Antigua and Barbuda is seeking to strengthen relations with Saudi Arabia and is likely to open an Embassy in Rhyiad, the Capital of Saudi Arabia, according to notes from this morning’s Cabinet
The decision is expected to maximize the flow of resources from Saudi Arabia.
The Cabinet held a Zoom meeting with a Sheik Rafik of Saudi Arabia on Wednesday who expressed interest in providing seed money for a Caribbean Development Fund.
Chief of Staff in the Office of the Prime Minister Lionel Max Hurst said in his notes that it is expected that the Antigua and Barbuda Investment Authority will be a major functionary in extracting capital from the Development Fund.
“The Citizenship by Investment Programme should also benefit significantly from the presence of an Antiguan and Barbudan Embassy in Saudi Arabia. It is reported that several Caribbean countries that have CIP Programmes are already represented in Saudi Arabia,” he said
In January, the government signed an agreement with the Saudi Fund for Development (SFD) to secure US$80 million to invest in the development of The UWI’s youngest landed campus in Five Islands
A high-level team representing the Saudi Development Fund paid a courtesy call on Prime Minister Gaston Browne and a delegation comprising several members of the Cabinet recently
The visit was part of a drive to lobby support for Saudi Arabia’s bid to host Expo 2030.