Here at HappyLiving Punta Cana we want to inform all of our visitors of the wonderful things happening in the Dominican Republic. We want everyone to know what amazing projects are already being created and how much development is coming to the country. There is no way for us to inform you all of what is going on without mentioning Fitur and its importance in not only showcasing what the country already has to offer but also see the commitments to come. It is a great time to get involved and see if the Dominican Republic is an option for you as an international investment.
Fitur is an annual International Tourism Trade Fair held in Madrid, Spain. It is one of the largest tourism fairs in the world, attracting exhibitors from various countries to showcase their tourism products and services. The fair provides a platform for businesses to network, establish partnerships and promote their destinations to a global audience of industry professionals and consumers. It is usually held over five days and includes exhibitions, conferences, and seminars on topics related to the tourism industry. Fitur is an important event for the tourism sector, offering insights into current trends, new destinations, and emerging markets.
The Dominican Republic is a regular participant in Fitur, the International Tourism Trade Fair held in Madrid, Spain. The country's participation in Fitur is an opportunity to showcase its diverse tourism offerings, including its beautiful beaches, rich cultural heritage, and adventure activities. The Dominican Republic typically has a large presence at the fair, with representatives from various sectors of the tourism industry, including hotels, tour operators, and government agencies.
The country's participation in Fitur is part of its efforts to promote itself as a top tourism destination and attract more visitors from around the world. Through its participation in the fair, the Dominican Republic can network with other industry players, share its tourism experiences, and build relationships with key decision-makers and influencers in the global tourism industry. In 2022, the Dominican Republic won a couple of awards including the FITUR 2022 Stand Award as well as within the International Category, they won Dominican Republic, the wealth lies within.
Overall, the Dominican Republic's participation in Fitur is a significant investment in its tourism industry, as it helps to raise awareness about the country as a touristic destination and drive economic growth through increased tourism. In 2023, the Minister of Tourism David Collado announced investment commitments of $3.65B dollars, an 82% increase from last year's commitment of about $2B dollars. Of that $3.65B dollar commitment, about $1.65B or about 45% of the total commitment will begin in 2023.
Below are some other announcements made during by the Minister of Tourism David Collado during the FITUR Fair:
The Sports Illustrated Resort in Cap Cana is now open - this has had an investment of $50M
Pioneer Investment Fund announced investments of $2B in Macao, close to Punta Cana
A Ritz-Carlton all-inclusive hotel will open in the country, having an investment of $250M - check out our coverage of this announcement here.
The Spanish family Martinón announced an investment of $90M for a Hyatt hotel in the countries capital as well as $50M investment in the renovation of one of their hotels in Punta Cana-Bávaro
Frank Elías Rainieri, director of Grupo Punta Cana, announced an investment of $200M in Miches (close to Bavaro area), for the hotel chain Viva Wyndham Resorts. They also announced an all-inclusive W Hotel which will solidify the Dominican Republic as a luxury vacation destination. This investment will top $135M.
The Fuertes Group from Spain also presented their project and announced a loan for $325M. They announced an investment with the Hyatt Hotel brand and about 1,000 hotel rooms in Miches as well.
The Cisneros family also communicated an investment in Miches for a Four Seasons hotel (investment of $200M)
BH Caribe (a prominent bank in the country) committed to $250M dollars with $200M more starting as soon as may.
Bahía Príncipe from the Piñero Group announced a $100M investment, half of which is expected in 2023 and the other half in 2024.