The Panama Canal Authority has announced the winner of the $3.4 billion contract that will double the capacity of he waterfront.
Voters approved the Panama Canal expansion, which includes a new set of locks to accommodate larger ships, in 2006. Construction began in 2007 and is due for completion in 2014, 100 years after the Canal’s inaugural construction. The new expansion will allow large cargo ships to transition between the Pacific and Caribbean Oceans in under a 10-hour timeframe. The Canal’s current capacity allows ships carrying up to 5,000 containers. After the development and expansion, the Canal will be able to accommodate ships as large as 12,000 containers.
The project was awarded to Spain’s Sacyr Vallehermoso, which partnered with Italian company, Impregilo SpA, for bidding purposes. SV beat out competitors including: Bechtel, a Mitsubishi group; Actividades de Construccion y Servicios; Acciona; Fomento de Construcciones y Contratos; and Hochtief.
According to Canal spokeswoman, Teresa Arosemena, Sacyr Vallehermoso won the project after placing a bid of $3.12 billion, far lower than competing bids. The contract was approved by the ACP, which is owned by the country. The total Canal expansion project is valued at $5.25 billion. Sacyr Vallehermoso stock rallied almost 13% after being awarded the Panama Canal contract……
Panama has maintained a consistent position for growth and development. Interested in investing in Panama? Visit Panama-land-for-sale.com to see properties, land, and residences for sale in Panama. Click here for more information.
Showing posts with label panama development. Show all posts
Showing posts with label panama development. Show all posts
Monday, July 6, 2009
Monday, May 4, 2009
U.S.-Panama Developmental Agreement in the Works
This week, Reuters reported that the new President-elect of Panama, Ricardo Martinelli, is hoping to push a Free-Trade Act (FTA) with the United States as soon as possible.
Calling the FTA “our No. 1 priority”, Martinelli is anxious to put a trade agreement into place. Panama exported $377 million to the U.S. in 2008. Panama only taxes dollars that have been earned within the country, and as a result often faces critics accusing the country of providing an “offshore tax haven for wealthy foreigners”.
Martinelli, a wealthy supermarket tycoon, won the election by a staggering 60% of votes on Sunday. His administration rejects all complaints that U.S. citizens use the country of Panama as a tax haven. Frank De Lima, the head economic advisor to Martinelli’s administration has stated: “The perception that Panama is a tax haven is totally false…new government will be open to sharing information with U.S. authorities and plans to work to pass the agreement as soon as possible”.
A U.S.-Panama trade pact was signed by former Panamanian President, Martin Torrijos, in June 2007, but is currently being held up by U.S. Congress. President Obama’s administration has stated that it is hopeful to develop an agreement with Panama relatively soon.
Currently, Panama is a popular destination with U.S. retirees, particularly in a recession. Visit Panama-land-for-sale.com to view properties, land, and condos for sale in Panama and the outlying areas. Click here for more information.
Calling the FTA “our No. 1 priority”, Martinelli is anxious to put a trade agreement into place. Panama exported $377 million to the U.S. in 2008. Panama only taxes dollars that have been earned within the country, and as a result often faces critics accusing the country of providing an “offshore tax haven for wealthy foreigners”.
Martinelli, a wealthy supermarket tycoon, won the election by a staggering 60% of votes on Sunday. His administration rejects all complaints that U.S. citizens use the country of Panama as a tax haven. Frank De Lima, the head economic advisor to Martinelli’s administration has stated: “The perception that Panama is a tax haven is totally false…new government will be open to sharing information with U.S. authorities and plans to work to pass the agreement as soon as possible”.
A U.S.-Panama trade pact was signed by former Panamanian President, Martin Torrijos, in June 2007, but is currently being held up by U.S. Congress. President Obama’s administration has stated that it is hopeful to develop an agreement with Panama relatively soon.
Currently, Panama is a popular destination with U.S. retirees, particularly in a recession. Visit Panama-land-for-sale.com to view properties, land, and condos for sale in Panama and the outlying areas. Click here for more information.
Wednesday, January 28, 2009
More Development in Panama
A new, $1.5 billion Panamanian development is underway, according to a representative of the project.
La Estrella reports that the Isla Saboga Project is moving aggressively ahead, despite the current beleagured economy. According to Armel Gonzalez Mauhs, the representative of the project, the company is investing roughly $20 million and taking necessary measures to set up a proper infrastructure that includes water, road and sewer systems. By doing so, the company believes it will attract established property developers.
The new development will be environmentally-friendly and is described as “an island paradise that will have hotels, restaurants, houses, condominiums, spas, a marina, a yacht club, a country club and a beach club”.
The development in Panama has stretched to the beaches, mountains and jungles. New projects are indicative that the growth is still to be had in Panama!! Check out our ocean view and mountain view properties for sale at panama-land-for-sale.com! Learn about moving or retiring to Panama!
La Estrella reports that the Isla Saboga Project is moving aggressively ahead, despite the current beleagured economy. According to Armel Gonzalez Mauhs, the representative of the project, the company is investing roughly $20 million and taking necessary measures to set up a proper infrastructure that includes water, road and sewer systems. By doing so, the company believes it will attract established property developers.
The new development will be environmentally-friendly and is described as “an island paradise that will have hotels, restaurants, houses, condominiums, spas, a marina, a yacht club, a country club and a beach club”.
The development in Panama has stretched to the beaches, mountains and jungles. New projects are indicative that the growth is still to be had in Panama!! Check out our ocean view and mountain view properties for sale at panama-land-for-sale.com! Learn about moving or retiring to Panama!
Monday, October 27, 2008
Panama Canal Reports Growth and Development
Last week, further good news for Panama’s development emerged – the Panama Canal has hit record-high revenues in 2008.
The 2008 income for the Panama Canal Authority hit a record high of 2.007 billion dollars, with the fiscal year ending September 30, 2008.
According to numbers by the PCA, the numbers for 2008 were up 14% from 2007, which resulted in income of 1.76 billion dollars.
The Panama Canal Authority’s Vice-President of Canal Operation, Manuel Benites, has reported that the organization is doing surprisingly well considering the global fiscal crisis. According to Benites, the Canal reported increases in passenger vessel transits up 17.6%.
Further growth is anticipated due to the increased time required for ships to cross the Canal, which measures 80 kilometers. Current wait time for cargo ships is 31.55 hours, up from 27.84 hours in 2007. The PCA credits the wait time to maintenance on botht he Pedro Mighel and Miraflores locks. On a brighter note – the number of accidents fell from 1.09% to .68% per thousand transits.
Amazing development is occurring in Panama – are you interested in moving or relocating??? Visit our site and our blog as a resource for information about the new growth and prime properties for sale near Panama City!!! Check out www.panama-land-for-sale.com.
The 2008 income for the Panama Canal Authority hit a record high of 2.007 billion dollars, with the fiscal year ending September 30, 2008.
According to numbers by the PCA, the numbers for 2008 were up 14% from 2007, which resulted in income of 1.76 billion dollars.
The Panama Canal Authority’s Vice-President of Canal Operation, Manuel Benites, has reported that the organization is doing surprisingly well considering the global fiscal crisis. According to Benites, the Canal reported increases in passenger vessel transits up 17.6%.
Further growth is anticipated due to the increased time required for ships to cross the Canal, which measures 80 kilometers. Current wait time for cargo ships is 31.55 hours, up from 27.84 hours in 2007. The PCA credits the wait time to maintenance on botht he Pedro Mighel and Miraflores locks. On a brighter note – the number of accidents fell from 1.09% to .68% per thousand transits.
Amazing development is occurring in Panama – are you interested in moving or relocating??? Visit our site and our blog as a resource for information about the new growth and prime properties for sale near Panama City!!! Check out www.panama-land-for-sale.com.
Tuesday, October 14, 2008
Panama Canal Expansion Continues...
It was just announced that the Panama Canal expansion has justified a $400 million loan. Inter-American Development Bank will be handling the loan.
Panama Canal Authority administrator Alberto Aleman stated that the IDB loan approval demonstrates the confidence and security of the Panama Canal Authority’s expansion project “despite the world financial crisis”.
The Panama Canal Expansion project is a $5.25 billion construction project that is scheduled for completion in 2014. The project will include two additional locks that will double the 50-mile Canal’s capacity.
The Panama Canal is responsible for 5% of the world’s cargo shipping. The Panama Canal Authority is expected to borrow up to $2.3 billion from 2009-2011 for financing and continuation of the Canal expansion. The Canal will pay back loans through additional taxation of 3.5% for shipping tolls.
The Panama Canal expansion project is evidence of the growth here in Panama! If you are interested in moving or relocating to Panama, visit our site to see our special land deals in Panama! Go to www.panama-land-for-sale.com for more information about relocating!
Panama Canal Authority administrator Alberto Aleman stated that the IDB loan approval demonstrates the confidence and security of the Panama Canal Authority’s expansion project “despite the world financial crisis”.
The Panama Canal Expansion project is a $5.25 billion construction project that is scheduled for completion in 2014. The project will include two additional locks that will double the 50-mile Canal’s capacity.
The Panama Canal is responsible for 5% of the world’s cargo shipping. The Panama Canal Authority is expected to borrow up to $2.3 billion from 2009-2011 for financing and continuation of the Canal expansion. The Canal will pay back loans through additional taxation of 3.5% for shipping tolls.
The Panama Canal expansion project is evidence of the growth here in Panama! If you are interested in moving or relocating to Panama, visit our site to see our special land deals in Panama! Go to www.panama-land-for-sale.com for more information about relocating!
Thursday, October 9, 2008
Further Expansion and Development in Panama
It was announced that there is a third contract open for bidding to expand the Panama Canal and its access to the Pacific Ocean.
The latest contract, according to the Panama Canal Authority, is for the removing and disposing of 8 million cubic meters of material that takes up a total of 4.2 miles of the Canal. The contract will be awarded through competitive bidding placed by contractors. The cleanup initiatives will include vast deposits of ammunition and explosive that were deposited from former military presence in the area.
The Panama Canal expansion began in 2007 and is a $5 billion plus project for the country that is slated for completion in 2014. The newest expansion will mark a 100 year anniversary from its initial construction.
The Canal provides access through both the Pacific and Atlantic Oceans. The Panama Canal project began in 1904, and was initiated by the U.S. government, reaching completion in 1914. Control of the Panama Canal was handed over to the Panamanian government in December 1999.
The Canal currently allows for large container ships with up to 5,000 containers to pass through from ocean to ocean. The latest expansion will allow ships as large as carrying 12,000 containers passage through the Canal.
Another sign that Panama’s growth continues!!! Keep checking out our blog to read about development and economic progress in Panama, and reasons to move or retire to this emerging nation. Visit www.panama-land-for-sale.com for information about living in Panama and to see our incredible land deals!
The latest contract, according to the Panama Canal Authority, is for the removing and disposing of 8 million cubic meters of material that takes up a total of 4.2 miles of the Canal. The contract will be awarded through competitive bidding placed by contractors. The cleanup initiatives will include vast deposits of ammunition and explosive that were deposited from former military presence in the area.
The Panama Canal expansion began in 2007 and is a $5 billion plus project for the country that is slated for completion in 2014. The newest expansion will mark a 100 year anniversary from its initial construction.
The Canal provides access through both the Pacific and Atlantic Oceans. The Panama Canal project began in 1904, and was initiated by the U.S. government, reaching completion in 1914. Control of the Panama Canal was handed over to the Panamanian government in December 1999.
The Canal currently allows for large container ships with up to 5,000 containers to pass through from ocean to ocean. The latest expansion will allow ships as large as carrying 12,000 containers passage through the Canal.
Another sign that Panama’s growth continues!!! Keep checking out our blog to read about development and economic progress in Panama, and reasons to move or retire to this emerging nation. Visit www.panama-land-for-sale.com for information about living in Panama and to see our incredible land deals!
Monday, September 15, 2008
Panama Development Appeals Across the Pond
This week, the Irish Independent published an article titled, “Tailor-made Money Spinners in Panama: Secure Your Future”. The article prices condos in Bella Vista, Panama being developed by an Irish development company that is selling apartments in Panama starting at $92,000.
The article cites that there has never been a better time to buy in Panama with current “yields running at 10% and demand for property at an all-time high”.
Calling Panama “the Switzerland of Latin America”, the article continues to praise Panama for its location, climate, economy, tax incentives, and growth path. For Europeans and Americans – Panama is a thriving location that is quickly going up in value.
Check out our site at www.panama-land-for-sale.com. We have land deals in Panama that are completely affordable! Come move or retire to Panama and enjoy our unprecedented growth!
The article cites that there has never been a better time to buy in Panama with current “yields running at 10% and demand for property at an all-time high”.
Calling Panama “the Switzerland of Latin America”, the article continues to praise Panama for its location, climate, economy, tax incentives, and growth path. For Europeans and Americans – Panama is a thriving location that is quickly going up in value.
Check out our site at www.panama-land-for-sale.com. We have land deals in Panama that are completely affordable! Come move or retire to Panama and enjoy our unprecedented growth!
Monday, September 8, 2008
Panama Tourism Indicates Further Growth and Development
Yesterday, the Sun-Sentinel reported about the growth in Panama taking a bite out of South Florida’s tourism.
This year, Panama’s international tourism was up 30% from last year, having placed hundreds of millions into the city’s hotels. Many are now calling Panama the ‘new Miami’ and the ‘hottest spot for new hotels outside the Middle East’s Dubai’.
Panama’s visitors from South America and the Caribbean have increased, and many are moving to the country as well. Travelers and retirees from the U.S., are drawn to the country due to its use of the dollar and its closeness to Florida (3 hr flight).
The growth will continue as well. The Seminole Tribe’s Hard Rock International has plans for the area. It will be their first Latin American hotel. Other luxury hotels are moving to the area with hopes of luring an upscale crowd to the area.
Nikki Beach Hotels & Resorts, Buddha Bar, and Breezes Resorts are all planning to open hotels in Panama City.
These are very exciting developments, and are due to the local government’s accommodations that are encouraging hotel investment and development. With the expansion of the Canal, the city is planning over 8,000 new hotel rooms.
This is terrific news for those of us who have decided to live and invest in Panama. The growth continues….It’s not too late to get in on the action! Visit our website at www.panama-land-for-sale.com for information on our land investment deals!
This year, Panama’s international tourism was up 30% from last year, having placed hundreds of millions into the city’s hotels. Many are now calling Panama the ‘new Miami’ and the ‘hottest spot for new hotels outside the Middle East’s Dubai’.
Panama’s visitors from South America and the Caribbean have increased, and many are moving to the country as well. Travelers and retirees from the U.S., are drawn to the country due to its use of the dollar and its closeness to Florida (3 hr flight).
The growth will continue as well. The Seminole Tribe’s Hard Rock International has plans for the area. It will be their first Latin American hotel. Other luxury hotels are moving to the area with hopes of luring an upscale crowd to the area.
Nikki Beach Hotels & Resorts, Buddha Bar, and Breezes Resorts are all planning to open hotels in Panama City.
These are very exciting developments, and are due to the local government’s accommodations that are encouraging hotel investment and development. With the expansion of the Canal, the city is planning over 8,000 new hotel rooms.
This is terrific news for those of us who have decided to live and invest in Panama. The growth continues….It’s not too late to get in on the action! Visit our website at www.panama-land-for-sale.com for information on our land investment deals!
Thursday, September 4, 2008
Expansion in Panama Can Continue
We’re all breathing a sigh of relief here in Panama. Yesterday ended a strike at both ends of the Panama Canal – due to workers walking out on strike. Thankfully, for all parties involved, it did not disrupt shipping on our vital waterway.
Crane operators and harbor towage workers in Balboa and Cristobal walked out in the morning, but have now resolved a dispute with the government concerning wages.
Because the dispute was settled amicably, our economy and the expansion work will not be hindered. The Panama Canal is responsible for roughly 5% of global shipping, and is about 1/5 of Panama’s total economy.
The Cristobal port, on the Atlantic side, handles mostly container ships. The Balboa port, on the Pacific side, is one of the largest ports in Latin America.
Our economy in Panama is booming, and so is the housing market. Are you thinking of relocating or retiring in Panama? Visit our blog and our website for all of the latest information on Panama, our development, and land specials! Go to www.panama-land-for-sale.com for more information.
Monday, August 25, 2008
Panamanian Development to Honor Olympian
Here in Panama, we are very proud of Irving Saladino, our Olympian gold medal winner.
President Martin Torrijos announced last week that the newest sports city development that is currently under construction in Panama City, will be named after Saladino.
Saladino won the gold medal for the long jump of 8.34 meters in the 2008 Beijing Olympics. It was the first gold medal for Panama in the Beijing Games.
Torrijos made the announcement for the naming rights in a press conference on the shore of the Panama Canal. The naming coincides with the push by the Panamanian government to encourage sports among youth.
Saladino is truly a national treasure four the developing nation of Panama.
Looking for land deals in Panama? Visit our website at www.panama-land-for-sale.com for more information on our Panama development deals.
President Martin Torrijos announced last week that the newest sports city development that is currently under construction in Panama City, will be named after Saladino.
Saladino won the gold medal for the long jump of 8.34 meters in the 2008 Beijing Olympics. It was the first gold medal for Panama in the Beijing Games.
Torrijos made the announcement for the naming rights in a press conference on the shore of the Panama Canal. The naming coincides with the push by the Panamanian government to encourage sports among youth.
Saladino is truly a national treasure four the developing nation of Panama.
Looking for land deals in Panama? Visit our website at www.panama-land-for-sale.com for more information on our Panama development deals.
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