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INVESTMENT NEWS

Recent Investment Projects

 

Cook Islands

  • Opening of the Avatiu Port (Cook Island's principal international port) in Rarotonga. Cruise ships will now be able to berth at Avatiu.

 

Fiji

  • Warwick International Hotels has reached another milestone in the Pacific with the acquisition of the 109 room Tokatoka Resort Hotel – its 4th hotel in Fiji. Warwick has also indicated its desire to develop several other properties throughout Polynesia.
  • Acquisition and upgrade of the 222 room Pearl Resort Hotel in Pacific Harbour, Fiji by PNG's Mineral Resources Development Company (MRDC). 

 

Kiribati

  • IFC (World Bank Group) in partnership with the Government of Kiribati, has found a developer to renovate the formerly SOE Otintaai Hotel in Tarawa.

 

Marshall Islands

  • World Bank recently launched its first Country Partnership Strategy  with the Marshall Islands' Government. The first project is a $3 million plan to reform telecommunication sector and boost access to mobile phones and internet for the Marshall Islands.

 

New Caledonia

  • Hilton Noumea La Promenade Residences, New Caledonia – opening October 2013
  • Sheraton Deva Golf Resort & Spa, New Caledonia  –opening 15 March 2014

 

Papua New Guinea

  • Opening of the 160-room, US$95 million Grand Papua Hotel by Steamships Trading Company.

 

Samoa

  • Lamana Group (PNG) is building a US$50 million hotel on Taumeasina Island in Samoa, which follows its successful Heritage Park Hotel development in Honiara and joint venture redevelopment of the Grand Pacific Hotel in Fiji.
  • Aggie Greys Hotel Group has been awarded a casino license to develop gambling facilities in Samoa.

 

Solomon Islands

  • The Solomons are expecting major tourism developments for the remainder of 2013 and into the 2014 with significant port and airstrip upgrades are occurring across the country. 
  • As part of a SBD140 million dollar New Zealand Government-funded project, Munda Airport has been upgraded to international standards. It also included paving of the Gizo-Noro road in Western Province as well as the upgrade of the Nusatupe Airport near Gizo.
  • Vanikoro International Airstrip (Reef Islands) is under way for construction with the ground breaking expected to occur in 2014.
  • A wharf (sea port) and airstrip are already established and both are currently both at the finishing stage in Temotu Province.
  • Domestic shipping to Southern parts Malaita is improving. A Ferry Boat estimated to carry about 200 passengers will connect the province to Honiara (Guadalcanal and Malaita).

 

Tonga

  • Acquisition of the Royal Tonga International Hotel by New Zealand's Scenic Hotel Group.
  • Opening of the new Vuna cruise ship wharf in Nuku'alofa, Tonga in late 2012.
  • The launching of a new national domestic carrier – Real Tonga Airlines in 2013.
  • IFC (World Bank Group) has been appointed (2013) as transaction advisor to the Government of Tonga to structure, and competitively tender and award a Public Private Partnership project for the rehabilitation and operation of the International Dateline Hotel located in Nuku'alofa, capital of Tonga.

 

Pacific Aviation Investment Program

  • The World Bank has approved the first grants of US$ 62 million to Kiribati, Tonga and Tuvalu under the Pacific Aviation Investment Program. This also includes US$3m towards restructuring Pacific Aviation Safety Office (PASO).  There is a further $62 million available to Samoa, Vanuatu, Solomon Islands (and PASO) for future investments, should they meet the necessary eligibility criteria.