A prominent UAE investor and member of the Ruling Family of Sharjah has inked a deal with the government of Antigua to develop a five-star resort on the Caribbean island.
HE Sheikh Tariq bin Faisal Al Qassimi, who is also chairman of developer Enshaa, signed a Memorandum of Agreement with Prime Minister Gaston Browne for the US $120 million project.
The new resort in Morris Bay will occupy 36 acres of prime beachfront lands, five acres of which will be developed into a public National Park facility.
HE Sheikh Tariq bin Faisal Al Qassimi signed the deal on behalf of Al Caribi Development, the company that will develop the property in a joint venture with the government.
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Should the company fail to perform in a specified period, the land which forms a part of the government’s contribution will revert automatically back to the government.
“This safeguard is intended to ensure that no long drawn-out court procedure is required to settle any complications resulting from non-performance,” said the Prime Minister.
The first phase of the project is expected to break ground within the next six months, following the granting of licences and the completion of architectural renderings, approved by the relevant Antigua and Barbuda authorities.
Enshaa is currently developing Palazzo Versace Dubai, which is scheduled to open before the end of the year.
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