President to talk on Economic Reforms

Posted in Business and Economy, Seychelles government, Seychelles offshore jurisdiction at 5:01 am by Robert Klien

Tonight, Seychelles’ President Michel will address the nation on the current macro-economic reforms the country is going through. The address will be available in the evening both on radio and television.

The official announcement made by Michel about addressing the nation was during a recent visit to the Bel Ombre district that has been described recently.

The address is going to be about the home-grown economic reform package that currently is being discussed with the International Monetary Fund (IMF) and other multilateral institutions. The President was going to come before the people and to explain what has been dome and what is being done. He will also discuss the measures to be taken in future with a view to overcome the present difficulties of the jurisdiction, which are becoming even worse by the current global financial crisis.


Hopes to find Seychelles oil introduce new survey

Posted in Business and Economy at 9:11 am by Robert Klien

On October 12, an American firm called GX Technology said that all parts of Seychelles have geological conditions that are likely to produce oil and therefore it began a new survey.

According to exploration manager of GX Technology, Patrick Joseph, the East Africa region has great potential for oil and that is why Seychelles along with other countries were included in a regional survey carried out by this company.

GX Technology carrying out a survey entitled the East Africa SPAN project and it is using a seismic vessel GGS Atlantic. This vessel has been working south-east of Mahe and will altogether spent there 15 days. With the help of new drilling technology, GGS Atlantic is inspecting depths of up to 2 000 metres. It is worth noting that previously studies could take data from the just 200 metres below the surface of the sea.

Joseph said that GX Technology hopes to minimise the technical risks connected with exploration and to potentially attract more companies to the jurisdiction.


President visits Bel Ombre projects

Posted in Seychelles government at 3:38 am by Robert Klien

On October 11, Seychelles President James Michel visited the Bel Ombre district to get acquainted with projects related to housing and fisheries.

First of all, Michel attended a land bank project at Beau Bel where 55-58 plots of land are almost ready for allocation.

During this visit, Michel was briefed on projects that are planned for the reclamation area adjoining the Bel Ombre fishing port. Here plans on setting up various facilities related to fisheries, tourism and leisure on the reclaimed land were introduced to the President.

Also, he visited a small carpentry/craft business at one private home.

On his visit, President Michel was accompanied by Vice-President Joseph Belmont as well as by the district’s administrator and top officials from the Ministry of National Development, and the Seychelles Fishing Authority.


USD 350 million resort will replace Plantation Club

Posted in Business and Economy, Seychelles offshore jurisdiction, Tourism industry at 9:26 am by Robert Klien

Within the next 30 months, a USD 350 million resort will be built at the location where the condemned Plantation Club Resort & Casino is now situated. Most of the existing buildings of Plantation Club Resort & Casino will be demolished and, after that, a 3-phase development will start. The 1st part will be ready in 18 months.

The resort property has been awarded through public tender to European Hotels and Resorts Ltd. The development partner is Mantis Development International.

The development is expected to attract an extra 9 000 tourists per year to Seychelles. Also, it should contribute USD 350 million to the offshore jurisdiction’s GDP. It is also important that construction work will provide the equivalent of 14 000 jobs.