Ground Breaking Adams Investment Management Group Marble Hill Road – Friars Hill

Distinguished guests, Esteemed members of the media Ladies and

Gentlemen… good morning and a warm welcome to you all.

It gives me enormous pleasure to be here today for this groundbreaking

ceremony.

Today is yet another day in Antigua and Barbuda’s leap towards fulfilling

the expectations of the people and bringing another major investment The

LABAHIA Hotel Resort & Condominiums – between the Adams

Investment Management (Antigua) Ltd., and the Government of Antigua

and Barbuda that will provide jobs, safety in housing, and the

international acclaim that we in this country strive for as a tourist

destination second to none.

It is very appropriate and I must say a welcome courtesy to involve the

local community and interested stakeholders in a ceremony such as this

today.

My Ministry, my Prime Minister, and the Cabinet in which I serve, have

sought out and continue to attract credible investors with the expertise to

assist in this country’s transformation and sustainable national

development.

This right thinking government wants only the best for its people in this

era of high competitiveness.

It is precisely why we are here to endorse the progress made that has now

led to the occasion of this groundbreaking ceremony.

We have attracted the attention of highly professional investors in the

construction and development business; and we have achieved under the

assertive leadership of this Gaston Browne-led administration, tangible

benefits that this country can be justifiably proud.

Let it be known, that we in Antigua and Barbuda are extremely grateful

to the directors of Adams Investment Management Group for their

decision to choose Antigua and Barbuda as a key place in which to bring

their comprehensive experience to bear fruit for the good of this nation.

Adams Investment’s mission, wherever it has gone, has demonstrated a

track record of providing award-winning innovative designs, outstanding

craftsmanship, state-of-the-art finishes, while bringing the functionality

and unique living to work spaces for every lifestyle. Antigua and

Barbuda is getting some of the best from the best!

So I reiterate, that through Adams Investment Management Antigua

Limited, the Government of Antigua and Barbuda has found a worthy

joint venture partner. A partner capable of the kind of development that

we require, with the expertise for building a modernised physical

infrastructure in the interest of the people of Antigua and Barbuda.

The general focus of this project, and beginning at this groundbreaking

site, means that we are enhancing the prospects for success in our hotel,

housing, and industrial amenities, which are all integral components in

21st century national development.

Our new partnership with Adams Investment Management Antigua

Limited, while placing the country on a trajectory to fast becoming the

economic powerhouse in the region, will be specifically adding value to

our tourism product, the main economic lifeline in this country.

Ladies and gentlemen an impressive development will be built here at

Friars Hill. Being more particular, I am advised that the multi-storied

investment will boast 120 one and two bedroom fully furnished self

contained luxury condominiums and several penthouse suites. In

addition, the resort will include a 24,000 square ft. futuristic conference

facility, a 300 capacity car park area, restaurants, a gym, tennis courts,

gardens with walking paths, essential shops and an Olympic size

swimming pool for an investment totaling US $52 million. I am also

informed that the project has already received approval in principal from

the Development Control Authority. This is indeed heartening as the

total construction phase is projected to run between 18 – 24 months, to

ensure that we all realize the benefits of this new investment as quickly as

possible.

Given the absence of a state-of-the-art conference centre on island, and in

light of the Government’s vision for our country’s development, this

conference facility will be a welcome addition to our tourism product and

now allow us to actively promote the destination as one that can attract

business from the lucrative “Meeting, Incentives and Conference Events”

(MICE) market.

We envision that within the next two years Antigua and Barbuda will be

hosting local, regional and international conferences to utilize these

facilities in a Caribbean environment second to none. while at the same

time capitalising on the opportunity for business travellers to vacation

with their families.

For our part as the Government of Antigua and Barbuda we are

intricately involved. We are acutely aware of opportunities, possess the

political will to act, and far-reaching in our ambitions to forge good

business and person-to-person relations, we have decided to vest 10 acres

of the Friars Hill land to the fulfillment of this project.

No matter how big, how innovative and how exciting the project is, and

how much it means to those involved, the Government of the day has to

be able to create the enabling environment.

Ladies and Gentlemen the Antigua and Barbuda Labour Party

administration stands determined to utilize the monetary and all other

available benefits that can be derived from the CIP to enhance this

country for the benefit of all citizens and residents, and those that will

visit our shores.

With this major investment here at Friars Hill, comes another avenue for

us to shape and utilise the skills present in the workforce, while

expanding the technical knowledge that can become available.

Our priority as a caring Government is to put to work our greatest

resource – the Antigua and Barbuda human capital. Our people will get

many jobs and I might also add that they will be good paying jobs! The

opportunities for employment and the provision of goods and services

that will flow from this fascinating project, will ultimately lead to growth

and improvement in the lives of our people.

Moreover, this location given its proximity to the major centres is ideal

situated. We are located within 5 minutes from the City of St John’s, The

“Golden Friars Hill Rd Mile”, with a host of business and shopping

amenities. The delightful Dickenson Bay, which is a part of our major

hotel beltway, along with the adjacent Cedar Valley Golf Club are also in

close proximity.

This suggests that this development will be very important even as we

formulate plans to improve the road works and other physical

infrastructures leading to and from here. With the property also being 10

minutes from the Airport, It maintains that delicate balance between

tranquility and convenience that is ideally suited to either the leisure or

business traveller.

As a forward thinking Government with creative solutions we have

ensured that this parcel of land, through our partnership, will be of major

significance and mutual benefit to all parties. While development and

construction will begin shortly, the payment for the land, which is some

US $1.3 million dollars, is to take place after the project has been

completed.

But the ultimate success of this project and in fact any project often rests

on the relationship between the investor and the workforce and the

Government here in Antigua and Barbuda.

To that end, our Hon. Prime Minister Gaston Browne, and the Cabinet in

which I have the honour of serving, have pledged and will give its strong

commitment of support to enable that this project is not just completed,

but done so without cost overruns and minus the man-made hurdles that

can stymie a project of real potential and benefits for this nation.

We also will entitle this project, in which the returns will be lucrative for

our people and add to the portfolio of the Adams Investment

Management Group. This means that Adams Antigua Investment

Management Limited will be entitled to enjoy all the privileges, and

concessions necessary that are accorded to other CIP projects.

From what I envisage this morning, a lot of effort has gone into making

sure all of these initial aspects are above board and transparent, which

will allow the project to be completed as expeditiously as possible. We

shall therefore all reap the benefits of this grand project in quick time.

As the Minister of Tourism, Economic Development Investment and

Energy, thank you for the opportunity to be part of this groundbreaking

celebration today. It is truly an honour for me personally to serve in an

administration that has been demonstrating month after month to the

people of this great nation our proactive abilities in attracting new

investment and facilitating the economic growth of our nation.

This morning I would also like to recognise the investors and project

developers, Mr. Imtiyaz Adam and Mr. Farman Ramjohn, both respected

and well known accomplished businessmen from the Republic of

Trinidad and Tobago who have made the bold decision to make a

tangible investment in our country.

On Behalf of the Government and People of Antigua and Barbuda we

extend best wishes. We congratulate you and commend you for your

vision in partnering with us in our own vision to develop and transform

our beautiful country into an economic powerhouse in this region. Thank

you for helping to position Antigua and Barbuda on a path to experience

meaningful economic development for all our people.

I am confident that what has been started on these 10 beautiful acres, is

only the first step in the start of a mutually rewarding partnership with

the Government and People of Antigua and Barbuda. We therefore wish

you continued success in all your endeavours.