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Zawya
04-06-2025
- Business
- Zawya
Mauritius charts bold new course as government targets investment, growth, and global appeal
With a new government at the helm, Mauritius is setting its sights on economic revival and sustainable growth. As the island nation gears up for the high-profile API Mauritius&Indian Oceans Property Investment Forum, industry experts are calling for bold reforms and streamlined investments. Mauritius is at a pivotal moment as the newly elected government embarks on a mission to stabilise the country's economy and chart a renewed path for sustainable growth. The government has three fiscal challenges: it spends more than it earns in trade, in its budget, and in payments with other countries. To fix these problems, the new Mauritian government aims to create new sources of economic growth and attract important investments from foreign players, especially in real estate. Mauritius' economic outlook and investment opportunities will be a central focus at the third instalment of the annual API Mauritius&Indian Oceans Property Investment Forum, which will take place on 26 June at the InterContinental Hotel in Mauritius. The forum is set to expand on its two previous successes and provide more insights about investment opportunities in Mauritius. The government's emphasis on infrastructure development, climate resilience, and supportive fiscal policies positions Mauritius as an increasingly attractive destination for international capital. Industry players highlight that Mauritius' new government has committed to a path of sustainable growth and transparency, which reinforces investor confidence. Kevin Teeroovengadum, board and advisor to various listed and non-listed companies in Mauritius and in Africa including South Africa, says the government faces the daunting task of stabilising the economy and averting a downgrade to junk status by credit rating agencies. 'Mauritius urgently needs a bold, forward-looking strategic plan — one that mirrors the ambition and clarity of vision seen in Dubai's transformation. The government must set clear targets, not only in terms of the number of foreigners it aims to attract but also the profile and quality of these individuals and, a focused strategy is essential to position Mauritius as a premier destination to live, work, and retire' says Teeroovengadum. As a board director and advisor with over 25 years of hands-on experience across the African continent, Teeroovengadum brings deep expertise in deal-making in sectors such as real estate, hospitality, telecoms, and others, which puts him in good stead regarding the drivers of investments. Mauritius boasts several unique advantages, including a stable political environment, a safe and appealing lifestyle, and a resilient tourism sector. However, experts stress that unlocking the island's full economic potential will require greater openness to foreign developers and institutional investors, especially in emerging asset classes such as green buildings, logistics hubs, and affordable housing. A clear regulatory framework, streamlined processes, and robust public-private collaboration are seen as essential to ensuring that development aligns with national priorities and delivers long-term value to the local economy. Wayne Godwin, CEO of JLL Africa, says Mauritius has hallmarks that are already beneficiary to its potential in the African continent. 'The ease of doing business, sophisticated local capital markets, and low taxation make Mauritius an attractive destination for foreign direct investment, but there are still barriers that can be removed, particularly around the sale of directly held real estate, which incurs higher transfer taxes and a lengthy approval process. 'As JLL, we expect to see more focus from international investors into Mauritius in the next few years, particularly from the Middle East and India, while the trend of Mauritian investors expanding into Africa will likely continue on a similar path,' says Godwin, who leads JLL's business in Africa that has exposure to some of the fastest-growing cities in the continent. Godwin also leads JLL's Hotels&Hospitality Group division in Africa, the largest and most successful hotel advisor and broker in Africa. This places him in the best position to opine about investment opportunities in Mauritius's hospitality and tourism industry at the upcoming API Mauritius&Indian Oceans Property Investment Forum. In the face of rising climate risks, financial innovation, and climate-resilient public-private partnerships are also taking center stage. The use of green building standards, real estate investment trusts, and green bonds is gaining momentum, with early issuances by EnVolt and Cim Finance demonstrating the potential to mobilise green capital at scale. EnVolt and Cim Finance have emerged as early leaders in the green finance movement in Mauritius, playing a pivotal role in mobilising capital for sustainable development and climate-resilient infrastructure. Recycling capital from mature assets into eco-certified, resilient developments is fast becoming essential for long-term value creation in coastal tourism and mixed-use projects. But beyond sustainability, there is a pressing need to ensure that development also delivers inclusive economic opportunity. 'Mauritius has a strong foundation in residential real estate and hospitality, but the time has come to evolve and diversify the development model. We must channel foreign investment into industries that create meaningful employment for our skilled, bilingual youth—sectors like advanced manufacturing, tech-enabled services, and sustainable construction. Real estate remains central to this vision, not as an end in itself, but as a platform to support innovation, green industry, and a more inclusive economy. The opportunity is to build an economy where young Mauritians can thrive at home—not feel compelled to leave in search of better prospects', says Bernard Forster, Managing Director, Elevante Consulting, part of the Elevante Group. Elevante is a leading independent real estate advisory and property services firm in Mauritius and the Indian Ocean region, known for its deep market insight, strategic guidance, and regional transaction expertise across all asset classes. As Mauritius prepares to unveil its national budget in June, all eyes are on the government's roadmap for economic recovery and long-term growth. The coming months will be critical in shaping a more resilient, competitive and sustainable future – positioning the country as a global destination for investment, innovation, and climate-smart development. The 3rd annual API Mauritius&Indian Ocean's Property Investment Forum with the theme of 'A resilient new dawn' will take place on Thursday, 26 June 2025 at the InterContinental Hotel, Mauritius. Fror more information and to register visit Distributed by APO Group on behalf of API Events. Distributed by API Events.
Al Arabiya
13-05-2025
- Politics
- Al Arabiya
Trump says will remove all US sanctions on Syria
US President Donald Trump on Tuesday said he would remove all sanctions against Syria, saying they had served an important function, but it was now time for Syria to move forward. 'I will be ordering the cessation of sanctions against Syria in order to give them a chance at greatness,' Trump told an investment forum in Riyadh. 'It's their time to shine. We're taking them all off,' Trump said, 'Good luck Syria, show us something very special.'
Reuters
13-05-2025
- Politics
- Reuters
Trump says will remove US sanctions on Syria
RIYADH, May 13 (Reuters) - U.S. President Donald Trump on Tuesday said he would remove all sanctions against Syria, saying they had served an important function, but it was now time for Syria to move forward. "I will be ordering the cessation of sanctions against Syria in order to give them a chance at greatness," Trump told an investment forum in Riyadh. "It's their time to shine. We're taking them all off," Trump said, "Good luck Syria, show us something very special."
CNA
13-05-2025
- Business
- CNA
Trump starts Gulf visit seeking big economic deals
RIYADH: United States President Donald Trump arrived in Saudi Arabia on Tuesday (May 13) on a four-day visit to the wealthy Gulf region, focusing more on economic deals than pressing regional security matters ranging from war in Gaza to talks over Iran's nuclear programme. With a who's who of powerful American business leaders in tow, Trump is visiting Riyadh, site of a Saudi-US Investment Forum, before going to Qatar on Wednesday and the United Arab Emirates on Thursday. He has not scheduled a stop in Israel, a decision that has raised questions about where Israel stands in Washington's priorities. "While energy remains a cornerstone of our relationship, the investments and business opportunities in the kingdom have expanded and multiplied many, many times over," Saudi Investment Minister Khalid al-Falih said as he opened the forum. "As a result ... when Saudis and Americans join forces, very good things happen, more often than not, great things happen when those joint ventures happen," he said before Trump's arrival. Trump is hoping to secure trillions of dollars of investments from the Gulf oil producers. Saudi Arabia had pledged US$600 billion but Trump has said he wants US$1 trillion from the kingdom, one of Washington's most important allies. The Saudi-US investment forum began with a video showing soaring eagles and falcons and celebrating the long history between the United States and the kingdom. At the front of a palatial hall sat Larry Fink, the CEO of Blackrock, Stephen A Schwartzman, CEO of Blackstone, Treasury Secretary Scott Bessent, and Saudi Finance Minister Mohammed Al Jadaan and Falih. Speaking at a forum panel as Trump touched down in Riyadh, Fink said he had travelled to Saudi Arabia more than 65 times over 20 years. He said the kingdom had been a follower when he first started visiting but was now "taking control" and broadening its economy out of its oil base. After landing, Trump punched the air when he caught sight of Crown Prince Mohammed bin Salman, also known as MbS, before shaking hands with the de facto leader. MbS has focused on weaning the kingdom's economy off hydrocarbon dependence in a major reform programme dubbed Vision 2030 that includes "Giga-projects" such as NEOM, a futuristic city the size of Belgium. The kingdom has had to scale back some of its lofty ambitions as rising costs and falling oil prices weigh. LONG TIES BASED ON OIL AND SECURITY Saudi Arabia and the US have maintained strong ties for decades based on an ironclad arrangement in which the kingdom delivers oil and the superpower provides security. Trump has also said he may travel on Thursday to Turkey for potential face-to-face talks between Vladimir Putin and Volodymyr Zelenskyy on Russia's war in Ukraine. An aide to Zelenskyy said the Ukrainian president would take part only if Putin does. The Russian leader has not said if he will attend, and has questioned Zelenskyy's legitimacy. Trump's second foreign trip since returning to the presidency - his first was to Rome for Pope Francis' funeral - comes at a time of geopolitical tension. In addition to pressing for a settlement in Ukraine, his administration is pushing for a new aid mechanism for Gaza after 19 months of war and urging Israeli Prime Minister Benjamin Netanyahu to agree on a new ceasefire deal there. Israeli officials have put a brave face on Trump's decision to bypass Israel during his trip but there are growing doubts in Israel about its position in his priorities as frustration mounts in Washington over the failure to end the Gaza war. Over the weekend, US and Iranian negotiators met in Oman to discuss a potential deal to curb Tehran's nuclear programme. Trump has threatened military action against Iran if diplomacy fails. Iran's neighbours should retain neutrality as Trump visits the Gulf, Iran's Nournews quoted armed forces chief of staff Mohammad Bagheri as saying on Tuesday. Any aggression against Iran would lead to definitive retaliation, he added. Apart from the possible Turkey side trip, those matters are not the focus of Trump's Middle East swing as now scheduled. Trump is expected to offer Saudi Arabia an arms package worth more than US$100 billion, sources told Reuters. This could include a range of advanced weapons. Trump's Middle East envoy Steve Witkoff said last week he expected progress imminently on expanding the Abraham Accords, a set of deals brokered by Trump in his first term by which Arab states, including the UAE, Bahrain and Morocco, recognised Israel. But opposition by Netanyahu to a permanent stop to the war in Gaza or to the creation of a Palestinian state makes progress on similar talks with Riyadh unlikely, sources told Reuters.
Zawya
13-05-2025
- Business
- Zawya
Trump starts Gulf visit seeking big economic deals
RIYADH - U.S. President Donald Trump arrived in Saudi Arabia on Tuesday to kick off a four-day swing through the Gulf region, focusing more on economic deals than security crises ranging from war in Gaza to the threat of escalation over Iran's nuclear program. With a who's who of powerful American business leaders in tow, including Tesla CEO and Trump adviser Elon Musk, he will first visit Riyadh, site of a Saudi-US Investment Forum, heading to Qatar on Wednesday and the United Arab Emirates on Thursday. "While energy remains a cornerstone of our relationship, the investments and business opportunities in the kingdom have expanded and multiplied many many times over," Saudi Investment Minister Khalid al-Falih said as he opened the forum. "As a result ... when Saudis and Americans join forces very good things happen, more often than not great things happen when those join ventures happen," he said ahead of Trump's arrival. The Saudi-US investment forum began with a video showing soaring eagles and falcons that celebrated the long history between the United States and the kingdom. At the front of a palatial hall sat Larry Fink, the CEO of Blackrock, Stephen A. Schwartzman, the CEO of Blackstone, Treasury Secretary Scott Bessent, and Saudi Finance Minister Mohammed Al Jadaan and Khalid. Saudi Arabia and the Unites States have maintained strong ties for decades based on an ironclad arrangement in which the kingdom delivers oil and the superpower provides security. Trump has also said he may travel on Thursday to Turkey for potential face-to-face talks between Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskiy. Trump's second foreign trip since taking office again - his first was to Rome for Pope Francis' funeral - comes during a moment of geopolitical tension. In addition to pressing for a settlement to the war in Ukraine, his administration is pushing for a new aid mechanism for war-torn Gaza and urging Israeli Prime Minister Benjamin Netanyahu to agree a new ceasefire deal there. Over the weekend, U.S. and Iranian negotiators met in Oman to discuss a potential deal to curb Tehran's nuclear program. Trump has threatened military action against Iran if diplomacy fails. Apart from the possible Turkey side trip, those matters are not the focus of Trump's Middle East swing as now scheduled, however. The United States, Saudi Arabia, Qatar and the UAE are expected to announce investments that could run into the trillions. Saudi Arabia already committed in January to $600 billion in investments in the United States over the next four years, but Trump has said he will ask for a full trillion. In addition to Musk, business leaders including BlackRock CEO Larry Fink and Citigroup CEO Jane Fraser will make the trip. Secretary of State and National Security Adviser Marco Rubio and Secretary of Defense Pete Hegseth will travel with the president. During the Riyadh stop, Trump is expected to offer Saudi Arabia an arms package worth well over $100 billion, sources told Reuters, which could include a range of advanced weapons including C-130 transport aircraft. The U.S. and Saudi Arabia are expected to avoid the topic of normalisation between Riyadh and Israel altogether, sources told Reuters, even as it is Trump's most enduring geopolitical goal in the region. Trump's Middle East envoy Steve Witkoff said last week that he imminently expected progress on expanding the Abraham Accords, a set of deals brokered by Trump in his first term by which Arab states including the UAE, Bahrain, Sudan and Morocco recognised Israel. But opposition by Netanyahu to a permanent stop to the war in Gaza or to the creation of a Palestinian state makes progress on similar talks with Riyadh unlikely, sources told Reuters. Trump's second and third stops, in Qatar and the UAE, respectively, are similarly expected to focus on economic issues. Qatar's royal family is expected to gift Trump a luxury Boeing 747-8 plane to be outfitted for use as Air Force One, an arrangement that has drawn scrutiny from ethics experts. Trump is expected to donate the plane to his presidential library for use after his term ends. (Writing by Gram Slattery and Michael Georgy; Editing by Alistair Bell and Clarence Fernandez)
