According to a media report by Khaleej Times, St Kitts and Nevis has invited UAE to enhance citizenship by an investment program
Reportedly, St Kitts and Nevis is seeking investments from global powers in a wide range of sectors, especially renewable energy.
Hence, it has also invited UAE investors to benefit from the opportunities in the Caribbean country.
Terrance Micheal Drew, the PM of St. Kitts while announcing the invitation to UAE said, “We had a number of discussions with the UAE officials on a number of topics and one of them is renewable energy. The citizens and residents of UAE can also benefit from the investment opportunities that St Kitts and Nevis offer.
He furthermore added, “I invite residents and citizens to cash in on those opportunities.” Mr. Drew is currently on a visit to UAE where he is also expected to meet MBZ.
UAE’s interest in Caribbean
For the unaware, the UAE government had also expressed interest in assisting the small Caribbean country in adapting stronger climate change resilient measures, particularly as it relates to infrastructure.
Marsha Henderson, tourism minister, and Garth Wilkin, attorney-general, also accompanied the prime minister during the visit added.
After inviting UAE for St. Kitts and Levis, Marsha Henderson, the tourist minister added, “We are looking to apply new technologies and science to help keep us safe from the forces of nature and the UAE has shown a knack for developing and constructing structures that are durable and resilient. That is certainly an area we will take advantage of with speed, as the shared knowledge will help us manage challenges in those areas.”
In addition, the UAE is also assisting the Caribbean nation in setting up desalination plants powered by renewable energy to meet its water need as the country expands.
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UAE’s proposal
Following the UAE’s own assertion to work with the Caribbean, St Kitts and Nevis is making a significant move. If one remembers, a few weeks ago, Abdulla bin Touq Al Marri, UAE’s Minister of Economy, met with several ministers from Caribbean nations to discuss ways to improve economic and trade cooperation and came to an agreement on new action plans that can aid in fostering greater economic cooperation.
Make no mistake, Caribbean and the UAE are currently on same page when it comes to relations with USA. Both of them want to move beyond Washington DC, and honestly, a UAE-Caribbean partnership could do the magic.
The UAE is preparing its roadmap for the next 50 years of growth and development, and if, UAE is having thoughts of expanding its relations with Caribbean, it is unquestionably a welcoming step.
In 2021, non-oil trade between the UAE and the Caribbean market was close to Dh422 million, and the UAE exported non-oil goods worth close to Dh90 million to the region.
Re-exports from the UAE to the Caribbean countries totaled Dh174 million in 2021, an increase of 2% from the previous year. According to data from the UAE ministry, Caribbean imports to the country increased by 29% to Dh158 million in 2021.
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The citizenship by investment programme, according to St Kitts and Nevis, is very solid for a thorough due diligence procedure, and even the UAE wants to improve it.
The Caribbean region was never given a fair chance to prosper on a large scale. However, with increased international cooperation, Caribbean nations could now experience rapid economic growth.
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