Puntacana Polo Club announces the first International Women’s Polo Cup

Punta Cana.- The esteemed Puntacana Polo Club is gearing up for a groundbreaking moment in the realm of polo as it prepares to host the inaugural International Women’s Polo Cup. Scheduled for the upcoming Saturday, January 27, the event will unfold at the state-of-the-art Puntacana Polo Club facilities within the renowned Puntacana Resort, signifying a historic occasion as the first women’s polo tournament in the Dominican Republic.

A gathering of elite players from nine countries is set to grace the event. Sixteen accomplished women’s polo players, boasting stellar careers in international competitions, will compete, representing a diverse array of nations, including Argentina, Canada, Colombia, the United States, Italy, Russia, Switzerland, Venezuela, and the host country, the Dominican Republic.

Agustín Arestizabal, the General Director of the Puntacana Polo Club, conveyed his enthusiasm, revealing that each team will feature recognized professionals in the realm of women’s polo. The roster includes Argentine players Clara Martínez Ferrairo, Martina Gadea, and Camila Rossi, alongside Argentine-Colombian player Sofia Rivas. Arestizabal underscored the honor of many participants having honed their skills at the Puntacana Polo Club.

The Puntacana Polo Club, nestled in the heart of Puntacana Resort, has been chosen as the ideal backdrop for this historic tournament. Arestizabal emphasized that the venue not only offers impeccable facilities for the competition but also adds value with the plethora of activities and amenities provided by Puntacana Resort for its visitors.

Sponsored by renowned brands and companies, including Ron Barceló, VegaFina, Mercedes-Benz, Alpha Inversiones, Arajet, Gulf, United Gas, Mónica Varela, and Puntacana Resort, the event enjoys robust support contributing to the success of this unique sports initiative.

Source: Diario Social RD

Puerto Plata prepares for 59 new cruises in February 2024

Puerto Plata, DR.- The Northern Regional Director of the Ministry of Tourism, Atahualpa Paulino, announced on Tuesday the upcoming arrival of 59 new cruises starting in February 2024.

Emphasizing the significance of these cruise arrivals, Paulino highlighted the growing prominence of Puerto Plata as a standout tourist destination in the Caribbean. The cruise itinerary is set to explore the captivating province of Puerto Plata, making use of the tourist ports Amber Cove and Taino Bay.

The distribution of cruise ship arrivals will be divided between the two ports, with 24 scheduled for Amber Cove and 35 for Taino Bay during this period.

Atahualpa Paulino expressed gratitude for the consistent support received from President Luis Abinader and Minister of Tourism David Collado, acknowledging their pivotal roles in the development of the crucial tourism industry in Puerto Plata. He emphasized the ongoing collaboration of both leaders, recognizing the essential contributions they have made to the growth and prosperity of this vital industry in the region.

Puerto Plata is steadily solidifying its status as an increasingly alluring tourist destination in the Caribbean. It not only attracts international visitors but also cruise ships that acknowledge the beauty and potential of this gem in the northern region.

The presence of 59 cruise ships in the upcoming season underscores Puerto Plata’s position as a renowned tourist port and a preferred choice for enthusiasts of cruise travel.

Punta Cana Carnival 2024: a dazzling parade

Punta Cana.- The Carnival is set to dazzle Boulevard 1ro. November of Puntacana Village on Saturday, February 3, 2024.

The grand parade kicks off at 3:30 pm, featuring over 20 troupes and more than 1,500 national and international carnival enthusiasts. This vibrant celebration of Dominican folklore and culture anticipates a turnout of over 15 thousand people, including both locals and tourists.

The Punta Cana Carnival is open to the general public at no cost, with the option to secure prime viewing spots through stage tickets, available at Four Points by Sheraton Puntacana Village, the Visitor’s Center of Puntacana Resort & Club, and Real Estate Sales offices in Galerías Puntacana, Puntacana Village.

This edition promises a family-friendly and secure environment, with the inclusion of food trucks and entertainment.

Focusing on sustainability, the Punta Cana Carnival introduces the Cueva de los Tres Caras, an open space offering gastronomic delights and community experiences. Recycling stations, reusable cups, and the use of biodegradable disposables will further contribute to reducing environmental impact.

The event is made possible with the collaboration and sponsorship of key partners, including All Productions Puezan, Altice Dominicana, Banco López de Haro, Banreservas, Baskin Robins, Bepensa, Banco BHD, BlueMall Punta Cana, Bora Services, Brugal, Café Santo Domingo, Consorcio Energético Punta Cana – Macao (CEPM), Cerveza Canita, Coolekos, Diario Libre, GB Energy – Texaco, Grabo Estilo, Grupo Rica, Hartemania, Hola Punta Cana, Naranja Chica, Pirulin, Tío Leo Cigars, United Capital, and Universal.

Grupo Puntacana, a trailblazer in sustainable tourism with 54 years of expertise, has elevated the Punta Cana Carnival into the Eastern region’s most eagerly anticipated confluence of art and culture. Since its inception in 2008, this event aims to showcase the folkloric traditions of the Dominican Republic and invited countries, drawing thousands of local and international visitors.

New maritime route between the DR and PR

Madrid, Spain.- Executives from the Dominican Port Authority (Apordom) and the Spanish company Baleària unveiled plans at the 44th International Tourism Fair (Fitur) 2024 to transform the Port of San Pedro de Macorís into a multifunctional hub catering to both cargo and tourism, connecting “La Sultana del Este” to Mayagüez, Puerto Rico.

The presentation, led by Alejandro Campos, President of the Board of Directors of the Dominican Port Authority and the Presidential Commission for Port Modernization and Security (Cpmsp), along with Baleària President Adolfo Utor, outlined the vision for the port’s redevelopment. Campos emphasized that this transformation signifies a revival of the maritime legacy and aligns with the progress and development envisioned by President Luis Abinader Corona.

Campos highlighted the strategic role of the Dominican Port Authority, led by Jean Luis Rodríguez, in reshaping the country’s approach to cruise tourism. He expressed pride in rescuing San Pedro and expanding cruise passenger numbers. Adolfo Utor emphasized the significance of the new service, describing it as a vital communication infrastructure that will drive progress, socioeconomic development, and connectivity between the two territories.

Baleària, with over 25 years of maritime transport experience, plans to invest $100 million in launching this new maritime line. The route between Mayagüez and San Pedro de Macorís, spanning 133 nautical miles with a six-hour duration, is set to transport approximately 1,000 passengers, 350 vehicles, and 300 containers to Dominican soil. Operating six days a week and commencing in the third quarter of 2024, the project is expected to generate a thousand direct and indirect jobs.

Baleària aims to use an eco-efficient vessel, potentially becoming the first ferry powered by natural gas in the Caribbean. This initiative represents a significant step in reinforcing the region’s maritime connectivity, promoting sustainable transportation practices, and fostering economic growth.

Dominican Republic recognized for stable economy by WEF indicators

San Francisco de Macorís, DR.- President Luis Abinader announced on Monday that the Dominican Republic has been recognized among countries with stable economies and high growth levels, according to a recent report by the World Economic Forum.

Additionally, the president introduced the ChequéameTú citizen audit program, aimed at allowing the public to scrutinize the government’s activities, fostering trust and transparency.

These remarks were made by the president during the weekly press event, La Semanal, held this time in San Francisco de Macorís.

The head of state highlighted that the World Economic Forum’s new report on future economic growth outlines global trends in 107 countries, utilizing 84 indicators measuring sustainability, resilience, inclusion, and innovation in the evaluated economies.

Regarding some key indicators from the report, such as corruption control, the president noted a 24.0% improvement, with the figure rising from 33.22 in 2019 to 41.21 in 2023. Knowledge-intensive employment saw a 17.5% improvement, increasing from 43.06 in 2019 to 50.58 in 2023.

In terms of international trade openness, there was a 15.4% improvement, moving from 27.90 in 2019 to 32.20 in 2023. The legitimacy of the State improved by 15.0%, going from 40.00 in 2019 to 46.00 in 2023.

The report also indicated a 14.2% improvement in social polarization on political issues, rising from 29.18 in 2019 to 33.33 in 2023. Renewable energy consumption improved by 12.1%, increasing from 14.89 in 2019 to 16.69 in 2023.

Furthermore, the president mentioned an 11.78% improvement in bureaucracy and corruption, with the figure moving from 41.42 in 2019 to 46.30 in 2023. Independence of justice showed an 8.6% advance, rising from 38.12 in 2019 to 41.38 in 2023.

Discussing the quality of the police, the report revealed an 8.0% improvement, with the figure increasing from 45.20 in 2019 to 48.81 in 2023. Internet usage among the population saw a 6.9% improvement, rising from 79.72 in 2019 to 85.24 in 2023.

ChequéameTú:

President Luis Abinader emphasized that the new program, Chequéame Tú, aims to facilitate a social audit of all sectors. The program allows the public to scrutinize the government directly, focusing on indicators of public interest.

“With this program, the population will be able to check their government. We want the population to be vigilant, as the government has nothing to hide,” said the president.

Dominican Republic’s Environment Ministry takes journalists on whale watching trip to raise awareness

Samaná, DR.- The Dominican Republic’s Ministry of Environment and Natural Resources (MMARN) took a group of journalists on a whale watching trip on Saturday in Samaná, a province on the country’s northeast coast. The goal was to raise awareness about the importance of protecting the humpback whales that migrate to the area each winter.

Minister of Environment Miguel Ceara Hatton welcomed the journalists aboard the boat, which departed from the Malecón de Santa Bárbara de Samaná.

“We are in Samaná, we are going to go on a tour to visit the whales,” he said. “It is a unique experience, a cultural experience, an environmental experience, an experience with nature.”

Ceara Hatton emphasized the role of the media in spreading awareness about environmental issues and promoting sustainable development. He also highlighted the economic importance of whale watching to Samaná and the Dominican Republic as a whole.

“We invite everyone to come to Samaná and see this beauty,” he said. “Today we are accompanied by a group of journalists, people of communication, so that they can also spread the word about this beautiful place that is in Samaná.”

The journalists had the opportunity to see several whales up close, including one that was just giving birth. They also learned about the biology and behavior of humpback whales from a guide who is a certified whale watching educator.

Biologist Nelson García Marcano, head of the Biodiversity Directorate at MMARN, explained that 43 boats are registered for whale watching in Samaná. He said the activity generates significant economic activity for the province, including jobs for boat captains, guides, and wildlife inspectors.

Dominican Republic overtakes Mexico at Fitur with 19 hotel projects announced

The government delegation of the Dominican Republic beat its major tourism competitor, Mexico, in terms of hotel investments presented at Fitur, with 19 projects announced, as opposed to none from the Aztec country.

The Dominican Minister of Tourism, David Collado, summarized that 19 new hotel projects have been formalized for the next three years, with more than 9,000 rooms and an estimated investment of some 3 billion dollars.

Collado explained that of these rooms, 2,627 are in Miches, 5,511 are in Bávaro/Punta Cana, 877 are in Santo Domingo, and 130 are in Santiago.

The Dominican Minister of Tourism also presented the agreement between the Rainieri family and Meliá for a new project in Punta Bergantín, in Puerto Plata.

The Martinón Group and Banco de Reservas also formalized the agreement to construct the first two hotels in the Punta Bergantín project under the Hyatt Ziva and Hyatt Zilara brands.

Similarly, Alterra Village and Grupo De Valle announced their plans to develop the first Registry Collection hotels and residences in Jarabacoa.

On the other hand, Cap Cana presented a hotel project of more than 500 million in Juanillo, which will consist of 22 lots to be developed in different phases designed for boutique hotels.

Likewise, the Puntacana Group revealed its next project in the country’s east, with some 80 ultra-luxury rooms under the Playa Serena Punta Cana Resort brand, which is expected to be inaugurated in 2026.

In the marketing section, Collado highlighted that during this Fitur, 16 agreements were reached, including three airlines, 11 tour operators, and two consortiums of travel agencies.

Precisely, in the case of Mexico, the Secretary of Tourism, Miguel Torruco, said that the objectives were met since “we had 40 interviews on the agenda due to the enormous interest of Europeans in the Mayan Train.”

During the Madrid fair, the top leaders of the Spanish hotel chains grouped in the Caribbean Tourism Investors Association (Inverotel), chaired by Encarna Piñero, CEO of Grupo Piñero, expressed to Torruco their intention to expand their investments in other destinations in the country, in a meeting that was also attended by the governor of Quintana Roo, Mara Lezama, as REPORTUR.mx had anticipated (Cancun: major hoteliers ask Torruco for more destinations to invest in Mexico).

At this lunch, held last Wednesday at the Meliá Palacio de los Duques, the investors focused their praise on the governor in charge of the Cancun and Riviera Maya destinations.

The following day, Inverotel associates, at the same establishment, congratulated Collado for reaching the record of 10 million foreign tourists in 2023 for the first time in its history.

Both meetings were attended by the leaders of Meliá (Gabriel Escarrer), Riu (Joan Trian Riu), Bahía Príncipe (Encarna Piñero), Iberostar (Sabina Fluxá), Palladium (Abel Matutes) and Princess (Carlos Poy).

UN Tourism Secretary-General praises Miches

Madrid, Spain.- The Secretary-General of UN Tourism, Zurab Pololikashvili, commended the beauty and tourism potential of the Miches municipality during the International Tourism Fair (Fitur 2024), where the Ministry of Tourism showcased Miches, along with Punta Bergantin and Pedernales.

Pololikashvili praised Miches as a destination that marks a new success story in Dominican tourism. He emphasized the rapid establishment of large hotel chains in the tourist municipality, citing notable names such as Four Seasons, Hilton, and Hyatt.

“I went there once, and within 5 minutes, I fell in love with the beauty that Miches has. I am totally sure that Miches will be a destination where people will go to invest, as is already happening,” stated the Secretary-General of the World Tourism Organization during an interview with Moisés González of the newspaper and program “Despertar Nacional.”

Pololikashvili congratulated Minister of Tourism David Collado for achieving the milestone of 10 million visitors in 2023, reiterating that tourism plays a pivotal role in the Dominican economy.

Participating in the presentation “Miches, towards a reality,” Zurab Pololikashvili also highlighted the collaborative efforts of the government and the private sector to transform Miches into an environmentally friendly destination.

Dominican economy: 2.4% growth in 2023

Santo Domingo.- The Dominican Republic’s Central Bank (BCRD) reported a 2.4% year-on-year expansion in the economy for 2023, surpassing initial projections and exceeding the Latin American average growth estimated at 2.2% by the World Bank.

The Monthly Indicator of Economic Activity (IMAE), a key indicator of robust economic performance, recorded a 4.7% year-on-year expansion in December 2023, marking the highest monthly rate of the year. This reflects sustained growth, with a 4.2% increase in the last quarter of 2023, surpassing rates observed in previous quarters.

Inflation, on the other hand, showed a downward trend, ending 2023 with an annual rate of 3.57%, the lowest in the last five years. This achievement positions the Dominican Republic below the central target range of 4.0% ± 1.0% set in the monetary program.

The tourism sector played a pivotal role in economic growth, with tourism income reaching US$9,828.9 million, a 16.9% year-on-year increase from 2022. Remittances received in 2023 amounted to US$10,157.2 million, growing by 3.1% compared to the previous year.

Foreign direct investment (FDI) also saw a significant increase, reaching US$4,381 million in 2023, a 9.2% rise from the previous year. Sectors such as tourism, energy, and real estate stood out in this FDI increase.

The construction sector, with positive variation rates since July 2023, has contributed to economic recovery. The facilitation of loans to productive sectors and households, along with reduced interest rates, played a role in this positive trend.

In the international context, the United States, the primary trading partner, recorded a 2.5% year-on-year economic growth in 2023, positively impacting the Dominican Republic’s economic performance.

These optimistic figures position the Dominican economy for favorable performance in 2024, with growth projections of 5%, one of the highest in Latin America. The expectation is that monetary stimulus, public investment, and continued foreign direct investment will further boost economic activity while maintaining inflation within established parameters.

Cap Cana announces a $500 Million investment project

Madrid, Spain.- The Destination City Cap Cana revealed an ambitious project during the FITUR 2024 Tourism Fair, entailing an investment exceeding 500 million dollars. This project is strategically located in the heart of the picturesque Juanillo beach.

Named the Juanillo Village project, it encompasses 22 lots, and its development will unfold in various phases, featuring boutique hotels, condo hotels, apartments, a spacious commercial area, and beach clubs. The commencement of the development is scheduled for 2024.

The project promises an unparalleled experience, boasting a commercial promenade that seamlessly integrates restaurants, art galleries, shops, boutiques, and entertainment areas in one centralized space. This concept offers an ideal setting for a vacation with a distinct lifestyle, conveniently located just five minutes away from the new Las Iguanas golf course by Jack Nicklaus, currently under construction.

Juanillo Village distinguishes itself with a unique concept not commonly seen in the Dominican Republic, encompassing around 1,000 apartment units and accommodating 30 to 40 commercial premises.

The announcement of this substantial investment was jointly made by Cap Cana’s Executive President, Jorge Subero Medina, along with the Minister of Tourism, David Collado, and the Commercial and Marketing Director, Noribel Medina.

FITUR 2024: $3,500 million investment, 19 new projects

Madrid, Spain.- The Minister of Tourism, David Collado, announced the successful conclusion of the Dominican Republic’s participation in FITUR 2024. The event resulted in the initiation of 19 new tourism projects, attracting nearly $3.500 million in new investments. These projects are set to add over 9,000 hotel rooms across various regions in the country.

Collado outlined the development plan, stating, “We have outlined a route to develop 19 new hotel projects over the next three years, which will mean 9,135 rooms, with an estimated investment of 3.500 million dollars. Of these rooms, 2,048 are expected to be operating for the summer-winter period of this year and another 3,106 by 2025.”

Emphasizing the significance of the agreements signed during FITUR, Collado highlighted collaborations with airlines, travel agencies, and tour operators aimed at improving connectivity, boosting the destination brand, and tapping into new market segments. A total of 16 agreements were signed, involving three airlines, 11 tour operators, and two travel agencies.

Collado explained, “The objective of these agreements is to attract 322,000 passengers, with an impact on foreign currency of more than 280 million dollars, and which directly and indirectly represent more than 26,000 jobs.” He specifically noted the importance of agreements with key entities such as Iberia, Air Europa, Edelwise, Avoris, Nautalia, Soltour, eDreams, and Viajes el Corte Inglés.

During FITUR, 53 percent of the meetings focused on attracting investments and engaging with travel agencies and tour operators. Collado expressed satisfaction with the outcomes, stating, “Today we end our commercial activity at the most important International Tourism Fair for the Dominican Republic, FITUR. We leave with enormous satisfaction and a full and challenging work agenda.

Alliance for gastronomic tourism strategy

Santo Domingo.- In a bid to promote the Dominican Republic as a culinary tourist destination and showcase its significant potential and culinary advancements, the Dominican Restaurant Association (ADERES), in collaboration with the Ministry of Tourism (MITUR) and Banreservas, has entered into an agreement with the Basque Culinary Center and its technological arm, BCC Innovation Gastronomy. The purpose of this collaboration is to design and implement a plan that will sustainably enhance the country’s tourism through gastronomy.

The agreement was formalized in Madrid, Spain, during the FITUR 2024 International Tourism Fair, with the signing attended by Minister of Tourism David Collado, ADERES President Omar Cepeda Darauche, BCC Innovation Director Begoña Rodríguez, and Banreservas General Administrator Samuel Pereyra. Also present were David Llibre, President of ASONAHORES; Aguie Lendor, Executive VP; Pedro Cuevas, innovation and strategy consultant at BCC Innovation; Rafael Cabrera, Banreservas executive; and Filipo Ciccone, ADERES treasurer.

The plan’s execution will unfold in four phases, integrating the entire value chain to achieve the sustainability of Dominican gastronomy and its local products. It will encompass international initiatives at various territorial scales, ongoing policies and plans, key assets, and actors in the country’s gastronomic development, as well as a diagnosis of the current gastronomic reality of the Dominican Republic, formulation, and proposals of iconic dishes, among other aspects.

Omar Cepeda Darauche emphasized the significance and broad scope of the agreement, stating that the Basque Culinary Center and BCC Innovation will present strategies and recommendations aimed at positioning the Dominican Republic as a leading gastronomic destination in the Americas by 2030. He highlighted the need for all stakeholders in the value chain to come together and participate for sustained success in all aspects.

“In this project, producers, processors, farmers, ranchers, ingredients, and native products will be considered to create a culinary identity that distinguishes us globally,” added Omar Cepeda. He expressed gratitude for MITUR’s facilitation of the hiring of BCC Innovation and Banreservas’ support for the plan’s execution and the Dominican gastronomic industry.

The formalization and execution of this Strategic Plan for Sustainable Gastronomy reaffirm ADERES’ commitment to the development and well-being of the Dominican culinary and gastronomic industry. Additionally, it aims to promote the variety of local products and the diversity of flavors that Dominican gastronomy offers.

The Caribbean Gold Coast Magazine, a success at FITUR 2024

Madrid, Spain.- In its twelfth edition, The Caribbean Gold Coast Magazine has achieved successful distribution at the 44th edition of the International Tourism Fair (FITUR) 2024, solidifying its status as an industry benchmark and reflecting the recovery of global tourism activity.

FITUR 2024, featuring 133 confirmed countries, 890 regular exhibitors, and a 66,900-square-meter area, serves as a favorable platform to promote tourism and showcase destinations worldwide. Within this dynamic context, The Caribbean Gold Coast Magazine has distinguished itself by showcasing the beauty and attractions of the Dominican Republic through its visually appealing printed pages.

Led by journalist Leonardo Medrano and Katherine Henríquez, the magazine has captured the attention of professionals and visitors at FITUR 2024, emerging as a valuable resource to discover the wonders of the Caribbean and the opportunities that the Dominican Republic presents as a tourist destination.

The presence of The Caribbean Gold Coast Magazine at FITUR 2024 stands as evidence of the global resurgence of tourism, overcoming the challenges faced by the industry in recent times.

The twelfth edition of The Caribbean Gold Coast Magazine at FITUR 2024 has received outstanding acclaim from tourism professionals and visitors who have lauded its informative content, along with its visually appealing and high-quality design. The magazine has become an invaluable tool for promoting tourism and inspiring exploration of idyllic destinations.

The team at The Caribbean Gold Coast Magazine expresses pride in participating in FITUR 2024 and extends gratitude to readers and visitors for their support and enthusiasm. The magazine remains committed to delivering relevant and valuable content, highlighting the marvels of the Caribbean, and promoting sustainable tourism in the region.

BHD promotes sustainable tourism

Santo Domingo.- Banco BHD hosted its inaugural BHD Tourism and Investment Forum, designed as a platform to present and discuss topics of mutual interest related to tourism and foreign investment in the Dominican Republic. This initiative, organized by BHD’s Corporate and Business Banking, coincided with the celebration of the Madrid International Tourism Fair (FITUR).

Steven Puig, the President of Banco BHD, led the event and delivered a welcoming address, while David Collado, the Minister of Tourism of the Dominican Republic, also contributed to the discussions.

Puig highlighted the bank’s longstanding involvement in financing tourism projects, spanning over two decades, and emphasized their recent commitment to Responsible Banking Principles. He described the forum as the first in a series, aiming to facilitate learning, knowledge exchange, and the sharing of best practices to enhance each participant’s role in the industry.

The panelists covered a range of topics, including the contributions of environmental protection and community development projects, sustainability practices, social inclusion, and its impact on communities. Discussions also delved into the challenges faced by the tourism sector in implementing sustainable practices, emerging sustainability trends in tourism, and strategies for mitigating environmental and social risks associated with tourism.

Meliá and Grupo Puntacana unite for Punta Bergantín hotel project

Punta Cana.- Meliá Hotels International, the largest Spanish hotel group, and the Puntacana Group have inked a preliminary agreement with the Bergantín Trust for the development of the inaugural hotel within the burgeoning tourism project in Puerto Plata. Under this agreement, Meliá Hotels International is slated to oversee the hotel’s operations, featuring one of its distinguished brands as the flagship.

Pioneers in tourism in Punta Cana, the Puntacana Group, and Meliá Hotels International, with a substantial existing presence of six hotels in the destination, have collaboratively committed to the establishment of 300 hotel rooms, along with the management of around 100 branded residences.

The collective initial investment for the project is projected to surpass $70 million, with construction poised to commence promptly once the unique specifications of the project are finalized.

Meliá Hotels International, a globally prominent hotel chain with over 400 hotels operational or in progress across 40 countries, holds a significant position in Punta Cana, where it boasts a robust portfolio through its brands Paradisus by Meliá and Meliá Hotels & Resorts, featuring luxury and premium accommodations totaling over 3,000 rooms.

Meanwhile, Punta Bergantín is a governmental initiative, spearheaded by Grupo Reservas and the Ministry of Tourism (Mitur), aimed at developing a tourist complex in Puerto Plata, the country’s primary tourist region.

This collaborative venture envisions an extensive development plan for the destination, encompassing at least 4,500 new hotel rooms, 2,000 residential and mixed-use tourist units, a golf club, public access beach clubs, and the establishment of a unique thematic town in the region.

Moreover, the initiative includes the establishment of film studios managed by actor and producer Vin Diesel, alongside an innovation center that aims to position the destination not only as a tourism hub but also as a leader in innovation and entrepreneurship, creating a one-of-a-kind “silicon beach” worldwide.

Collado presents Road Show at FITUR 2024

Madrid, Spain.- The Dominican Republic’s Minister of Tourism, David Collado, kicked off official activities at FITUR 2024 with his customary Road Show, addressing over 300 tour operators and travel agencies in Europe. In this event, held at the renowned Las Ventas bullring in Madrid, Collado unveiled the ministry’s strategy aimed at further elevating the Caribbean nation’s standing in the European market.

Collado elaborated on how the Dominican Republic successfully achieved the milestone of attracting over 10 million visitors in 2023. He emphasized the advantages and benefits that make the Dominican Republic a premier destination in the Caribbean for global travelers.

This presentation aligns with collaborative efforts from both the public and private sectors to maintain the Dominican Republic’s appeal among Spanish and European tourists as their preferred long-distance destination.

During the meeting, Minister Collado showcased the diverse beauty of various Dominican destinations and underscored the favorable conditions for investment in the Caribbean nation. He outlined the ambitious goal for the current year, aiming to surpass the 3% increase in Spanish tourists who visited the Dominican Republic in 2023.

In 2023, the Dominican Republic welcomed a historic 10,306,517 visitors by air and sea, marking a significant milestone in its tourism history.

Addressing the tour operators and travel agents participating in the Road Show, Collado expressed confidence in their collective efforts, stating, “Your presence here is the best evidence that together we will guarantee to continue being the favorite long-distance destination of Europeans.” He also noted a prior meeting with 300 travel agents and tour operators on the eve of the official start of FITUR.

BHD and the ICO ratify an agreement to encourage Spanish investment in the DR

Madrid, Spain.- Banco BHD has obtained approval from the Official Credit Institute of Spain (ICO) for a credit line of up to $50 million. The funds are designated to finance investment projects of business clients associated with shareholders of Spanish origin or those acquiring goods or services from Spain.

Steven Puig, president of Banco BHD, emphasized the utilization of funds for projects and business loans with a sustainability component. The objective is to contribute to sustainable development, growth, wealth distribution, and job creation. The financing will extend to projects addressing climate change and aligning with global development agendas, showcasing the bank’s commitment to responsible banking principles.

Puig also highlighted the availability of funds for any project meeting the criteria of Spanish interest and Banco BHD’s internal policies, as well as those set by the ICO. Luis Molina Maríñez, Senior Vice President of Corporate Banking and Business at Banco BHD, explained that clients must demonstrate Spanish interest, either through direct or indirect participation of a Spanish shareholder or entity in the company’s share capital, or through supplies, works, or services provided by Spanish companies.

These funds will be accessible until October 2024, with financing terms ranging from 180 days to 10 years.

Ministry of Tourism launches sports tourism strategy

Madrid, Spain.- Today at FITUR, the Ministry of Tourism of the Dominican Republic unveiled the national sports tourism strategy and introduced the establishment of the Public-Private Sports Tourism Commission. Simultaneously, the creation of the Dominican House for the Paris 2024 Games was announced in collaboration with the organization Creating Olympic Dreams (Creso), as per a press release.

The national sports tourism strategy is set to receive a total investment of five million dollars, with the Ministry of Tourism of the Dominican Republic contributing three million dollars and Creso contributing two million dollars.

Minister of Tourism David Collado emphasized that tourism in the Dominican Republic transcends the conventional sun and sand experience. Within this diversification, the Ministry has identified sports tourism as a strategic axis for increasing the number of visitors and enhancing the international visibility of the Dominican Republic. Collado outlined the composition of the newly established commission, which includes Felipe Vicini, President of Creso; Luis Mejía, a member of the International Olympic Committee; José Monegro, President of the Santo Domingo 2026 Organizing Committee, and David Llibre, President of the Hotel and Tourism Association of the Dominican Republic.

This initiative marks the first time the country will have a Dominican House during the Olympic Games, serving as the epicenter of the national delegation and a space to showcase the country’s brand to visitors while celebrating the triumphs or medals achieved by Dominican athletes during the Olympic event.

During the event, the Minister of Tourism highlighted the Sports Tourism Commission’s objective, which is to identify the best opportunities for sporting events that can attract tourists to the country. Additionally, it aims to pinpoint international events in which the Dominican Republic must participate to strengthen the Country Brand with its athletes.

Felipe Vicini praised the initiative, expressing the belief that through sport, the country can improve and, with a robust sports tourism strategy, transform the Dominican Republic into the capital of sporting events in the Caribbean, attracting numerous visitors and positively impacting the development of athletes.

Luis Mejía and José Monegro, both positive about the initiative, considered it essential for the continued success of the Central American and Caribbean Games for Santo Domingo 2026.

The presentation of the Dominican House in Paris 2024 was attended by Olympic champions Félix Sánchez and Adeury Corniel, who received a warm reception from all visitors.

Santiago monorail: first tests set for April

Santiago, DR.- Engineer Jhael Isa Tavarez, overseeing the Santiago Monorail transportation system project, announced today that the initial tests for this mode of transportation are set to commence in April. Following the arrival of the first train and four cars on January 19, the engineer disclosed that these tests, involving the vehicles’ initial rolling phases, will continue until 2025—the designated date for the opening of the first commercial section.

You may be interested in reading: First monorail cars arrive in Santiago

This inaugural section will run from Station 01 in Santiago Oeste (Cienfuegos) to the Central Station, situated in the professional building on Las Carreras Avenue. Upon reaching this point, it will integrate with the Santiago Cable Car transportation system, slated to inaugurate operations in March 2024.

Isa clarified that the electromechanical phase of the project initiates with the ongoing tests, involving the connection of the train to the concrete track—a process completed between Station 01 and Station 03. Following this, the train is placed on the track, and the electrification installation process begins.

The engineer cautioned that the subsequent stage, scheduled for April 2024, is termed “phase zero.” He emphasized that this phase is not aimed at the commercial transportation of passengers but rather focuses on adjusting the electromechanical components.

Isa shared these details during an event attended by Santiago authorities, who witnessed the arrival of the train and cars.

Bank credit to tourism amounted to RD$105.5 million in 2023

Santo Domingo.- At the close of 2023, the dominican bank played a pivotal role in driving the tourism sector’s development with a credit portfolio surpassing RD$105,500 million (US$1,824.5). These funds were instrumental in financing hotel projects and associated businesses.

According to the preliminary version of the Annual Report on Banking and Tourism from the Superintendency of Banks (SB), the portfolio dedicated to this sector witnessed a growth of 6.7% compared to 2022.

As of December 2023, tourism accounted for 10.6% of loans in the private commercial portfolio. This segment boasted 20,494 unique debtors and 24,004 loans within the financial system, marking year-on-year increases of 5.5% and 7.2%, respectively.

When examining interest rates in foreign currency, it becomes apparent that tourism enjoys an annual financing cost of 7.59%, slightly lower than the 7.62% seen in the rest of the private sector.

In terms of risk, it stands out as the second portfolio with the lowest delinquency rate in the financial system, with only 0.17% of the debt overdue. Moreover, approximately 23.1% of the total capital owed in the tourism portfolio is secured with rateable guarantees. This signifies that for every RD$1 of capital lent in the system, there are RD$4.3 in backup guarantees.

Consequently, credit to this sector has consistently grown, maintaining an average nominal rate of 14.2% over the last five years.

Segmenting loans by currency type reveals that 87.9% of the tourism portfolio is denominated in US dollars, constituting 23.4% of the total foreign currency portfolio in the financial system.

Commercial banks dominate the tourist credit portfolio with a 98% participation rate. Additionally, 91% of tourism financing is concentrated among the three major banks with the highest asset amounts.

The report underscores the sector’s significance in the economy, as hotels, bars, and restaurants contribute nearly 6.8% to the gross domestic product (GDP) and employ 8.1% of the workforce in the Dominican Republic.