Long Island leased for Emirati hotel project

The Seychelles government has been leasing Long Island to Al Sharqia Holding for 99 years. On January 11, Vice President Ahmed Afif unveiled an agreement for tourism infrastructure on Long Island at a press conference at the Council’s State House. Negotiations are nearing completion, and the agreement will be finalized by February.

Return of Long Island

Long Island is located in the Sainte-Anne Marine Park, opposite Victoria, and ten minutes by boat from Mahé, the archipelago’s main island. For the past 18 years, Polus Investment, a subsidiary of TriGranit Development Corporation, has leased the island for a major hotel project. Although some construction work was done, the project was not fully completed.

After negotiations with the developers, an agreement was reached to return Long Island to the local government. Polus Investment has demanded repayment of the 12 million USD invested in infrastructure.

Call for investors : Al Sharqia Holding leads the way

This development prompted the authorities to look for other investors to relaunch the project. « When we were looking for potential investors, we stipulated that each interested party had to commit a minimum of 20 million USD », says Ahmed Afif. Initially, four companies, including three foreign and one Seychellois, expressed interest.

In the end, two companies, including Al Sharqia Holding, outbid the competition with an offer of 23 million USD. The first 12 million USD will be paid to Polus for the release of its current lease on the island, while the remaining 11 million USD will go to the government.

UAE-based Al Sharqia Holding will have nine months to present its proposal to the Seychelles government for the lease of Long Island. After 20 years, the investors will have to pay 150,000 USD annually to the government. The Seychelles government also requires a minimum investment of 100 million USD from the Emirati developer.