Proven Properties Limited, a subsidiary of Proven Group Limited, has invested US$6.5 million to acquire a 50% stake in a company that owns the five-storey building, One Barbados Place. The other half remains with Caribbean Consultants Limited (CCL), a Barbados-based real estate developer, according to Aisha Campbell, CEO of Proven Properties. The holding company, One Warrens Limited, will now be...
Barbados is gearing up to enhance its appeal to American tourists, particularly through Georgia, as Delta Air Lines prepares to resume daily nonstop flights from Atlanta to the island on November 23 after a seven-year hiatus. The initiative aims not only to attract native Barbadians living in Georgia but also to entice prospective visitors. Ian Gooding-Edghill, Minister of Tourism and Transportation,...
Prime Minister Mia Amor Mottley has declared that almost every building in Barbados that is not fit for purpose will be rebuilt within the next decade or two, either voluntarily or by mandate. Reflecting on the devastating impact of Hurricane Barrow, a category four hurricane that formed to the east-southeast of Barbados, Mottley highlighted the urgency of this initiative. The hurricane presented what...
Caribbean Real Estate News: Highlights and Insights Luxury Developments: There is a continued surge in demand for luxury properties, particularly beachfront homes and upscale condos. This trend is notable in the Cayman Islands, which remains a strong market due to its tax benefits and stable economy. Eco-Tourism and Sustainable Living: Islands like Grenada and Belize are seeing increased interest...
A new ferry service, Connect Caribe is set to launch by the end of November with destinations including Guyana, Suriname, and Barbados. Connect Caribe, a private-sector-led ferry service, was set to commence operations by the end of November this year, promising significant employment opportunities and receiving strong backing from key regional figures. This development was highlighted during a...
On July 19, 2024, a significant global IT disruption unfolded due to a flawed software update from CrowdStrike, a prominent cybersecurity firm partnering with major cloud platforms like Microsoft Azure, Google Cloud, and Amazon Web Services. Serving 95% of Fortune 500 companies, CrowdStrike’s malfunction severely impacted Windows users and critical sectors such as airlines, healthcare, and banking. CEO...
The summer of 2024 has been exceptionally strong for hotels across the Caribbean, including Barbados, according to the latest data from STR, a leading hotel analytics firm. Hotels in the Caribbean have not only met but surpassed the impressive figures from last year, which was a record-breaking year for many in the region. Caribbean Hotel Performance In June 2024, the Caribbean region saw a hotel...
Barbados has embraced a proactive stance in tackling climate challenges. Situated in the Caribbean, a region threatened by hurricanes, droughts, and rising seas, Barbados has launched the ambitious "Roof to Reefs" initiative. This holistic approach integrates local solutions aimed at fortifying homes, critical infrastructure, and preserving coastal and marine ecosystems, bolstering resilience against the...
The financial landscape in Barbados and the broader Caribbean is set to benefit from the introduction of the Blue Green Bank (BGB). Following the launch of the African Import & Export Bank, BGB is another significant entrant poised to enhance development financing, particularly in climate resilience. The BGB, backed by the Green Climate Fund, aims to reduce the cost of financing for projects...
Caribbean Real Estate News: Highlights and Insights Commercial Developments in Barbados: The Welches Commercial Complex, a $50 million retail hub, is set to open this year. This multi-million dollar project, also known as 'W Plaza,' aims to boost commercial activities in the area and provide a new shopping destination for residents and visitors. Read more.. Hotel Investments: The Caribbean hotel...