Saudi Arabia expands its Caribbean foothold with an $80m gift

In recent years, Saudi Arabia has made a concerted effort to expand its geopolitical presence in the Caribbean region. The Gulf country has increased its diplomatic visits, opened new embassies and made significant investments in several countries. Now, the kingdom has made an even bigger move with an $80 million investment in the Caribbean region.

Investment in Education

On January 17th, the Saudi Fund for Development (SFD) and the government of Antigua and Barbuda have agreed to fund the expansion project at the University of the West Indies in the Five Islands (UWI) in the Caribbean country with an $80 million funding agreement. The Times Higher Education ranking system places the University of the West Indies in the top 1.5% of universities worldwide.

Saudi Fund for Development expands operations in Caribbean countries with agreement to finance the expansion project of the University of the West Indies in the Five Islands in Antigua and Barbuda |  Business Wire
Source: Business Wire

The agreement will encourage scientific innovation and bring new educational facilities to the university, which will help the Caribbean region to achieve the Sustainable Development Goals (SDGs). Seven energy-efficient buildings will be built as part of the investment deal, which aims to make the campus more sustainable. The newly upgraded university will cater for 5,000 students, a sharp increase from the previous strength of 600.

Read more: Jamaica imitates Antigua and Barbuda to revamp its image on the global stage

The development initiatives undertaken by the Kingdom of Saudi Arabia through the SFD will greatly strengthen the education sector in Antigua and Barbuda. These efforts were recognized and praised by Gaston Browne, Prime Minister of Antigua and Barbuda.

The development of the project will also serve Caribbean nations, as UWI has campuses in Trinidad and Tobago, Antigua and Barbuda, Jamaica and Barbados.

Saudi interests in the Caribbean

This is a significant investment from Saudi Arabia in the Caribbean following the Saudi Caribbean Investment Forum last year. For the first time ever, more than 230 delegates attended the forum where 15 countries showcased their investment-ready projects to the largest delegation of Saudi investors ever to visit the Caribbean.

The $80 million investment by Saudi Arabia is part of the Saudi Vision 2030 to reduce Saudi Arabia’s dependence on oil, diversify its economy and expand public service sectors such as health, education, infrastructure, recreation and tourism.

Ministers, business leaders agree to deal, discuss opportunities at Saudi-Caribbean investment forum |  Arab News
Source: Arab News

The project will further stimulate economic growth by generating more jobs and providing a more substantial educational base, in addition to increasing equal access to education for all people of the Organization of Eastern Caribbean States.

Saudi Arabia is currently demonstrating a lot of interest in the Caribbean in an effort to provide a possible counterweight to the continued push of China and the US in the area.

In addition to Saudi Arabia, the United Arab Emirates, the second largest economy in the Arab world, is exploring cooperative investment options with various Caribbean countries. The oil and gas-rich Gulf state of Qatar is also showing interest in agribusiness, luxury hotel and real estate investments in the Dominican Republic, Guyana and Jamaica, and energy extraction.

Read more: Could Greece and the UAE be the shoulders to lean on for the Caribbean?

Increasing efforts by the Gulf countries have highlighted the growing importance of the Caribbean region. The region is strategically located near major markets in North and South America and offers a variety of educational options from traditional universities to new approaches such as online learning and study abroad programs. By investing in the Caribbean’s education sector, investors can benefit from the region’s natural and cultural assets, as well as a growing population, expanding middle class and increasing numbers of international students.

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