Welcome to the Panama Weekly News Roundup! Here’s the latest:
Obama is Heading to Panama Next Month, on a Tour of the Region
United States President Barack Obama is heading to Panama next month as he just officially announced his participation in the Summit of the Americas. This is big news, as it will be the first time both the leaders of Cuba and the United States will have met face-to-face in a political setting in around 60 years.
Immigration and Cuba will likely be on the agenda next month when President Obama travels to Panama for the Summit of the Americas. The White House said Wednesday that Mr. Obama will travel to the Caribbean region from April 8 to 11, with a stop in Jamaica to meet with regional leaders on an energy initiative. In Panama City, Mr. Obama will meet with 34 other world leaders during the summit, including members of the Central American Integration System.
Source: The Washington Times
Panama Oeste Gains Strength in Construction Industry
Panama City is known for being a booming skyscraper town, and for good reason. The center of the city and its surroundings has been booming as far as development in recent years. However, what many people may not know is that Panama City’s western suburbs are just as hot these days; although for different reasons. Just west of the canal lies Panama’s new construction boom, in Panama Oeste, and all signs show it’s not slowing down anytime soon.
The real estate development will come to Panama Oeste hand several projects, such as Arraiján Brisas del Golf, Villas Villas of Aragon in Arraijan, Versailles West Grove West Panama and The Hills. But without doubt, the greatest is Costa Verde Park, which presents a series of planned conditions. Costa Verde Park has 82 apartments and 92 square meters, two bedrooms, two bathrooms and a choice of three bedrooms with two bathrooms, living room and kitchen from US $ 105,000 to US $ 160,000.
The health sector will also have a presence in Panama Oeste by Minimed Panama. It is a franchise of primary health care in order to locate branches in strategic locations for easy access. Currently has 10 centers, one in Panama Oeste. The decision to establish an office there, because the development of the region is promising, and there will be no need to go into town to see a doctor.
Source: GoGetIt Panama
Big Money is Heading to Panama, According to Study
Panama has had steady growth for around a decade, and the financial world has taken note. Exceeding previously thought out benchmarks, Panama’s economy has attracted much more than just investment. It’s now attracting a large number of people who have a significant amount of money to invest. In this recent article, Business Insider takes a look at why Panama, amongst a number of other emerging markets, is attracting this type of wealth.
With their emerging markets and rising regional influence, the cities of Belgrade, Panama City, Addis Ababa, and Yangon may soon become global financial capitals and havens for the super-rich, global real estate consultancy Knight Frank predicted in its annual Wealth Report last week.
The report documents the patterns of high-net-worth individuals — those worth over $US30 million — to predict how global wealth will evolve in the next decade. While many of the world’s multimillionaires and billionaires live in the financial capitals of London, Tokyo, and New York, many have begun migrating to cities with emerging markets and untapped opportunities to make even more money.
Source: Business Insider
Panama Canal Authority, Consortium to Take Dispute to Int’l Arbitration
The problems between the Canal Authority and the consortium that is running the project are coming to a head yet again this month, and it appears like things are getting worse. So much worse, in fact, that the two sides will fight it out in court over a nearly half a billion dollar claim of misconduct and misuse of funds.
In the latest chapter of an often-thorny relationship between the authority, known as the ACP, and the Grupos Unidos por el Canal consortium, the latter said Tuesday it has filed a request for international arbitration as it seeks an award of $345 million.
On Dec. 31, the Dispute Adjudication Board, or DAB, the second level of arbitration established to solve contractual disputes between the ACP and the GUPC, said the consortium was entitled to $233 million of the $463 million the consortium was seeking from the ACP, as well as a six-month contract extension, in connection with two specific issues.
Source: Fox News Latino
