Dominican economy registers 3.6% expansion in October, says Central Bank

The Central Bank of the Dominican Republic (BCRD) released the preliminary results of the Dominican economy as of October 2023 this Friday.

According to the information, the monthly economic activity indicator (IMAE) registered an inter-annual expansion of 3.6% in October 2023, the highest monthly rate of the current year, after having recorded an inter-annual growth of 2.6% in the third quarter of 2023, indicating that the monetary policy transmission mechanism is operating favorably and that the Dominican economy continues its recovery process so that it would be reaching its potential growth rate in the next year 2024 according to the Central Bank’s forecasting system.

The inter-annual growth for October is mainly explained by the performance of hotels, bars and restaurants (9.0%), financial services (6.4%), construction (4.7%), agriculture (4.1%), free trade zone manufacturing (3.4%), commerce (2.8%), local manufacturing (1.5%), among others.

An important aspect to highlight is that construction, a sector with a significant multiplier effect and dragging other economic sectors, exhibits favorable variation rates for the fourth consecutive month, which reflects the effectiveness of the liquidity provision measures with collateral securities implemented by the monetary authorities to accelerate the monetary policy transmission mechanism, as well as the higher execution rate of public capital expenditure concerning the same period of last year and the stabilization in the prices of inputs used in this activity.

It is appropriate to highlight that during the present year, the referred measures have meant loan disbursements for some RD$158,000 million at rates no higher than 9.0% per annum, which, together with the reduction of 125 points in the monetary policy rate, have propitiated a drop in the weighted average of loan interest rates by approximately 200 basis points, which means a more than complete transfer of the monetary policy signal to market rates.

When analyzing the IMAE in accumulated terms, it is observed that it registered an average variation of 1.9% during January-October 2023 concerning the same period of 2022, being hotels, bars, and restaurants with an expansion of 10.8%, the activity of more significant contribution to the growth in the present year, explaining approximately 40.0% of the same.

The growth of the real added value of the Hotels, Bars, and Restaurants activity is mainly explained by the arrival of tourists by air, which amounted to an unprecedented total of 6,554,589 visitors in January-October 2023. It should be noted that considering the reception of 1,696,711 cruise ship passengers by sea in October, the accumulated total of visitors to the country in the first ten months of the year stands at 8.3 million, a historic record according to figures reported by the Ministry of Tourism. It is projected that the total number of visitors, i.e., tourists by air plus cruise ship passengers by sea, will exceed 10 million by the end of 2023, representing foreign exchange earnings for the country of more than US$10,000 million.

Financial intermediation activity showed a year-on-year variation of 6.6% in its real aggregate value in January-October 2023, influenced by the 19.3% year-on-year expansion of credit granted to the private sector in local currency at the end of October 2023, equivalent to an absolute increase ofRD$255,929 million in loans channeled.

An analysis of agricultural activity shows a year-on-year growth of 3.9% in January-October 2023. The sector’s performance is due to the increase in the production of the main items of national consumption, such as bananas, chicken, and eggs. The measures taken by the Government, through the Ministry of Agriculture and its agencies, which have provided technical and financial support to agricultural producers nationwide and guaranteed the country’s food security, have been fundamental to this performance.

Finally, the strength of the macroeconomic fundamentals and the resilience of the productive sectors of the Dominican economy allows it to continue advancing on the path of economic reactivation in a context in which inflation will remain within the target range of 4.0% ± 1.0% over the monetary policy horizon.

Dominican tourism anchors its interest in the “Big Apple”

New York.- The Dominican Republic’s Ministry of Tourism has launched the “Change the Season” campaign, recognizing New York City as a key source of tourists for the country. David Collado, the Dominican Minister of Tourism, highlighted the United States as the primary source of tourists, with an estimated three to four million visitors expected this year. New York City, in particular, contributes the highest number of tourists.

To celebrate this relationship, the Ministry installed a dome in Times Square, New York City, showcasing the Dominican Republic’s primary attractions, including its beaches, mountains, and culinary delights.

Further acknowledging the importance of New York for Dominican tourism, David Collado announced that a tourism and real estate fair would be held in January. This event aims to encourage Dominicans living in New York to invest safely in their home country and to offer attractive prices for stays in Dominican tourist centers.

The event in Times Square was attended by Adriano Espaillat, a Dominican member of the United States House of Representatives, who mentioned that discussions in Washington often revolve around the Dominican Republic’s beautiful beaches and baseball.

Ydanis Rodríguez, the Transportation Commissioner of New York City and a Dominican who emigrated 40 years ago, also attended. He shared his personal journey from a dishwasher and sandwich maker in New York to enjoying visits to renowned Dominican destinations like the Rainieri hotels, Punta Cana, and Samaná.

Collado emphasized the country’s tourism goals, expressing confidence that the Dominican Republic will surpass ten million visitors this year, setting a new record in tourism revenue. While he refrained from setting specific expectations for 2024, Collado expressed optimism and pride in the country’s tourism achievements and its innovative approach to marketing in New York.

Macarrulla highlights that the Dominican Republic is on track to achieve the highest regional economic growth in 2024

Santo Domingo.- Former president of the National Council of Private Enterprise (CONEP) and the Association of Industries of the Dominican Republic (AIRD), Lisandro Macarrulla, has expressed positive views about the Dominican Republic’s economic growth prospects. According to the latest report from the International Monetary Fund (IMF), the Dominican economy is projected to experience the highest growth in Central America in 2024, reaching an impressive 5.2%. This forecast places the Dominican Republic at the forefront of economic growth in the region, followed by Panama with 4.0% and Guatemala with 3.5%.

Macarrulla attributed this notable economic stability to the successful management of the government, as implemented through the Central Bank and the authorities responsible for the country’s economic and monetary policy. He expressed confidence in the effectiveness and efficiency of the economic measures implemented by the government in the post-COVID-19 pandemic period, contributing significantly to establishing a favorable environment for growth, prosperity, and social welfare.

Macarrulla emphasized the crucial role played by the private sector in this positive scenario and praised its dynamism in driving new initiatives, attracting investments, and creating jobs and wealth in the Dominican Republic. He highlighted the importance of continued collaboration between the private sector and government institutions to maintain and strengthen this path of economic development.

Macarrulla called for synergy between the public and private sectors to ensure sustainable and lasting growth that benefits all of Dominican society. He expressed confidence in the country’s economic future and encouraged ongoing collaboration to consolidate and expand these significant achievements, promoting sustainable growth.

Macarrulla shared these views at the Tenth Business Convention, a major private sector consultation forum organized by CONEP.

DGA presents in the United Kingdom the Dominican Republic conditions to host companies with a nearshoring model

Santo Domingo.- The General Directorate of Customs (DGA) of the Dominican Republic showcased the country’s logistics capabilities, storage spaces, technology, and modern legal framework for ports and airports to British investors and diplomats in London. The presentation aimed to position the Dominican Republic as an ideal logistics hub for UK companies looking to establish distribution or co-production centers for the Americas.

Daniel Peña, representing the DGA, highlighted various factors that make the Dominican Republic competitive in the logistics industry, such as reduced clearance times for goods, modernization efforts, improved technology, simplified processes, and risk management systems. He also mentioned the country’s strong air and maritime connectivity and efficient postal delivery times.

The presentation noted that the Dominican Republic is the second country with the greatest air connectivity in the Americas, has a substantial number of maritime connections, and boasts efficient postal delivery. The country has 109 exporters conducting digital processes, and the number of countries to which they export has increased significantly.

The discussion emphasized the growth in trade between the Dominican Republic and the United Kingdom, with a focus on key export products like bananas, avocados, and personal care items.

The Dominican Week in the UK 2023 aims to promote trade and cultural exchange between both nations, with a delegation of over 100 businessmen and officials participating in events and meetings to strengthen economic ties.

Tourism inaugurates reconstruction of road infrastructure in Las Terrenas

Santo Domingo.- The Minister of Tourism, David Collado, has inaugurated the reconstruction of Samaná’s road infrastructure, aimed at strengthening the tourist destination. The project involves the reconstruction of 6 road axes totaling 2.38 kilometers in length, divided into four zones within the municipality of Las Terrenas. These improvements will benefit both residents and tourists visiting the area.

The project includes various aspects such as road structure recovery, asphalt road surface installation, construction of sidewalks, concrete containers, ditches for proper water flow, storm drainage systems, and road signage. The work was carried out by the Infrastructure Execution Committee in Tourist Areas (Ceiztur) with an investment of over 48 million pesos.

David Collado emphasized that these interventions are a response to long-standing demands from Las Terrenas residents and a contribution to the enhancement of the Samaná tourist destination. Road infrastructure improvements like these can significantly enhance the accessibility and overall experience for visitors to the area.

Minister Collado delivers works in Samaná with investment that exceeds RD$131 million

Samaná .- The Minister of Tourism, David Collado, has inaugurated several infrastructure projects in Samaná, with a total investment exceeding 131 million pesos. These projects encompass various areas within the municipality of Las Terrenas, including Abra Grande, La Playa, El Centro, and Pueblo de los Pescadores. Additionally, work has been done on roads in Loma Francoise, Hispaniola, and Cosón Viejo.

Among the projects, there is a focus on Las Galeras, where the main Jimi Hendrix road has been improved, and a Wastewater Collection Line has been constructed on the main street of this Municipal District at a cost of over RD$73 million.

These investments aim to enhance the infrastructure and tourism appeal of the Samaná region, contributing to its development and attractiveness as a tourist destination.

Dominican Republic and Jamaica sign new agreement; exports and trade will increase

Santo Domingo.- Jamaica’s Minister of Foreign Affairs and Foreign Trade, Kamina Johnson, shared details of her visit to the Dominican Republic, where she had meetings with President Luis Abinader and Foreign Minister Roberto Álvarez.

During her visit, Kamina Johnson discussed various aspects, including the upcoming visit of the Prime Minister of Jamaica, Andrew Holness, to the Dominican Republic next year. The discussions also covered the cooperation agreements signed between her and Foreign Minister Roberto Álvarez, encompassing areas such as agriculture, trade, investment, logistics, culture, and language exchange.

Minister Kamina Johnson expressed her satisfaction with the meeting with President Abinader and highlighted the importance of planning the Prime Minister’s visit. She also emphasized the achievements of her visit, particularly the signing of new cooperation agreements aimed at fostering collaboration in agriculture, culture, and language exchange, and enhancing trade and investment between the two countries.

Kamina Johnson stated, “Jamaica is interested in Dominican products, but we also seek to increase what we can export to your great country.”

Both Foreign Minister Roberto Álvarez and Minister Kamina Johnson expressed their commitment to leverage the full potential of diplomatic ties to strengthen trade and investment relations.

The relations between the Dominican Republic and Jamaica are currently in an excellent state, with the upcoming celebration of the 60th anniversary of diplomatic relations between the two nations next year.

Minister Kamina Johnson emphasized the importance of open and honest discussions between good friends, even on challenging topics, to build stronger relationships.

The agreement signed during Kamina Johnson’s visit aligns with the Dominican government’s strategy to enhance its ties with Caribbean countries and diversify its export offerings to Jamaica. Beyond existing exports of cardboard, plastic, fruits, cement, fertilizers, rods, mattresses, furniture, and edible materials, the Dominican Republic aims to explore new opportunities.

The Dominican ambassador to Jamaica, Angie Shakira Martínez, who also attended the meetings, has previously described Jamaica as a strategic partner of the Dominican Republic. Currently, Jamaica represents the Dominican Republic’s second-largest trading partner in the region and the seventh globally.

In 2021, the Dominican Republic exported goods worth $122 million to Jamaica, marking a 39% growth compared to 2019.

Notably, last month, the Ministry of Defense of the Dominican Republic (MIDE) and the Chief of the Defense Forces of Jamaica signed two collaboration agreements aimed at strengthening aeronautical and maritime search and rescue operations, as well as enhancing joint efforts to combat international organized crime in both countries.

Tourism gives push for reconstruction of the Bullring in El Seibo

Santo Domingo.- The Minister of Tourism, David Collado, marked a significant milestone in the reconstruction of the Plaza de Toros (bullring) or multipurpose arena in the province of El Seibo with an investment of 300,780,963.23 million pesos.

Collado expressed his commitment to promoting tourism in the province of El Seibo, particularly in the municipality of Miches. He highlighted the success of taking Miches to the International Tourism Fair (Fitur), emphasizing the progress achieved through a public-private effort.

The Minister announced that within a year, the reconstructed Bullring would be inaugurated with a 300 million peso investment. The renovated facility will host concerts and various activities aimed at boosting the province’s economy. Collado also pledged to bring the first concert with a renowned artist to mark the Bullring’s inauguration.

He emphasized the importance of supporting the cultural event of bullfighting in El Seibo, considering it a significant part of the country’s heritage.

Local authorities from the province of El Seibo expressed their gratitude to President Luis Abinader and Minister David Collado for making the dream of rebuilding the bullring a reality. Mayor Leo Francis Zorrilla noted that the project would have a meaningful impact on the province’s economy.

Senator Santiago Zorrilla also highlighted the historical significance of the Bullring for El Seibo and expressed his gratitude to President Abinader for making the project a reality.

The construction of the bullring or multi-use arena will accommodate 2,500 people, feature parking facilities for buses and cars, and include a 2,567-square-meter children’s area. The project will also incorporate six sales modules, bull stables for festivities, dressing rooms, a box office, gift shops, and a waiting room.

The construction of the Bullring initially began in 2019 but faced multiple setbacks and delays due to disagreements between authorities and budget constraints. The revitalized Bullring aims to contribute to the economic growth of the region and serve as a venue for various events throughout the country.

Lopesan promotes its megahotel in Bávaro at the World Travel Market in London

Lopesan Hotel Group is actively participating in the World Travel Market (WTM) with a focus on analyzing new challenges and opportunities presented by the United Kingdom, as it has become the most significant source market for Gran Canaria this year. The group is highlighting its commitment to sustainable development, green policies, service excellence, and internationalization efforts, especially its work in the Dominican Republic and the ongoing second phase of the Lopesan Costa Bávaro Resort, Spa & Casino.

Lopesan Hotel Group is showcasing its avant-garde all-inclusive concept, which has already gained popularity with North American visitors and is poised to attract European travelers to the Caribbean. The WTM provides an ideal platform for Lopesan Hotel Management to establish itself as a leading name in third-party property marketing and management, with the success of the Eden Beach Resort & Spa, Lopesan Collection Hotel, Thailand, since LHM took over its management in June 2022.

The event also offers an opportunity for discussions with partners from various markets, including Germany, other European countries, the United States, and Canada. Lopesan Hotel Group’s complementary offerings, such as its golf courses (Meloneras Golf by Lopesan, Maspalomas Golf, and ANFI Tauro Golf), wellness centers (Om Spa Costa Meloneras and Om Thalasso Villa del Conde by Lopesan), play a pivotal role in attracting potential clients.

More than 90 restaurants will participate in the “Restaurant Week Santo Domingo 2023”

Santo Domingo—As part of the VI edition of the Gastronomic SDQ, the Association of Hotels and Tourism of the Dominican Republic (Asonahores) and the Dominican Restaurant Association (Aderes) announced the return of Restaurant Week Santo Domingo 2023, from Monday, November 13 to Sunday, November 19, with the participation of more than 90 establishments.

To offer new culinary proposals from the most iconic restaurants in the city and hotel restaurants through innovative flavors of dishes prepared exclusively for the week of celebration of the activity, with the same price and the hand of award-winning chefs, who, with local ingredients will highlight native elements of our haute cuisine.

David Llibre, president of Asonahores, expressed his satisfaction in welcoming this new gastronomic encounter, inviting diners to enjoy the new theme that this year will bring; he also stressed the commitment of both institutions to continue strengthening each delivery to continue the process of gastronomic positioning of our destination. He thanked the participation of all the participating restaurants, the collaboration of the Dominican Academy of Gastronomy, and the renowned chefs who, from their disposition, will create delicious experiences for each diner.

Meanwhile, Omar Cepeda, president of Aderes, noted that “Restaurant Week, this year brings a new proposal within its logistics and is the replacement of the passport by a card, which will allow us to reduce the amount of printed paper and the negative impact on the environment. In this way, diners will be able to access their digital passport, where they will be able to see the menus and offers, and a digital stamp will be charged when visiting and commenting on the valued restaurants, all from the reach of their cell phones or devices.”

He added that “implementing a proposal such as Restaurant Week, an activity that is carried out in different countries and that, in addition to boosting the visit of diners to restaurants and thus activating the economy, is an initiative where gastronomic establishments are invited to support local production and innovate through different national dishes, thus generating sustainable gastronomic tourism.”

As a novelty, Cepeda indicated that the activity is already being carried out in three destinations: Restaurant Week Santo Domingo, Restaurant Week Punta Cana, and Restaurant Week Santiago, from Puerto Plata, have asked the association to be included in developing the gastronomic part of the Northern zone.

“Last year 2022 we started with Santiago and it was very successful and as a result of that is that we have had requests from the associations of the Northern region to be included and hold a Restaurant Week there,” he added.

He said that “cruise tourism has helped a lot in the development and positioning of the northern region and more and more visitors are spending the day in Puerto Plata and also Puerto Plata, Cabarete, Sosua, maintain an interest in tourists and as a result, a Restaurant Week makes a lot of sense in the area.”

He indicated that to realize the event in Puerto Plata, they are evaluating the possibilities, including the date “which should be in high season for tourists because that benefits the local investor who has a restaurant to increase the flow during that week.”

He explained that they also hope to create a balance with the local market that wants to explore and discover a new restaurant in the region.

ADN Bachata World Festival 2023 will boost tourism in Puerto Plata

Carlos Rodolí, president of the Association of Hotels, Restaurants and Tourist Enterprises of the North (Ashonorte), announced all the details of the ADN Bachata World Festival.

He explained that “in November of last year, the first version of the first Bachata World Festival was held in Puerto Plata, being a very successful event, which will boost tourism in the destination.”

“This activity was on the front pages of the national press that said Puerto Plata defy the rain and everyone stayed until the end watching the show,” he added.

He indicated that “last year 135 professional dance couples came to compete in this genre and this year there are already 260 registered couples coming from more than 16 countries and the idea is to hold the bachata Olympics where all the events that take place at the international level we can be the home of these events”.

He informed that the ballots will be available at the offices of Ashonorte, in the establishments of Ochosantos, in Santiago, they will be placed in the facilities of the Businessmen’s Association of Santiago and the Puerta del Sol, establishment near the monument, according to Mia Visión TV.

“It is a musical project, it is a project to promote the destination of Puerto Plata, we have seen bachata as an ideal tool to use the fame and the worldwide boom of bachata to promote the destination of the Dominican Republic,” he said.

Marileidy established herself as the most successful Dominican female athlete

Santo Domingo.- In 2023, Marileidy Paulino has achieved unprecedented success in the world of Dominican athletics. While her silver medals at the Tokyo Olympic Games placed her at the top among Dominican athletes, her accomplishments this year have set a new benchmark.

This remarkable year for Paulino saw her achieve a feat that no other Dominican Olympic athlete, male or female, has accomplished. While Félix Sánchez still holds the stratospheric throne with his two Olympic golds, Paulino has secured the second spot, leaving behind competitors like Luguelin Santos, Gabriel Mercedes, and Félix Díaz.

In the history of Dominican athletics, there has never been an athlete who won gold in the Central American and Caribbean Games, the Pan American Games, became a World Champion, and confirmed her dominance in the Diamond League, all within a single year.

The only time the main competitions in the region and the continental ones coincided was in 1959 (in Caracas and Chicago), and apart from baseball, the Dominican Republic did not have athletes at the World Cup level back then.

Paulino’s near-perfect year took her to compete in 11 countries over nine months. She claimed victories in most of her events, rarely needing a photo finish. Out of 20 individual 400-meter dash races, she finished first in all but one, where she secured third place in a Diamond League event in Poland.

Her impressive season kicked off in February with a 100-meter victory in Colombia. In March and April, she triumphed in four 200-meter races in Ecuador, in the Military Games, and in a 300-meter race in Puerto Rico. May saw her debut in the Diamond League in Qatar with a resounding victory, followed by podium finishes in Los Angeles and Paris in July. In El Salvador, she added gold in the 400 meters and silver in the relay mixed 4×400 and women’s 4×100.

The pinnacle of her year came in August when she became the first Dominican woman to win a World Cup on the Olympic field in Budapest, Hungary, joining an elite group of Dominican ladies who have achieved world competition success.

Her outstanding season continued in September, with points earned in the World Athletics elite event in China and a victorious finale in Oregon at the Diamond League, securing her crown. She had missed three of the series’ seven stops in Italy, Monaco, and Belgium.

In Chile, she planned to run only in the 200 meters, an off-season competition where elite athletes typically rest. However, she surprised everyone by joining the mixed 4×400 relay and played a crucial role in securing gold. In Chile, she also won silver with the women’s 4×400 relay and bronze in the 4×100.

Only Félix Sánchez, who dominated the 400 meters hurdles between 2001 and 2004, remains above Paulino in the records. Supersanchez won world titles in Edmonton ‘2011 and Paris ‘2003, the Panam in Santo Domingo, and the Golden League three times, a competition that later evolved into the Diamond League.

Dominican Vice President visits diaspora in New York

New York.-  Vice President of the Republic, Raquel Peña, recently conducted a productive work agenda in the United States, engaging in tours of Dominican businesses, meetings with prominent businessmen, and participation in ceremonies focused on public service and the dedication of Dominicans abroad.

During her visit, Vice President Peña presented awards to three Police Commissioners, including two Dominicans, and over 30 deserving students of Dominican descent. She praised the exceptional careers of Wendy García, Commissioner of Equity and Inclusion, and the highest-ranking Dominican within the New York City Police Department, as well as José A. Gomérez, the first Hispanic Commissioner of Police in the State of New York for the city of Newburgh, both of whom have reached significant positions as trailblazers in their fields.

Additionally, the Vice President recognized the accomplishments of Edward Caban, a Puerto Rican married to a Dominican, who became the first Latino to hold the position of Police Commissioner of the City of New York.

During the event, Vice President Peña shared updates on police reform efforts in the Dominican Republic, emphasizing President Luis Abinader’s commitment to transformative change, including enhanced training and improved remuneration for the National Police.

Peña also acknowledged 38 young Dominicans and individuals of Dominican descent who have excelled abroad. The awards aim to strengthen the connection between the younger diaspora and Dominican culture, fostering a sense of ownership of the country and celebrating their academic achievements. President Abinader considers the children and grandchildren of Dominicans abroad to be vital bridges between both countries, where their talents can contribute significantly.

Furthermore, Vice President Peña held meetings with Dominican businessmen in New York to strengthen ties and discuss the investment opportunities that the Dominican Republic offers. She emphasized the country’s transparent and fair policies, along with its political, social, and economic stability, which have led to sustained annual growth rates.

Abinader inaugurates a fair that seeks to turn Santiago into the capital of innovation and entrepreneurship

Santo Domingo.- The third edition of the Innovation and Entrepreneurship Fair 2023 was inaugurated with the presence of President Luis Abinader. The fair, organized by the director of the Center for Industrial Development and Competitiveness (Proindustria), Ulises Rodríguez, showcases innovative projects and serves as a platform to empower young people with new skills and knowledge in the field of innovation and industrial creativity.

President Abinader highlighted the importance of innovation in research and its role in driving economic development. He mentioned how innovation played a key role during the COVID-19 pandemic when the government created the first medical insurance for coronavirus to cover treatment for tourists visiting the country.

The fair features around 70 projects, including those related to alternative energy, industrial machinery, automatic packaging lines, and energy consumption reduction. It aims to promote high-impact projects and solutions that contribute to the development of the country’s productive sector.

The event, held in the gardens of the Gran Teatro del Cibao, provides a platform for entrepreneurs and industries from across the nation to showcase their innovative ideas and projects. It serves as an opportunity for participants to network, learn, and contribute to the country’s industrial development.

The Domincan Republic is among the five preferred destinations for group trips from the United States

Santo Domingo.- Marriott International, the renowned hotel chain, has unveiled its “Travel Trends Forecast,” a comprehensive study that provides insights into the anticipated evolution of business travel and event planning in the upcoming year.

Conducted by the research firm 72Point, this survey engaged 1,000 travel agents and event organizers in the United States, shedding light on intriguing trends reflecting the shifting preferences of both agents and guests in the post-pandemic era. Furthermore, it offers a glimpse into what these stakeholders anticipate for the industry by 2024.

One particularly noteworthy revelation is the growing popularity of the Dominican Republic as a preferred destination for both leisure and business trips. This Caribbean gem finds itself high on the list, with Mexico leading the pack at 37%, closely followed by Jamaica (37%), Aruba (35%), and the Dominican Republic (34%).

Louise Bang, Director of Sales and Marketing at Marriott International CALA, extolled the virtues of the Dominican Republic as an ideal destination for group travel, citing its stunning beaches, rich natural resources, and inviting culture, along with excellent air connectivity to major airports in the United States and Latin America. Bang emphasized Marriott’s commitment to this market, boasting 14 operational hotels and 14 more in development.

The study also underscores the significance of authentic cultural experiences for North American travelers. A majority of respondents expressed interest in sampling local drinks and regional cuisines (60%), attending local music or dance performances (59%), and immersing themselves in the local language (58%).

In the realm of wellness activities, the forecast indicates that wellness will remain a focal point in 2024, but travelers will seek experiences that extend beyond the traditional spa offerings. A substantial 65% of respondents expressed interest in active wellness pursuits like jiu-jitsu or kickboxing classes, while 58% showed interest in mindfulness activities such as meditation or yoga. As the concept of wellness continues to evolve, travelers are increasingly drawn to more enriching experiences, encompassing creative fitness classes, educational workshops, and nutritious dining options.

As the preeminent hotel company in the region, Marriott International is leveraging these insights to enhance its offerings throughout the Caribbean and Latin America. Their commitment remains unwavering in delivering on the promise of being where their guests want them to be, offering the right property in the right destination at the right price. With a portfolio of nearly 500 hotels across 37 countries in the Caribbean and Latin America, Marriott is dedicated to providing unforgettable experiences and exceeding guest expectations through exceptional service.

Asonahores tourism investment forum: more boost for the economic engine of the Dominican Republic

Santo Domingo.- The Hotel and Tourism Association of the Dominican Republic (Asonahores) is set to host the sixth Tourism Investment Forum on November 20, with the primary goal of presenting the visions of both the public and private sectors regarding the development of the country’s tourism industry. This forum will convene at the El Embajador Royal Hideaway Hotel, commencing at 9:00 AM.

David Llibre, President of Asonahores, expressed that the organization aims to foster an exchange of perspectives on the critical aspects of the tourism sector. The forum serves as a platform to promote opportunities for both local and international investment in the industry.

Llibre stated, “Through this initiative that brings together key industry stakeholders, we at Asonahores aim to reinforce the dynamism our sector has displayed, showcasing the growth of the tourism industry to further the development of this vital component of the national economy.”

The Tourism Investment Forum will feature the presentation of the study titled “Impact of the Tourism Sector on the Dominican Economy” by the firm Analytica, sponsored by Banco Popular. This study will provide an updated overview of the national tourism industry.

Additionally, a panel discussion on “Regulations Regarding Tourism Investment” will be held, featuring Alejandro Fernández, Superintendent of Banks; Ernesto Bournigal, Superintendent of Securities Markets; and Francisco Torres, Superintendent of Pensions. The discussion will be moderated by Javier Tejada, General Director of United Capital.

Furthermore, a panel titled “New Luxury Tourism Proposals” will take place, featuring prominent figures such as Encarna Piñero, CEO of Grupo Piñero – Cayo Levantado Resort; Frank Elías Rainieri, President & CEO of Grupo Puntacana – Proyectos Miches; Andrés Pichardo, President of Casa de Campo; and Thomas Becker, President of Playa Grande Golf and Ocean Club – Amanera. The panel will be moderated by Andrés Marranzini.

The forum will also include the presentation of important recognitions to companies and allies in the tourism sector for their continuous support in strengthening the local tourism industry.

ALTIO launches the first Investment Fund of Funds in the Dominican Republic

Santo Domingo.- ALTIO, the Investment Fund Management Company, has achieved a significant milestone by successfully launching the country’s first “Fund of Funds,” which garnered 100% of its initial tranche’s participation fees, amassing a total of US$6,000,000.00 during the placement period that commenced on October 31.

Raúl Hoyo, President of the Board of ALTIO, explained that this is a closed investment fund that can invest in other funds available in the market, offering investors a convenient way to participate in multiple funds through a single investment.

This groundbreaking fund marks the first of its kind in the Dominican Republic and received approval from the Superintendency of the Securities Market through Sole Resolution R-SIMV-2022-11-FI, adopted on March 31, 2022. It has been registered in the Securities Market Registry since April 13, 2022, under the designation SIVFIC-062.

Eliza Sánchez Lomakina, General Director of ALTIO, highlighted the advantages of the Fund of Funds, emphasizing that by investing in a variety of investment funds with diverse diversification policies related to currency, instruments, issuers, and strategies, it can provide investors with greater diversification and risk reduction compared to investing in a single fund.

The fund is open to the general public, both individual and corporate investors. It is denominated in US dollars, with a minimum investment amount of US $1,000.00. To access the fund, investors must do so through a stock exchange authorized by the Superintendence of the Stock Market.

ALTIO stands as the premier Investment Fund Management Company in the Dominican Republic, renowned for its innovation and the diverse range of investment funds it offers in the country. Year after year, ALTIO consistently surpasses its objectives in delivering excellence in fund administration.

Moreover, ALTIO places a strong focus on creating a significant social and environmental impact on the country’s development and its inhabitants. It serves as a gateway to the best investment opportunities in the Dominican Republic, spanning various sectors that drive the local economy, including tourism, energy, free zones, real estate, and the stock market.

Clean energy project in Saona is nominated Sustainable Initiative of the Year 2023 by Business Intelligence

Isla Saona.- The “Energizing Saona” project, a collaborative effort between the Bayahíbe Electric Company (CEB), a subsidiary of the Punta Cana-Macao Energy Consortium (CEPM), and the Ministry of Environment and Natural Resources (MIMARENA), has been nominated for “Sustainable Initiative of the Year” at the prestigious North American Sustainability Awards 2023.

Since its launch in December 2022, the project has installed 1,800 photovoltaic modules and a 5 MWh energy storage system on Saona Island, ensuring a continuous and reliable energy supply for the island’s 600 residents. This initiative represents a significant step towards sustainability and environmental conservation, providing the community with access to basic services and improving their overall well-being.

The project’s impact on Saona Island is profound, as it has become the first and only island in the hemisphere to have clean, 24/7 renewable energy. “Energizing Saona” serves as a model for clean energy projects in the region and is recognized for its commitment to sustainability.

The project is part of the larger “Sustainable Saona” master plan promoted by MIMARENA, focusing on improving the quality of life for Saona Island’s inhabitants while ensuring the sustainability of the protected area within the Cotubanamá National Park.

In addition to the renewable energy aspect, CEB, and its partners are involved in various initiatives on the island, such as waste management, access to clean drinking water, support for sustainable local entrepreneurship, promoting sustainable fishing, and implementing electric mobility solutions to reduce the island’s carbon footprint.

This recognition highlights Saona Island as a shining example of responsible and sustainable energy use, showcasing the commitment of CEB and its collaborators to clean energy solutions that benefit the community and promote regional development.

Arajet inaugurates new route between Montreal and Santo Domingo

Santo Domingo.- Arajet, the low-cost airline serving the Caribbean region, has officially launched a new direct flight route between the city of Montreal and Santo Domingo. This new route further expands Arajet’s network of destinations in the Caribbean and Latin America.

The direct flight connects Montreal through Trudeau International Airport to Las Américas International Airport in Santo Domingo. Arajet is operating four weekly flights on this route, departing from Montreal to Santo Domingo on Tuesdays, Wednesdays, Fridays, and Saturdays. The flight duration is approximately 4 hours and 30 minutes.

Victor Pacheco, the founder and CEO of Arajet, expressed pride in this new route, emphasizing that Arajet is the first and only Dominican airline to connect Montreal with Santo Domingo. Pacheco highlighted that this new connection enhances international relations between Canada and the Dominican Republic, making mobility between these regions more accessible.

Frank Hans Dannenberg, the ambassador of the Dominican Republic in Canada, also welcomed the new route’s inauguration, emphasizing its significance in enhancing connectivity between Quebec, the largest French-speaking province in Canada, and Latin America.

Yves Beauchamp, the President and CEO of ADM Aéroports de Montréal, noted that this direct service opens doors to explore the culture, history, architecture, and beaches of Santo Domingo. Arajet has carved out a niche in the low-cost flight market to the Caribbean, making Montreal an attractive destination for airlines.

Arajet aims to transport more than seven million passengers over the next five years and establish Santo Domingo as a robust air connection hub in the region, offering competitive flight options and rates to benefit travelers throughout the Americas.

Punta Bergantín awaits environmental permit to begin its first stage

Puerto Plata.- After the Dominican Government presented Puerto Plata as a revitalized tourist destination, specifically through the Punta Bergantín project at this year’s International Tourism Fair in Madrid (Fitur), progress has been slow. The initiative, which includes the construction of 700 hotel rooms in its first phase, is currently awaiting the issuance of environmental permits.

Andrés Marranzini, a prominent figure in the Dominican tourism industry, revealed that the project is preparing for its first public hearing scheduled for November 21. During this event, the master plan will be presented to the local community, neighbors, and other stakeholders. This public hearing is an essential step to obtain the necessary permits from the Ministry of Environment and Natural Resources, which are required to initiate construction.

Marranzini, who will lead the trust responsible for the Punta Bergantín project, emphasized the importance of these permits. They guide the utilization of different areas within the project and outline the commercial program for each lot. This process also facilitates the raising of funds through the trust, which is currently in the process of formalization. Once these regulatory hurdles are cleared, the project will be presented to potential investors in the first quarter of the coming year.

Despite the project already having established the subdivisions for hotel construction, it is still seeking investors and operators. According to Marranzini, there has been significant interest from potential investors and operators.

Traditionally, Puerto Plata’s tourism market has been linked to Canada and Europe, but there’s a growing interest in attracting investors from the east coast of the United States. The project is looking to diversify its sources of clientele and tourists.

Punta Bergantín is an ambitious endeavor with plans for 6,760 hotel rooms and 13,705 residential rooms, providing a total capacity of 20,465 keys for hotel and residential tourism. The project’s first phase will encompass a vast area of 2.76 million square meters and includes amenities like a sustainable golf course, an academic campus focused on innovation, a film studio associated with the One Race Films Company led by American actor Vin Diesel, and the first hotel in the Planet Hollywood chain. The successful realization of this project could potentially bring in thousands of tourists to Puerto Plata, significantly boosting the local economy.