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GAIA Inc. Signs MOU For Public Private Partnership

Building on the Barbados-UAE State-to-State Memorandum of Understanding (MOU) earlier this year, supporting closer cooperation of commercial activities, the Grantley Adams International Airport (GAIA) Inc. and the Office Of H.H. Sheikh Ahmed Dalmook Al Maktoum of Dubai and Agencias Universales S.A. of Chile announced today a MOU to finalise contractual arrangements towards a new Public-Private Partnership (PPP) for the investment, development and operation of the airport, a hemispheric cargo hub, expanded airlift and additional luxury hotel capacity. 

Background

The Government of Barbados is keen for more and better employment opportunities for all Barbadians. In the international transport sector, this can only come through an investment in Grantley Adams International Airport of approximately BDS$300 million that improves the customer experience, upgrades the infrastructure, develops retail revenues, a hemispheric cargo hub, and links these investments with initiatives for new airlift and hotel capacity. The Government of Barbados recognises that without substantial investment, the airport will not be able to maintain standards and certifications in the long run.

At the same time, the Government of Barbados is in a debt-reduction program to safeguard the value of the Barbados dollar. As a result of that program, the ratio of national debt to national income peaked at 176.8% in 2018 and, despite the pandemic, is now at 119.6% – almost halfway to the long-run sustainable target of 60%. But this track leaves little room on the Government’s balance sheet for substantial addition of debt for required airport investments. 

The Government of Barbados also has no desire, under any circumstances, to sell the Grantley Adams International Airport. Consequently, the best avenue for new investment is a Public-Private Partnership which brings investment and international airport management experience and expertise in return for sharing airport revenues.  

Partnership 

The proposed Public-Private Partnership follows the earlier MOU between the Governments of Barbados and the UAE that looked towards closer commercial interests, especially in the transport and travel sectors.

The Government of Barbados is pleased that in The Office of H.H. Sheikh Ahmed Dalmook Al Maktoum, it has found a partner with the shared priorities of protecting and expanding national employment through investment, training, service excellence and certification, employee and customer safety, net-zero targets, higher revenue growth and better integration between airport-cargo-air lift and hotels.

The partner group, led by the Office of H.H. Sheikh Ahmed Dalmook Al Maktoum of Dubai and Agencias Universales S.A. of Chile, has substantial experience in airport passenger and cargo operations in over 20 countries across three continents. In addition to the approximately BDS$300m to be invested in the airport by the Office of H.H. Sheikh Ahmed Dalmook Al Maktoum of Dubai, The Office is committed to coordinating and facilitating investments in new hotels and airlift.

Quotes

Barbados’ Minister of Tourism and International Transport, Ian Gooding-Edghill said: “We are excited about the prospect of more jobs, training and certification across the eco-system of the airport, airport services, and tourism sectors. I know that change can be unsettling, even if positive, so a critical component of this potential PPP is that there will be no change in the ownership of our airport and no change in the terms and conditions of employees. We have also tried hard to keep all workers and their representatives updated and consulted about developments, opportunities and challenges. I commit to continue to do so and keep the public updated.

To that end, I will announce a town hall meeting shortly to present the plan and answer any questions Barbadians may have. I thank the Government’s Negotiating Committee, and its Chairman, Avinash Persaud, for getting us here with the strong support of the Permanent Secretary in the Ministry, Francine Blackman, GAIA Inc.’s Board and Chairman, Dr. Jerry Emtage, and GAIA Inc. staff, led so well by CEO Hadley Bourne.” 

Chairman of Grantley Adams International Airport Inc. Dr. Jerry Emtage said: “I welcome our potential new partners and look forward to seeing the broader positive impact on Barbados of an upgraded airport, greater airlift and more hotel rooms. I thank my Board members for their help in weighing up many complex issues.” 

Grantley Adams International Airport Inc. CEO Hadley Bourne said:  “My team and I have spent many months discussing with our potential new partners at commercial and technical levels. I can vouch for their expertise and understanding of our issues, challenges and opportunities. I am pleased that we have a strong investment plan to maintain and upgrade the airport. I believe visitors, staff and Barbadians will appreciate the differences they will see in a couple of years. I thank my team who worked assiduously supporting the negotiation and planning, in particular, Gale Yearwood.” 

His Highness Sheikh Ahmed Dalmook Al Maktoum said: “We are very pleased to collaborate with the Government of Barbados on this project. We are looking forward to positively contributing to the economy of Barbados by creating jobs, improving airport infrastructure and facilities and promoting tourism in the country.”

Mr. Fernando Rodriguez, CEO of Agencias Universales S.A., said: “We are very excited about our partnership with the Government of Barbados and the Office of H.H. Sheikh Ahmed Dalmook Al Maktoum of Dubai. We are committed to the success of this project and making every Barbadian proud of their airport and the upgrades to come.” (PR/GIS)

Grantley Adams International Airport Inc. and The Office of His Highness Sheikh Ahmed Dalmook Al Maktoum of Dubai and Agencias Universales S.A. of Chile sign a Memorandum of Understanding towards a new Public Private Partnership for the investment, development and operation of the airport, a hemispheric hub for cargo, expanded airlift and additional luxury hotel capacity.

Business

Re-imagine Caribbean HR: The Future Operating Model

Article by Kimberly Chan, PMQ, MBA 

As a recently founded Caribbean body, the Caribbean Institute for Human Management (CaIHRM) hosted its first webinar on October 30, 2024, with a focus on Re-imaging Caribbean HR: The Future Operating Model, staying true to its mission, “As the voice of Caribbean HR is to unite and empower regional bodies through innovative representation, advocacy and capacity building.”

This inaugural event was opened by Mrs. Georgia Donaldson (Director – CaIHRM) and moderated by Mr. Michael McAnuff-Jones (Chairman – CaIHRM) who guided the rich discussions with presentations from the powerful and dynamic panel of regional executives and trailblazers which included:

  1. Mrs. Cavelle Joseph-St. Omer – President, CaIHRM & Human Resource Management Association of Trinidad & Tobago (HRMATT)
  2. Dr Cassida Jones Johnson – Director, CaIHRM & Human Resource Management Association of Jamaica (HRMAJ)
  3. Ms. Esaura Cumberbatch – Director, CaIHRM & Immediate Past President, The Bahamas Society for Human Resource Management
  4. Mr. Nicholas Roberts – Human Resource Management Association of Barbados (HRMAB)

The panellists discussed strategic initiatives through the five (5) HR Operating Models highlighted in a recent article by Mckinsey presented by the panellists who added their interpretation and views as follows:

  1. Ulrich+

This model is an adaptation of the classic Ulrich model, with HR business partners developing functional spikes and taking over execution responsibilities from centers of excellence (CoEs). In turn, CoEs are scaled down to become teams of experts and selected HR business partners. They are supported by global business services and have a digital operations backbone. Many CHROs believe the classic Ulrich model is not up to solving today’s HR challenges, with HR business partners lacking the skills and time to keep up with the latest HR developments. Inflexible CoEs limit agile reactions, while other organizational boundaries have steadily become more permeable. Multinational businesses with mature and stable business models are often the ones that experience these pain points.

  1. Agile

This model calls for a smaller number of HR business partners, with an emphasis on counseling top management, while CoE professionals focus on topics such as data and analytics, strategic workforce planning, and diversity and inclusion. The freed-up resources are pooled to implement cross-functional projects. CHROs who favor this operating model believe that HR needs to accelerate to keep up with the increased focus on execution exhibited on the business side and to prevent HR from hindering rapid transformation. Companies are applying this and other agile methodologies when experiencing rapid growth or discontinuity. (For an example of this model, see sidebar “An agile transformation.”)

  1. Ex-Driven

This model is meant to help CHROs gain a competitive advantage by creating a world-class EX journey. Putting EX first means allocating disproportionate resources toward “moments that matter.” For example, HR, IT, and operations experts could be granted full responsibility to jointly plan, develop, and roll out a critical onboarding process. By creating a world-class EX, HR becomes the driving force in bridging cross-functional silos and in overcoming the patchwork of fragmented data and processes that many organizations suffer from today. The companies employing this model are highly dependent on their top talent, with a small set of clearly defined competencies. (For more on this model, see sidebar “Optimizing the employee experience.”)

  1. Leader-Led

In this model, CHROs transition HR accountability to the business side, including for hiring, onboarding, and development budgets, thereby enabling line managers with HR tools and back-office support. This archetype also requires difficult choices about rigorously discontinuing HR policies that are not legally required. Too much oversight, slow response times, and a lack of business acumen in HR have led some companies to give line managers more autonomy in people decisions. Companies exploring this choice typically have a high share of white-collar workers, with a strong focus on research and development.

  1. Machine-Driven

With this model, algorithms are used to select talent, assess individual development needs, and analyze the root causes of absenteeism and attrition—leaving HR professionals free to provide employees with counsel and advice. As digitalization redefines every facet of business, including HR, CHROs are looking for ways to harness the power of deep analytics, AI, and machine learning for better decision outcomes. Organizations that are experimenting with this are primarily those employing a large population of digital natives, but HR functions at all companies are challenged to build analytics expertise and reskill their workforce.

(Excerpt – HR’s new operating model – December 22, 2022 | Article https://www.mckinsey.com/capabilities/people-and-organizational-performance/our-insights/hrs-new-operating-model)

This event hosted over one hundred (100) participants from HR Practitioners and Business Executives from across the globe. CaIHRM will continue to host events of a similar nature to engage in conversations toward the development of our Caribbean countries.

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$100,000 TO BE RAISED FOR FISHERFOLK

HILTON BARBADOS RESORT, ARTS COUNCIL, SUSTAINABLE CARIBBEAN AND FISHERIES DIVISION 

Hilton Barbados Resort has joined forces with the Barbados Arts Council, Sustainable Caribbean and the Fisheries Division to host a charity event aimed at raising $100,000 to assist the fisherfolk community impacted by Hurricane Beryl in July.

General Manager of Hilton Barbados Resort, Jacques Montiel, explained that the important fundraiser, ‘Harbouring Hope – Operation Blue Recovery’ will be hosted on Saturday, November 16 at Hilton at 5:30 p.m., and all proceeds will go towards the recovery efforts.

He said, “We are deeply committed to supporting our community in times of need. Witnessing the devastating impact of Hurricane Beryl on the fishing boats, we knew we had to take action. Our event aims to provide the necessary support for our fisherfolk to recover and rebuild their livelihoods.

“This event is a testament to our commitment to supporting our fisherfolk through these challenging times, and through it, we aim to provide the necessary assistance for a full and swift recovery.”

Thanking the organisations for coming together to host the fundraiser, Chief Fisheries Officer Dr. Shelly-Ann Cox noted that the funds raised will assist with propelling the recovery efforts and getting boats back into the water to harvest fresh fish.

General Manager of Hilton Barbados Resort, Jacques Montiel (second from right) and
Chief Fisheries Officer Dr. Shelly-Ann Cox (third from left) during a recent site visit to finalise plans for the charity event, Harbouring Hope – Operation Blue Recovery, in aid of the fisherfolk community. Also pictured are Hilton’s Katrina Coleman (third from right) and Téresa Nicholls (right), the Division of Fisheries’ Akeila Chapman (second from left) and Barbados Arts Council’s Jill McIntyre (left).

She said, “No value can be placed on the future of our fishing partners who have not only lost their income, but also their peace of mind for the intermediate future. As you are aware, the fisheries sector is a cornerstone of our island’s economy and culture.  Harbouring Hope: Operation Blue Recovery, the sector’s positive response after the catastrophic impact of Beryl would not be possible without the outpouring of love and support from collaborators across the private and public sector. 

“We are extremely grateful to our partners for their acts of kindness and passion for hosting such a one of a kind event. This collaboration employs a creative approach to engage corporate Barbados through the use of ocean-inspired music, poetry, art and dramatizations, and will also pay tribute to fisherfolk stalwarts that have made a significant contribution to the fishing industry.”

Harbouring Hope – Operation Blue Recovery will feature silent and live auctions, raffles and local entertainment. (PR)

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63rd Bi-Annual Meeting Of CARICOM Central Bank Governors

The Central Bank of Barbados hosted the 63rd Bi-Annual Meeting of the CARICOM Committee of Central Bank Governors in Bridgetown on Thursday, November 7 and Friday, November 8, 2024. 

The meeting brought together senior officials to address pressing economic issues and strengthen the region’s financial systems, with a focus on key topics such as financial stability, cybersecurity, and regional economic performance.  

A significant portion of the agenda focused on financial stability, particularly the data issues regarding non-bank financial institutions. Furthermore, Governors discussed the modernisation of payment systems and advancing interregional payments to bolster the Caribbean’s competitiveness. The Governors highlighted the importance of enhancing financial resilience and cooperation across the region.

On the matter of cyber resilience, several presenters underscored the need for strong security measures across the financial sector amid rising cyber threats. The Governors marked a major milestone by signing a Memorandum of Understanding for the Cybersecurity Information Sharing Group, signalling a commitment to a unified approach in combatting cyber threats across the region’s central banks.

The Governors also reviewed regional economic developments and discussed growth outlooks against the backdrop of slowing global growth projections for 2025, ongoing geopolitical tensions, and the Caribbean’s vulnerability to climate change. The discussions acknowledged the need for adaptive strategies to navigate these uncertainties and sustain economic stability.

Investment to fuel development was another focal point, with the Governors agreeing on the importance of mobilising excess liquidity and addressing barriers to private sector investment. They expressed interest in exploring the appropriate modality to accelerate and expand financing of infrastructure projects and sustainable development initiatives across the region.

The 63rd Meeting was held alongside the 55th Annual Monetary Studies Conference (AMSC), where Governors John Rolle (The Bahamas), Kareem Michael (Belize), and Dr. Gobind Ganga (Guyana) participated in a panel discussion on “The Role of Central Banks in Facilitating the Mobilisation of Regional Investment to Support Development”, moderated by host Governor Dr. Kevin Greenidge. 

The conference included sessions on digital innovations, climate adaptation, and regional integration, with a notable keynote address by renowned economist Professor Jeffrey D. Sachs, who delivered the 37th Adlith Brown Memorial Lecture.

At the close of the Meeting, Governor Greenidge handed over chairmanship of the CARICOM Committee of Central Bank Governors to President Richard Doornbosch of the Centrale Bank van Curaçao en Sint Maarten

Committee members are: Chairman Dr. Kevin Greenidge (Governor, Central Bank of Barbados), Ms. Jeanette Semeleer (Governor, Central Bank van Aruba), Mr. John Rolle (Governor, Central Bank of The Bahamas), Mr. Kareem Michael (Governor, Central Bank of Belize), Mr. Richard Doornbosch (President, Centrale Bank van Curaçao en Sint Maarten), Mr. Timothy Antoine (Governor, Eastern Caribbean Central Bank), Dr. Gobind Ganga (Governor, Bank of Guyana), Mr. Ronald Gabriel (Governor, Banque de la République d’Haïti), Richard Byles (Governor, Bank of Jamaica), Mr. Maurice Roemer (Governor, Central Bank van Suriname) and Dr. Alvin Hilaire (Governor, Central Bank of Trinidad and Tobago). (PR/GIS)

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