DTA discussed by Seychelles and Barbados

Posted in Double Taxation Agreements, Seychelles offshore jurisdiction at 10:47 am by Robert Klien

In June 2007, the Seychelles and Barbados began negotiations aimed at concluding a new DTA – an Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion.

In recent years, the Seychelles has significantly expanded its double tax treaty network. Its double tax treaties agreements with Cyprus, Qatar and the United Arab Emirates concluded in 2006 have already been discussed previously. It is also said that the Seychelles has concluded tax treaties with Russia, Egypt, Vietnam, Malaysia and Botswana. Double tax deals have been discussed with India, Tunisia, Malta and the Czech Republic.

The Seychelles’ Double Tax Agreements with Belgium, China, Thailand, South Africa, Indonesia, Mauritius, Malaysia, Oman, Namibia and Zimbabwe are already in force.

According to the Seychelles’ government, double tax treaties are an important part of Seychelles attempt to develop itself as a key financial centre in the Indian Ocean, therefore the country is actively discussing more treaties with its numerous trading partners. Offshore financial services sector is one of the most important sectors of the national economy in Seychelles.