According to the Tourism Ministry’s assessments of the Dominican Republic’s participation in the last two editions of the International Tourism Fair (Fitur) in Madrid, in this 2023, the country exceeded promised investments.
During a press conference, held last Friday, at the exclusive luxury Real Casino in Madrid, Tourism Minister David Collado announced to the press that the country negotiated investment commitments worth US$ 3,645 million.
That’s up from last year’s estimated $2 billion.
FITUR 2023 was held from January 18 to 22 in Madrid, Spain. This fair is considered the most important event of its kind in the world today, this being its 43rd edition.
131 countries participated, including the Dominican Republic which stood out with a stand evoking the country’s culture and emblematic holiday destinations, mixed with image technology through a series of immersive screens.
According to official figures Quisqueya received more than 8 million visitors by air and cruise ships in 2022, accomplishing a significant post-pandemic economic recovery.
The Dominican Government makes sure to take part in every Fitur with a view to attracting investments and agreements with agencies, airlines, and tour operators in order to sustain the tourism industry which accounts for 15% of the country’s gross domestic product (GDP), according to official figures.
The Ministry of Tourism said that eleven agreements were reached in this year’s edition alone.
The country was a co-sponsor in this edition and partner country in last year’s edition.
Following Fitur in 2022, Collado said in an interview with Diario Libre that the state-owned Dominican Reserve Bank (Banreservas) closed purchase intents worth US$ 1,300 million.
The state bank also presented the Punta Bergantín project, a development in Puerto Plata which will include a film studio sponsored by Vin Diesel.
Banreservas also reported that it reached investments and possible investments that exceed US$ 4,000 million and requests for financing exceeding US$ 2,300 million.
Photo: The Reserve Bank closed deals for $1.3 billion.
Therefore, general administrator of the state bank, Samuel Pereyra, said that this was Banreservas’ ” best year” at Fitur.
“And, the President (of the Republic) and I have been guaranteed investments of US$ 1,600 million,” Collado said.
In 2023, the total investments announced by Collado amount to US$ 3,645 million, of which US$ 1,645 million will begin in 2023.
Banco Popular
Banco Popular Dominicano reported that it managed to consolidate loans for projects already under development and potential loans for an amount of financing exceeding US$ 1,230 million.
Officials at the financial institution estimated that this would mean 8,720 new hotel rooms.
He said that the total investment for these tourism developments is estimated at more than US$ 2,400 million.
Photo: David Collado and René Grullón, from Banco Popular.
Tourism
David Collado’s press summary of the investments promised in Fitur 2023:
• Installation of the Sports Illustrated Resorts in Cap Cana, with an investment of 50 million dollars (already open).
• The Pioneer Fund announced $2 billion in investments in Macau.
It will also start immediately with $250 million, and the Dominican Republic will have its first all-inclusive Ritz-Carlton hotel.
• The Spanish Martinón family announced investments of 90 million dollars for a Hyatt hotel on Winston Churchill Avenue w/ Paseo de los Locutores, in the National District.
In addition, 50 million dollars in the refurbishing one of its hotels in Punta Cana-Bavaro.
• Frank Elías Rainieri announced the investment of 200 million dollars with the Zemí hotel, in Miches, for which he signed a loan agreement with Banreservas.
• Rafael Blanco Canto announced the investment of 150 million dollars in Miches with a new hotel belonging to the Viva Wyndham Resorts chain.
• Grupo Fuertes, from Spain, presented its project and signed a loan for 325 million dollars.
It announced investments with Hyatt, with about 1,000 rooms, in Miches.
• The Rainieri family announced that the Dominican Republic will have its first all-inclusive W hotel, a luxury brand that will imply a higher level of visitor spending. The investment will be 135 million dollars.
• The Cisneros family (Venezuelan) announced that the Four Seasons hotel will be a reality in Miches, with an investment of 200 million dollars.
• BH Caribe will invest $250 million and will also start with $200 million more in May. It will be 450 million dollars in total.
• Bahia Principe, owned by the Spanish Piñero Group, made announcements for 100 million dollars, half of which will be invested in 2023 and the rest in 2024.
Fitur 2023 was held at Ifema-Madrid.
The organizers estimated around 8,500 participants, 131 countries, 750 exhibitors and 66,900 m2 of exhibitions, which will mean revenues of more than 400 million euros for Madrid
Source:
Diario Libre
