Business Barbados

100 / Barbados is ‘Moving On’ the architect for this project. While plans are progressing well for The Pierhead Project, The Apes Hill Golf Resort has a new owner who has engaged Ron Kirby, a world recognized golf architect, to carry out a significant upgrade to that course. As plans emerge, Apes Hill promises to be even more spectacular as its new signature should attract many well-qualified purchasers of their villa product. New Opportunities The prevailing view in the business sector is that Barbados’ economy is ready for take-off. As our government stabilizes its finances under the current IMF programme (after approximately half of the four year programme, it has met all targets set) and as we attract new investment, there is a sense of confidence not felt for the past ten years. Sometimes we have to look beyond our shores. One may ask how the oil find in Guyana, projected to boost that economy enormously, can have an effect on Barbados. Let’s just say that 120,000 barrels of oil per day, along with a GDP of $3.63 billion and a population of 778,000, makes a great neighbour with whom we have an ongoing close relationship. The opportunities for Barbadians to invest in Guyana, the wider Caribbean, and even further abroad, have never been better. Many multinational companies working in Guyana have identified Barbados as a base to locate the families of their key employees, who will shuttle between Barbados and Guyana. Other strengths exist and have the capacity to build confidence and influence investment. Our Government recently granted permission for Barbadians to open US dollar bank accounts and the expectation is that this will not only be used by residents living here but also by our wider diaspora of nationals. The local banking system is holding deposits in the amount of Bds$10.2 billion as at June 2019, which translates to Bds $36, 248.00 per citizen, all ready to be invested in meaningful opportunities. This all amounts to that take-off reality. One Major Project Barbados is back on track. Proposals for new projects or expansions of existing projects are coming into our town and country planning office at an accelerated pace. While Government is aiming to attract a new hotel adjacent to the Hilton, expansion is taking place at the Crane and Ocean One on the South Coast, while two major hotels are close to starting construction – Blue Horizons and the Bridgetown Hyatt - with Sam Lords Castle hoping to continue work on its new hotel. On the west coast, the owners of the Royalton brand will commence construction of a new hotel to replace Discovery Bay Hotel and the new Sandals and the Four Seasons are still hoping to push forward. With all this activity, our plan to build an offshore island is gaining momentum. One such project that would move the goal post forward by ten years. Image from the Proposed Bridgetown Development Plan