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).
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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.
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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.
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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.
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