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KPMG Analysis unearths truth about TCI Financial Services Sector, now Gov’t ‘priming the pump’ says Minister Saunders

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By Deandrea Hamilton

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#TurksandCaicos, March 22, 2022 – The Minister of Finance E. Jay Saunders, like his predecessor Premier Washington Misick has made it no secret that they are convinced the Financial Services Sector could be an bigger earner for the Turks and Caicos Islands.

In the House of Assembly last week, the Minister uncorked the truth found about the country’s #2 industry and it pointed to tremendous opportunity to grow it, or in other words, there is tremendous underperformance.

“Mr. Speaker, sticking with finance sector, in late January 2018, the then Government undertook a strategic analysis of the TCI’s financial services sector, believing that the TCI has a fair opportunity for growth in this sector.  The consultancy was conducted by KPMG Ltd.

Mr. Speaker. KPMG’s report indicated that our financial services sector is in dire straits, and that it is in need of investments and promotion to save it…”

The report he said made not just a few, but nearly 50 recommendations.

“… if we want it to be a viable contributor to the country’s GDP going forward. Forty-nine (49) recommendations are included in the report, one of which was to develop and implement a marketing strategy for the sector.”

The Financial Services Sector is another of the peculiar areas of governance for the Turks and Caicos Islands.  On the marketing and growth of the sector side, the oversight and management comes from the Ministry of Finance.  However on the regulations side, this is the remit of the TCI Governor.

The way forward for the Financial Services Sector is simply ‘growth’ in what is an industry currently generating $240 million in revenues, according to Benjamin Durham, Invest Turks and Caicos Agency Business Analyst.

From the Minister, there was a major announcement:  “Mr. Speaker, I am happy to say that on the 16 February 2022, Cabinet approved the signing of a Memorandum of Understanding between the Government and TCI Finance Limited to implement the aforementioned Marketing and Strategic plan in order to grow our Financial Services industry. Mr. Speaker, our Government is “priming the pump” of our financial service sector, and we’re seeking to aggressively grow our market share.”

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InvestTCI facilitates the Development Agreement Between TCIG and Molo Hotel Group 

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Providenciales, Turks and Caicos Islands – May 14th, 2024 – The Turks and Caicos Islands Government and Molo Hotel Group reached a pivotal juncture on Monday, May 13th, 2024, with the ceremonial signing of a development agreement at the Premier’s Office on Providenciales. The agreement, which received official Cabinet approval on March 13th, 2024, signifies a steadfast commitment to advancing the economic landscape of the Turks and Caicos Islands.

Molo Hotel Group is a family-owned business, renowned for its distinguished portfolio of high-quality hotels worldwide. The development initiative encompasses the construction of three distinct IHG branded hotels: InterContinental Turks and Caicos, Kimpton Turks and Caicos and Hotel Indigo Turks and Caicos. Scheduled for completion by 2027, each resort boasts a distinctive design from luxury to laidback sophistication spanning across the shores of Grace Bay Beach.

Kimpton Turks and Caicos – an epitome of luxury lifestyle living, will feature 192 guest rooms including three outdoor pools, a luxury spa and a fitness center. Additionally, seven dining options ranging from a beachfront restaurant to a rooftop bar.

Adjacent to the Kimpton, InterContinental Turks and Caicos will offer 59 classic luxury suites with panoramic ocean views. Mirroring its counterpart, this resort will offer an array of dining options and upscale facilities.

Steps away from the Intercontinental and Kimpton resorts, Hotel Indigo Turks and Caicos will embrace a sense of community and contemporary elegance, offering 56 bedrooms. The resort will feature an onsite restaurant, lobby bar, outdoor pool, and fitness room.

Beyond the realm of hospitality, this development agreement underscores the government’s commitment to fostering economic growth and enhancing employment opportunities in the Turks and Caicos Islands. Molo is partnering with the Turks and Caicos Islands Community College (TCICC) to actively promote hospitality as a career choice and support in developing training programs, career fairs, seminars, workshops, and events to raise awareness about hospitality careers. Molo has committed to provide employment and apprentice opportunities to TCICC students and provide mentoring and practical on property training to students.

The signing event was graced by Hon. Charles Washington Missick, Premier of the Turks and Caicos Islands, Hon. Jamell Robinson, Deputy Premier, Hon. Kyle Knowles, Minister of Public Safety and Utilities, Hon. Rachel Taylor, Minister of Education, Youth, Sports and Culture, Łukasz and Marcin Slominski, Owners of Molo, Ross Morrow, Managing Director Molo, Arik Kono, Vice President Upscale Development for IHG, Dr. Candice Williams, President and CEO of the Turks and Caicos Islands Community College, Angela Musgrove, InvestTCI CEO, Dr. Barbara Ambrister, Chairperson of the Turks and Caicos Islands Community College, Dr. Delores Stapleton- Harris, Vice President of Academic, Vocational and Student Affairs for the Turks and Caicos Islands Community College, Mr. Kevin Baxter, Dean of Technical Vocational Education Training (TVET) and Sheryl McLaughlin, InvestTCI Investment Services Executive.

Commenting on the development agreement, Premier, Hon. Misick, stated “The Memorandum of Understanding (MOU) signing of IHG/Molo Hotels is a significant step towards a sustainable future for hospitality in the Turks and Caicos Islands. Three hotels, Kimpton, Intercontinental, and Hotel Indigo, will be introduced, enhancing our tourism product and creating employment opportunities.”

He further added, “Partnerships with the Turks and Caicos Islands Community College and Turks and Caicos Islands Sports Commission are underway, demonstrating the Government’s commitment to developing human capital and elevating tourism offerings. This project will bring economic growth, embrace local talent, and enrich our economy.”

Additionally, Mrs. Angela Musgrove, CEO of Invest Turks and Caicos Islands, emphasized “This collaboration confirms our commitment to fostering economic growth and prosperity within our country. We have worked closely with Molo Hotel Group, and we are confident that this transformative project will further position the Turks and Caicos Islands as a premier destination for travel and investment. Much to our delight, it will also provide opportunities for engagement with our Community College and small business community.”

The Government of the Turks and Caicos Islands, operating through its primary Investment Promotion

Agency, Invest Turks and Caicos Islands, remains committed to attracting and facilitating Foreign Direct Investments to the country by providing a comprehensive suite of services. Through strategic initiatives and targeted promotion, the agency catalyzes sustainable development, driving innovation and small business opportunities across various sectors of the economy.

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Crime

Male Charged with Robbery

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#TurksandCaicos, May 13, 2024 – Detectives of the Serious Crime Unit of the Royal Turks and Caicos Islands Police Force have charged a man who allegedly stole a vehicle.

The accused, DANVANTE  BRISCO, 30,  of  Kew Town, Providenciales, was charged with:

  • One Count: Robbery
  • One Count: Taking Motor Vehicle Without Authority
  • One Count: Using Offensive Weapon to cause fear

Mr. BRISCO appeared in court today (May 13 ) and was granted bail of $7500.00 with one surety.

The matter was adjourned to July 05 for a Sufficiency Hearing.

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Crime

Dock Yard Male Charged  

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#TurksandCaicos, May 13, 2024 – A 20-year-old Dock Yard male appeared in court today (May 13th) charged with a series of firearm-related offences.

The accused, JAMES SIMON, was denied bail and remanded into custody pending a Sufficiency Hearing scheduled for July 05th, 2024.

Mr. SIMON faces the following charges: 

  • One Count: Robbery;
  • One Count: Gang Membership
  • One Count: Possession of a Firearm for the Benefit of a Gang
  • One Count: Possession of Ammunition for the Benefit of a Gang.

The charges against Mr. Simon followed investigations by officers of the Royal Turks and Caicos Islands Police Force into a robbery at the parking lot of a Casino where three males robbed a victim.

Additionally, Mr. Simon is charged with the following offences, having been arrested on May 02nd, 2024, along South Dock Road.

  • One Count: Possession of a Firearm
  • One Count: Possession of Ammunition
  • One Count: Unlawful Entry

Officers also charged a teenage minor who was in the company of  Mr. Simon on May 02nd with One Count of UNLAWFUL ENTRY. 

The accused, seventeen and from Kew Town, Providenciales, pleaded guilty and will be sentenced on May 20th.

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