The coronavirus pandemic has reshaped the world we know, one industry at a time. It revealed serious issues in the global healthcare industry, taught employers and employees how to embrace remote working, and shook economies to the core.
Countries with tourism-based economies seem to struggle most during times of economic stress. Some examples include small nations across the Caribbean, such as Barbuda, Dominica, Antigua, and Grenada. These countries were deeply hit by the fact that, due to the rapid spread of the virus, travelers either decided or were compelled to stay home.
Despite a 3.1% growth in gross domestic product in 2019, Grenada’s economy relies deeply on tourism and was significantly affected by the travel bans set in place in 2020. And even if we continue to make progress in vaccine development, epidemiologists and economists around the world still agree we are going to see some travel restrictions in 2021 as well.
When a country’s main industry can’t be relied upon, the only choice left is to turn to other industries that can help minimize economic impacts and aid them to grow. The issue with Grenada, as well as other similar nations that rely mainly on tourism, is that they usually have a difficult time attracting foreign investors, ready to put their money on something else rather than tourism and recreational activities.
In an attempt to diversify Grenada’s economy and attract more foreign investments, some investors have partnered up with the Government of Grenada through a program called Citizenship by Investment.
One such example is Soren Dawody, an investor with a large experience in real estate and development. His project, Grenada Sustainable Aquaculture (GSA), is an ambitious aquaculture initiative, aiming to diversify the country’s economy and job market, as well as boost Grenada’s GDP. So far, through the Citizenship by investment program, GSA was successful in providing citizenship in Grenada for all its investors.
Who is Soren Dawody?
Soren Dawody is a veteran entrepreneur and investor with vast experience when it comes to business. He is the co-founder of a real estate development company and is focused on developing significant projects not only in Grenada, but throughout the world as well.
Through years of experience, Soren Dawody came to the conclusion that foreign investments have the potential to improve the lives of local citizens and change a country’s economy for the better. After all, this has been proved times and times again throughout history.
Real estate is the industry Dawody has the most faith in, as he believes it has the power to change the social-economic landscape of undeveloped countries.
One example he uses when he talks about the benefits of well-implemented real estate development projects is Indonesia. During 2015 and 2016, the country welcomed a series of important real estate development projects that aimed to transform barren lands and desolated areas into commercial centers and affordable housing for the locals.
Schools, hospitals, supermarkets, restaurants, apartment buildings and shopping centers were built on these lands, not only bringing profits for investors but also dramatically improving the quality of life for Indonesians in those areas. They now had access to more green spaces, fitness centers, community complexes, education, and jobs.
Dawody believes foreign real estate investments can do the same for Grenada and hopes to be among those who help the country reach its full potential. He is on the right track to do so, especially with his Grenada Sustainable Aquaculture initiative, which aims to create a variety of local jobs and stimulate wage growth in the country.
As he puts it, the purpose is not to overturn tourism as one of Grenada’s main economies but rather to reduce the preponderance of manual labor in the country and stimulate citizens to take an interest in technical specializations. For his initiative to be successful, he will need a range of professional technicians with knowledge in domains such as marine studies, industrial information technology, and climate science, for which he hopes to be able to hire locally.
Creating jobs through real estate development
Real estate developments have the potential to create a range of job options for the local community, helping families build the base for financial growth. Construction-related jobs can stimulate wage growth, providing better salaries, and benefiting the local economy. After all, the money brought in by foreign investors ends up being spent by employed residents on products and services inside the country.
Real estate development projects can also stimulate the growth of other local industries, such as transportation, manufacture, steel, aluminum, cement, roofing, and paint. This has the potential to create millions of jobs, most of which will be filled in by local citizens.
A growing real estate industry will also bring on other improvements to the country’s overall quality of life. To support these developments, the government will have to improve its framework, with significant changes bound to happen in road, water, and sewage infrastructure.
Real estate investments to address growing housing needs
Worldometer estimates the current world population is around 7.8 billion. A large part of the population, however, does not reside in first-world countries but in underdeveloped regions, which have to face a lot of challenges.
For example, 15% of the global population lives in Africa, but the continent is facing a serious housing shortage. For the 2015 academic year, more than 600,000 students in South Africa did not have proper housing options, whereas Nigeria witnessed a deficit of 17 million housing units in 2014.
Real estate investments can help these areas grow and provide not only housing but a range of job opportunities as well. By creating new revenue streams, the government is given the means to tackle the population’s most prevalent needs and help the economy grow.
Besides new jobs and housing opportunities, an improved economy means the government is able to fund important programs, such as community healthcare clinics, social services, and better financing opportunities for low-income families.
Real estate development has significant impacts on a country’s growth, as Soren Dawody greatly points out. For developing economies, it can prove to be an engine that powers socio-economic improvements, providing governments with a way to help its citizens overcome financial difficulties and improve their way of living.