Grenada will start construction of a luxury hotel on the Grand Anse beach involving Egyptian billionaire, Naguib Sawiris by June or July.
According to Minister for Foreign Affairs and International Business, Nikolas Steele, all plans are in place to begin the construction by that date baring no unforeseen circumstances.
Steele said that in his recent discussions with Sawiris everything seems to be on schedule for the start of the five star hotel and that a ground-breaking ceremony signaling the start of the project is due to take place in three or four months, unless any unplanned stumbling block gets in the way.
Sawiris’ name first surfaced in Grenada in the aftermath of the landslide 15-0 victory at the polls of the New National Party (NNP) in February 2013.
The investor has reportedly purchased the beachfront property known as Silver Sands.
THE NEW TODAY understands that the Egyptian businessman was introduced to the island by a friend with strong Grenadian roots, Danny Fahkre, described as the island’s Deputy Ambassador to the United Kingdom.
Sawiris, who is now being referred to as Grenada’s Ambassador to France, met with Prime Minister Dr. Keith Mitchell in September 2013 to discuss investment possibilities.
Over the years, a number of foreign investors have failed to keep their promises to build hotels on the island.
A recent court case identified Ambassador Peter deSavary as one who reneged on his deal with the purchaser of a villa at Mt. Cinnamon in which he promised to build a 250-room luxury hotel on Grand Anse beach as part of his sale pitch.
The court ordered the British investor to buy back the villa from the purchaser at an estimated EC$2.7 million.