The investor, a member of the ruling family of Emirate of Sharjah, United Arab Emirates, recently signed an agreement for a Park Hyatt project in St Kitts, which should be complete by the end of 2015.
It will include 134 rooms in the Banana Bay of Christophe Harbour, which is located on the southeastern peninsula of St Kitts.
It is being developed by Dubai-based Range Developments.
Antigua & Barbuda’s Prime Minister Gaston Browne, on Sunday, signed off on a Memorandum of Agreement (MOA) which will see the development of a US $120 million tourism resort at Morris Bay with the United Arab Emirates-based investor.
The agreement was signed on the behalf of Al Caribi Development Limited, the company tasked with developing the five-star resort near the Curtain Bluff Hotel in Old Road.
According to a government release, the resort will occupy 36 acres of prime beachfront lands, five acres of which will be developed into a public national park facility for the use of Antiguans & Barbudans and visiting tourist.
The government said the resort would be carried out by a joint venture company formed with the government; however, should the company fail to perform in an specified period, the land would automatically revert to the crown.
The project is expected to break ground in six months or less following the granting of licenses and the completion of architectural rendings approved by the “relevant Antigua & Barbuda authorities.”
Al Qassemi is an active investor in capital markets, holding a diversified portfolio of investments in equity markets, as well as emerging and developed markets.
Sheikh Tariq Bin Faisal Al Qassimi is chairman of the Emirates Investment Group (EIG), a Sharjah-based private sector investment group. EIG has a number of real estate projects in its portfolio including the Ritz-Carlton Residences in Singapore, Emirates Financial Towers in Dubai International Financial Centre and Enshaa, a UAE-based real estate firm with investments in Pakistan, Australia and the UAE.
Last September, former Finance Minister Harold Lovell met the Sheikh and other officials of his investment group when he attended the Global Citizens Forum in Dubai. Following the meeting, Lovell said he is confident of attracting investment from the oil rich country.