The Caribbean has emerged as a top choice for global holiday travelers in 2024, with destinations across the region seeing impressive growth in hotel occupancy rates and average daily rates (ADR). Amadeus’ Demand360® data, as of December 2, 2024, highlights a shift in global travel patterns for the festive season, underscoring the Caribbean’s appeal alongside strong growth in the Asia Pacific...
Jamaica is spearheading a transformative wave in Caribbean tourism by pivoting toward high-end offerings. This new direction, emphasized during a groundbreaking conference on branded real estate development on December 4, highlights Jamaica’s ambition to redefine its hospitality landscape. Held at the Montego Bay Convention Centre, the event showcased the $450-million Montego Bay Pinnacle luxury project...
The Caribbean Development Bank (CDB) has once again proven its financial resilience and commitment to regional development. On November 27, 2024, S&P Global Ratings reaffirmed the Bank’s stellar ‘AA+/Stable/A-1’ credit ratings, reflecting its robust financial standing and prudent management practices. In its announcement, the CDB expressed satisfaction with the affirmation, noting that the...
In January, the Central Bank of Barbados shared an optimistic review of the nation’s economic performance for 2023. Governor Dr. Kevin Greenidge reported a 4.4 percent growth in GDP, marking eleven consecutive quarters of real economic expansion. For the first time since the pandemic, GDP surpassed pre-pandemic levels in both nominal and real terms. The tourism sector was pivotal to this recovery, with...
Barbados is paving the way for dynamic international collaborations, as Prime Minister Mia Amor Mottley recently held discussions with Russian Ambassador Alexander Kurmaz and India’s non-resident High Commissioner to Barbados, Shri Subhash Prasad Gupta. The talks focused on a wide range of topics, including skill development, economic opportunities, and the future of Barbados’ healthcare and...
Barbados proudly celebrates the appointment of Daniel Best as the seventh president of the Caribbean Development Bank (CDB). The CDB’s board of governors announced the historic decision on Wednesday, marking a pivotal moment for the institution and the region. In its official statement, the CDB emphasized Best’s extensive expertise and visionary leadership. “This decision underscores the bank’s...
Developing and owning hotels in the Caribbean comes with its unique challenges—local labor laws, weather unpredictability, and cultural nuances all contribute to the complexity. To mitigate these risks, a growing number of hotel owners are turning to third-party management companies, a trend that's reshaping the region’s hospitality landscape. At the recent Caribbean Hotel Investment Conference and...
Barbados has successfully executed the world's first debt-for-climate-resilience operation, securing financing to modernize its water and sewage infrastructure in the face of climate change. This groundbreaking initiative, supported by international funding partners, replaces expensive debt with affordable financing, generating $125 million in fiscal savings to enhance water management and food...
Barbados has formalized a significant $500 million agreement with the Export-Import Bank of the United States (EXIM Bank), aimed at strengthening essential sectors such as renewable energy, cybersecurity, water infrastructure, and maritime security. The Memorandum of Understanding (MOU), signed by Prime Minister Mia Mottley and EXIM Bank Chairman and President, Reta Jo Lewis, is set to remain in effect...
Strengthening the historical and cultural bonds between India and the Caribbean Community (CARICOM), Indian Prime Minister Shri Narendra Modi has unveiled an ambitious seven-point agenda aimed at fostering deeper collaboration and driving development in the region. The announcement came during the Second India-CARICOM Summit, held on Wednesday at the Marriott Hotel in Georgetown, Guyana—a historic...