Santo Domingo.- President Leonel Fernández says that although 2009 may bring many challenges, "Dominicans will emerge victorious thanks to the climate of peace and the investment projects in the pipeline".

He said that while many were predicting that the country was close to the edge and on the verge of an apocalypse, the country would rise to the challenges of the coming year as a result of dreams and hope.

The president made these statements during the groundbreaking ceremony for the Punta Perla project on the east coast of the country. The project involves an investment of US$5 billion and will create 20,000 direct jobs in its first phase. Also present at the event were Albert II of Monaco and project president Ricardo Miranda.

Fernández said that the project at Punta Perla, together with others that are under way, will weaken the effects of the economic crisis that is affecting the rest of the world.

"Thanks to the power of dreams and the power of utopia, today we are able to host the prince of Monaco and to formalize an interchange agreement between Monaco and the Dominican Republic", said the president.

Ricardo Miranda thanked president Fernández and his government for supporting the investment. He said that the first phase would involve the construction of a beach club, the first boutique hotel, the marina and the first golf course. The first hotel is expected to open next year. Punta Perla will also include 1,082 residential units (villas and apartments) and a range of commercial premises. Also present at the ceremony were Labor Minister Max Puig, Public Works Minister Víctor Díaz and Tourism Minister Francisco Javier García.

DominicanToday.com, 30 December 2008
http://www.dominicantoday.com/dr/tourism/2008/12/30/30583/Dominican-president-and-Prince-of-Monaco-launch-project

Santo Domingo.- President Leonel Fernández, will lead the ground-breaking ceremony for the construction of the Punta Perla tourist complex in the company of Prince Albert II of Monaco. The project has a projected investment of US$2.5 billion, and is the third tourism initiative of this type to be launched in the country since November.

The 10.2 million square meter property with 3.5 kms of beachfront will include four boutique hotels, 8,800 residential units, three golf courses, an inland marina, a beach club, an amphitheater, sports installations, commercial units, a shopping mall open to the public, a museum and staff accommodation.

Punta Perla is expected to be completed within a 10-12 year period.

It was announced that the Prince of Monaco, although not an investor in the company, has shown an interest in supporting Punta Perla, as he considers it to be an environment-friendly tourism development that could set the standard for other similar initiatives.

 Punta Perla is promoted by European tourism specialist business groups.

DominicanToday.com, 29 December 2008
http://www.dominicantoday.com/dr/tourism/2008/12/29/30576/Prince-Albert-of-Monaco-to-launch-Dominican-tourist-complex

SANTO DOMINGO.- Tourism minister Francisco Javier Garcia is convinced that Dominican tourism will surface unscathed from the global financial crisis, as he said has occurred in other occasions.

Yesterday the official said his arguments aren’t just based on optimism, citing that the industry’s growth until November was 2 percent.

He also spoke of his plans to improve the environs of the resort regions.

"Tourism is infallible to the great crises because it has withstood all of them," he said, adding that despite the global financial crisis’ impact on the tourist business, Dominican Republic’s industry grew from January to November, compared with the same period last year.

Garcia said the tourist activity in general has been able to withstand five crises: the United States real estate problems, the jump in oil prices, the fall in food production, and the difficulties in the financial and equity markets.

He said the number of tourists from the United States - the financial fiasco’s epicenter and simultaneously the country’s main market, grew 1.61 percent this year.

Continue Reading...
http://www.dominicantoday.com/dr/economy/2008/12/18/30470/Dominican-tourism-will-escape-the-crisis-again-top-official-says
 

PUNTA CANA.- Venezuelan investors began yesterday in Altagracia province (east), construction of the tourist complex Vista Cana, Resort & Country Club, on six million square meters of land.

The complex will have 6,000 residences, a 100 room business hotel, a 27-hole golf course and a 180,000 square meter artificial lake integrated to the beach area, and built at a cost of arond 1.4 billion dollars.

President Leonel Fernandez and the project’s main promoter, Salvador Fermín headed the groundbreaking ceremony, with Tourism minister Francisco Javier Garcia also present.

According to the promoters, the facility will hire around 20,000 workers when concluded.

DominicanToday.com, 12 December 2008
http://www.dominicantoday.com/dr/tourism/2008/12/12/30391/Fernandez-breaks-ground-for-US14B-resort-in-Dominican-east

Santo Domingo.- The Dominican government said it will find jobs for most of the 900 workers laid off at Falconbridge Dominicana, the country's largest nickel mine.

President Leonel Fernandez says developers of the Punta Perla resort have promised to hire 200 laid-off workers and most of the rest will be hired by the government's environment, agriculture and public works departments. He says about 90 workers could qualify for early retirement.

Toronto-based Xstrata Nickel recently laid off about 70 percent of its workers at local subsidiary Falconbridge Dominicana. It's a subsidiary of Anglo-Swiss Xstrata PLC. Fernandez also said Friday that scholarships are available for the workers' children.

DominicanToday.com, 13 December 2008
http://www.dominicantoday.com/dr/economy/2008/12/13/30408/Dominican-Republic-to-hire-many-of-900-laid-off-miners

SANTO DOMINGO. - The director of the Dominican Republic Export and Investment Center (CEI-RD) said Thursday that foreign investment in the country jumped to US$2.35 billion up to September, or US$836.5 million more than the US$1.5 billion in the same period a year earlier.

Eddy Martinez said the figure sets a record in new foreign capital inflow.

The official said the investments are the result of the efforts and international relations president Leonel Fernandez has accomplished, which has motivated new investments to come to the country.

Last year’s total US$1.7 billion was also a record, attributed to the DR-Cafta trade deal that took effect in 2007.

DominicanToday.com, 11 December 2008
http://www.dominicantoday.com/dr/economy/2008/12/11/30390/Foreign-investment-in-Dominican-Republic-sets-another-record

SANTO DOMINGO.- The Chamber of Deputies passed the bill that creates International Financial Zones in certain geographic demarcations in the Dominican Republic, including a legal framework  for its operations.

The Senate already passed the legislation and now goes to president Leonel Fernandez, who’s expect it to sign it into Law.

In those zones financial services and other related activities will be provided extra-territorially solely to non-resident physical people, and to others whose main address is abroad.

The bill establishes that in no case will financial services be offered from those International Financial Zones to the Dominican Government, nor to financial institutions regulated by special Dominican laws.

The bill is sustained in the Monetary and Financial Law, on the Stock Market, the Free Zones and Money Laundering.

Among the financial services available will be businesses and  investment banking, public and private brokerage, trading of titles and commercial paper, monetary market, shares and merchandise of all types, money and asset management, deals with investment funds and project and corporative finances.

DominicanToday.com, 3 December 2008
http://www.dominicantoday.com/dr/economy/2008/12/3/30292/Dominican-Republic-has-a-Law-on-International-Financial-Zones

Dear Punta Perla Client,

After meeting the developer on Monday, I am pleased to share with you the latest information regarding the project.

As you are no doubt aware Punta Perla has been delayed due to forces and circumstances completely beyond the control of the developer. However, you can be assured that your investment continues to grow because of the enormous amount of work which has been going on in the background that has driven the project forward. There will be much new information shared with you over the coming weeks and months.

My observation from the meeting with the developer was that Punta Perla will become the most ecologically and environmentally advanced project in the world in terms of the materials, methods of construction and technologies employed to build and operate Punta Perla. The developers approach to maintaining the natural beauty of the DR as well as the use of local materials from the site itself will make our project the benchmark for just about any construction project to come, regardless of size or type. Our carbon footprint will be minimal, inspiring developers and builders to recognize the need for environmental and eco-sensitivity when considering future building projects. As well as the weather, beaches and facilities, people will want to stay at Punta Perla because of way the project integrates and harmonizes the environment.

Because of some of the very technical and complicated bureaucratic processes employed within the DR, we have been unable to keep you abreast of much of the progress which has been going on in the background over the last 24 months. With these difficulties out of the way and all major obstacles now removed, the developer has established an Investor Relations Department, which will begin to contact clients individually, starting from the 15th of January. The new department will be responsible for providing all information and updates to clients from then.

The first step we can all look forward to will be a ceremonial laying of the first stone which we expect to take place very soon, after which the major scale construction is scheduled to begin. The developer will be contacting you all in due course to bring you up to speed on the development and when you may expect to take delivery of your property.

I would like to thank you all for your patience so far and hope that the above information meets with your approval and that you welcome the introduction of the new team that will keep you informed from here on in.

Kindest regards
 

Mark Andrew
Emerging Earth Ltd

Santo Domingo.- Air Berlin, Europe’s fourth largest airline in terms of European traffic, is to offer UK passengers long haul flights to Punta Cana and Samana from Stansted Airport for the first time.

Starting 7th November 2008, new long haul connections are servicing from via the airline’s major hub in Düsseldorf, just over one hour flight time from London Stansted. For the winter season 2008/09, connecting flights from Stansted to a total of nine long haul destinations are available for booking.

Titus Johnson, Air Berlin Country Manager for the UK & Ireland, said: "Air Berlin has a great reputation for providing full service at lower fares, and we're excited to now be able to offer travelers from London, East England and beyond, even more choice to an exciting range of long haul destinations.

The other flights announced are Miami and Fort Myers, Varadero (Cuba), Mombasa, Bangkok and Male, which can be booked online (airberlin.com).

DominicanToday.com, 30 November 2008
http://www.dominicantoday.com/dr/tourism/2008/11/30/30253/Air-Berlin-introduces-long-haul-flights-to-Punta-Cana-and-Samana

SANTO DOMINGO.- The Chamber of Deputies yesterday declare as urgent and passed the Law on Commercial Societies and Individual Companies of Limited liability, aimed at establishing more expeditious, clear and transparent mechanisms for the management, incorporation and administration of publicly-traded companies or limited ones with fewer partners.

The Deputies accepted the favorable opinions in the special commission’s report, and of experts.

The legislation stimulates the formalization of companies, as an ideal development instrument to face the global competition and allows -without resorting to the complexity of the publicly-traded or solely-owned companies- two or more people to form a limited liability company with a simple act under private signature, apart from being recognized and gives legal personality to solely-owned companies.

The report states that it will be inevitable that the law’s approval spurs a migration of solely-owned companies formed before the law, to new corporative applications.

This possibility will be provided without the need for a company to dissolve to adopt the new corporative regime, through the adherence to the procedure established in the legislation for the transformation of corporations.

DominicanToday.com, November 26, 2008
http://www.dominicantoday.com/dr/economy/2008/11/26/30207/Deputies-approve-changes-to-expedite-the-formation-of-companies