08.08.09
Posted in Business and Economy, Foreign investments at 12:12 pm by Robert Klien
The African Development Bank has approved 15 million loan for Economic Governance Reform Program in Seychelles (EGRP), which will facilitate reform implementation, macroeconomic stability and growth, rebalance the economy and improve economic and financial governance.
This is the first budget support operation of the Bank in the Seychelles, which is expected to give the following results: improved budget formulation process and execution; reinforced budget oversight and transparency; improved efficiency and transparency in public procurement; improved public debt management and business climate. It will support government’s macroeconomic and financial reform program for years 2009-2010, in particular, the public finance management changes which will provide for the transparent and efficient management of public resources.
One of the purposes of the program is to increase the role of the private sector as a driver for development, and to create growth and employment opportunities within it.
The Bank Group’s budget support program and the loan is guided by a number of studies, among them the 2009-2010 Seychelles Interim Strategy Note, the 2008 Country Project Portfolio Review Report (CPPR) for Seychelles, the IMF Article IV Consultation and a Standby Arrangement Staff Report (2008), the IMF report “A Strategy for Strengthening Budget Management (2008), the EC-financed 2008 “Seychelles Public Financial Management Performance Report”, and UNECA 2007 report on the “State of Good Governance in the Republic of Seychelles”.
Permalink
02.05.09
Posted in Business and Economy, Foreign investments, Seychelles banking, Seychelles offshore jurisdiction at 5:50 pm by Robert Klien
The high inflation that hit Seychelles in November 2008 was caused by one-off factors and December figures will most likely show similar trends. Nevertheless, prices in Seychelles are expected to come down soon.
On January 19, Central Bank governor said that inflation figures for December are not yet available. Central Bank governor Pierre Laporte was summing up the main messages at a press conference with Finance Minister Danny Faure and principal secretary in the ministry Ahmed Afif.
According to unofficial indications, generally, December prices remained at the same level as in November. Laporte noted that the reasons for high inflation in November were such factors as the exchange rate depreciation, new taxes (GST), and speculative factors. He also noted that the Central Bank is keeping liquidity tight, so, inflation should start coming down soon.
Laporte said that the Central Bank was aware of the hardship on the population and businesses that were caused by higher interest rates on loans but he noted that they were expected. According to the Central Bank governor, “However, there are indications that the interest rates could have reached its peak as evidenced by more competitive bidding on government treasury bills. With more competition for these securities and inflation likely to start falling soon, interest rates should follow”.
It is important that the higher interest rates could attract more foreign investment to Seychelles, one of the leading offshore jurisdictions of the region.
Permalink
11.18.08
Posted in Business and Economy, Foreign investments, Seychelles government at 9:18 pm by Robert Klien
The Government of Seychelles has agreed on terms for a petroleum agreement with 2 companies.
The agreement will cover oil exploration over 15 000 sq km of Seychelles’ waters. Now, its details are being completed. The agreement with East African Exploration (EAX) and its joint venture partner Avana Petroleum is planned to be signed soon.
EAX is part of the Dubai-based Black Marlin Energy group that will deal with geological and geochemical investigations over the next 2 years. In the 2nd phase, it will open an oil well, which can be completed as early as in 2011. It should be noted that the agreement comes after 2 years of a study of a 43 000 sq km area carried out by EAX and Avana under a technical evaluation licence.
Chief executive of Black Marlin Energy, Jeff Hume, said that the company is pleased to announce completion of negotiations with Seypec and it looks forward to formal signing of the petroleum agreement in the nearest future. He said that the company has been engaged in Seychelles for 3 years and built up much knowledge about an active and potentially prolific petroleum system.
Chief executive of Avana, Sam Malin, expressed his satisfaction with the opportunity to work under a petroleum agreement with a view to appraise and develop the attractive assets and to continue our co-operate with the Seychellois authorities.
Permalink
05.15.08
Posted in Business and Economy, Foreign investments, Tourism industry at 9:36 pm by Robert Klien
A global leader in providing IT solutions for the hospitality industry, IDS SOFTWARES Pvt Ltd, has announced that it is entering Seychelles. The company has partnered Paradise Computer Services (PCS), one of the largest IT companies in Seychelles, in the venture that is expected to be successful.
As tourism is the mainstay of Seychelles contributing more than 21% of the GDP and accounting for more than 60% of the forex earnings, IDS products in Seychelles have a high potential. Entering Seychelles strengthens the presence of IDS in the African continent.
It should be noted that the above announcement closes in on company’s target of expanding into 40 countries by the end of the financial year 2008-2009.
Rajesh P Yadav, general manager of IDS, commented on the entry into Seychelles, noting that the company is happy to tie up with Paradise Computer Services for sales and support in the Seychelles market as far as Africa offers great opportunities for its products.
PCS is a leader in IT integration in Seychelles. Based in Victoria and Mahe, the company was established in 1995 with a view to provide an unparalleled level of service to the IT sector.
Permalink
04.13.08
Posted in Business and Economy, Foreign investments, International Organisations at 11:52 am by Robert Klien
The visit by President Michel to Kuwait in February helped attract Kuwaiti investors to the Seychelles.
On April 8, 2008, three representatives of a major Kuwaiti business developer paid a visit to Seychelles’ President James Michel at State House. Later they said that they are going to make huge investments into the jurisdiction.
After discussions with the President, the managing director of the BluePrint company, Meshal Almelhem, told the local media that with assurances from the African Development Bank (ADB), the private sector represented by his firm has made a decision to invest in the African region. He said that having seen President Michel, the country and the people, he ans his colleagues from BluePrint need not look any further than Seychelles as they have understood that it is a very stable jurisdiction.
He also added the following: “We have realised that Seychelles is a goldmine and a haven for investors. There are many opportunities that will create mutual benefits for the government and the people of Seychelles and the investors as wellâ€.
BluePrint will work with the government of the Seychelles to develop potential projects in the finance, technology, and tourism as well as in other sectors.
Mr Almelhem was accompanied by Ahmed Alquraishi and Yousel Al Bader from BluePrint, and Peter Sinon, executive director of the ADB. Also, the Minister for Community Development, Jacquelin Dugasse; Secretary of State, Alain Butler Payet; principal secretary for Presidential Affairs, Jean-Paul Adam; and special adviser in the Ministry of Foreign Affairs, Vivienne Focktave, were present at the meeting.
Permalink
02.24.08
Posted in Foreign investments, International relations, Seychelles government at 11:44 pm by Robert Klien
The visit of Seychellois President James Michel to Kuwait has been discussed previously.
As to the outcomes of the 2-day visit to Kuwait, Michel said that the visit has opened up space for a dynamic cooperation between the 2 countries.
It has been described previously that after a final round of negotiations held in February 2007, Seychelles and Kuwait are expected to sign the Double Taxation Avoidance Agreement (DTA). However, according to the Seychellois President, besides the signing of a DTA between the 2 countries, work on a Protection Investment Agreement has started to reinforce the protection that investors seek when investing in a country.
Also, the possibility for Kuwait Airlines to fly to Seychelles was announced by the President. He said that it was discussed and that a bilateral air services agreement should be signed soon in order to allow for this.
There were also discussions on the possibility to make available a line of credit for Seychelles aimed at importing fuel from Kuwait.
According to President Michel, his visit to Kuwait at the invitation of the Amir of the Gulf State, His Highness Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah was an opportunity not only to reinforce personal ties with the leader of Kuwait, but also to reinforce friendly ties between the countries. To remind, a past diverse relationship between Seychelles and Kuwait was interrupted after Kuwait’s invasion by Iraq and the subsequent Gulf War.
The Amir has expressed his desire to strengthen the cooperation and to assist in bringing more investments to Seychelles that would contribute to the economic development of it.
President Michel also mentioned having intense discussions with the Kuwait Investment Authority (talks on the possibility for the Authority to invest in commercial projects in Seychelles), the Kuwait Fund for Development (talks on how it could help in financing infrastructural projects), and the Minister responsible for Oil and Energy (talks on the possibility to make available a line of credit for Seychelles to import fuel from Kuwait).
Permalink
01.11.08
Posted in Business and Economy, Foreign investments, Seychelles government, Seychelles offshore jurisdiction at 10:31 am by Robert Klien
On December 31, 2007, in his televised New Year’s message, Seychelles’ President James Michel announced Seychelles national theme for 2008 which is the Constitution, the voice of the nation.
Earlier, the President said that Seychelles Constitution contains the democratic principles of the country, embodies rights and responsibilities of the people as well as serves as a to the behaviour of individuals, government and bodies. On December 31, 2007, President Michel said that it is necessary to promote Seychelles Constitution with a view to build our democracy and to reinforce the institutions of nation-building. In his speech, Michel also said that in 2008 Seychelles will mark 15 years of the Third Republic after the majority approved the new Constitution.
For Year 2008, the President wished the people of Seychelles to learn to value what they have as well as to appreciate the good things offered by their. He also wished that the jurisdiction continues to enjoy peace, unity, greater stability and progress.
As regards the launching of Strategy 2017 aimed to double GDP in 10 years, President James Michel said that in 2007 more confidence in the future of Seychelles and its economy was built by the people, which can be seen from the record level of investments and economic activity into the jurisdiction. According to the Head of the State, foreign investments into the country in 2007 were an estimated USD 180 million compared to USD 146 million in 2006.
Permalink
07.15.07
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.
Permalink
05.08.07
Posted in Business and Economy, Foreign investments at 8:36 pm by Robert Klien
On May 1, 2007, it was announced that Emirates Hotels & Resorts is investing $253 million in a project in the Seychelles.
The Emirates Cap Ternay Resort & Spa will be located on Mahe island. It will consist of a main and a private resort. The main resort will have 186 rooms and 230 semi-detached complexes, while the private resort will contain 15 water bungalows, 40 2-bedroom villas and a presidential suite. Also, there will be a Timeless Spa.
The resort is expected to open in 2010.
Emirates is also considering locations for similar hotel resorts in India, Sri Lanka and east Africa to build, expanding its network of destinations stretching from Sydney to New York.
Emirates Hotels & Resorts is the new premium hospitality division of the Emirates Group, the Dubai government-owned and Dubai-based group. Emirates Hotels & Resorts offers rich experience for world travellers. The company’s three key priorities are service, luxury and location.
Permalink