Global execs check us out

LARGE tourism developments such as the $550 million Nova City project and bold investments by a Syrian billionaire in Cairns will help buoy the confidence of 40 global executives who have landed in the Far North for an investment summit.

State Treasurer Curtis Pitt is hosting a luxury four-day conference at Port Douglas to showcase the region and the Sunshine State to the key decision makers from Asia, Europe, and the Middle East, as well as Australia.

The delegates at the Queensland Treasury Corporation and Commonwealth Bank event heard directly from Mr Pitt last night and will have other presentations, as well as sightseeing at some of the region’s leading attractions.

They are primarily fixed-income investors from central banks, commercial banks, pension funds, life insurance and asset management companies with combined assets under management estimated to be worth in excess of $4 trillion.

While, Mr Pitt said they would be focused largely on investing in Queensland as a whole, in avenues such as government bonds, they will also be looking at the Far North’s tourism economy.

“There is so much interest in Tropical North Queensland from a tourism product perspective,” he said.

“The lower Australian dollar, growing confidence, resurgent tourism sector and economic growth mean international investors are looking directly at Queensland right now.

“We’ve seen some recent news with island resorts being bought and refurbished and when you look across Tropical North Queensland there are so many opportunities that I think are just waiting for the right investor.”

Mayor Bob Manning this week described Cairns as the “shining light” destination in Australia, following the investments by Syrian entrepreneur Ghassan Aboud.

Mr Aboud’s GA Group is preparing to start a major redevelopment of the Tradewinds hotel – thought to be worth more than $100 million – and will build a second hotel and apartment complex on a vacant block at the corner of Lake and Aplin streets.

“These global investors will leave the tropics fully informed about Queensland’s strong economic and fiscal position,” said Mr Pitt.

THERE ARE SO MANY OPPORTUNITIES THAT I THINK ARE JUST WAITING FOR THE RIGHT INVESTOR