Carib Scope

分类： business

  • The Islamic Development Bank Institute (IsDBI) and Arab Monetary Fund (AMF) Deliver Training on Using Artificial Intelligence to Foster the Islamic Financial Industry

    The Islamic Development Bank Institute (IsDBI) and Arab Monetary Fund (AMF) Deliver Training on Using Artificial Intelligence to Foster the Islamic Financial Industry

    ABU DHABI, UAE – In a pioneering move to modernize Islamic finance, the Islamic Development Bank Institute (IsDBI) and the Arab Monetary Fund (AMF) have successfully concluded a groundbreaking training program focused on integrating artificial intelligence into the sector. Held from November 24-28, 2025, at the AMF headquarters in Abu Dhabi, the specialized workshop marked the region’s first comprehensive initiative bridging AI technology with Shari’ah-compliant financial principles.

    The collaborative program, designed for professionals from central banks and financial institutions across 22 member nations, brought together 32 specialists for an intensive curriculum. Led by IsDBI experts Dr. Hilal Houssain and Dr. Mohammed Ayyash, the training delved into both theoretical foundations and practical applications of AI technologies including machine learning, neural networks, and big data analytics.

    Curriculum highlights included practical implementations for Islamic banking operations such as enhanced risk assessment models, automated financing application evaluation systems, and advanced fraud detection mechanisms – all developed with strict adherence to Islamic financial principles and governance requirements. Participants gained hands-on experience through interactive sessions where they designed six virtual financial service companies, later integrated into two strategic ecosystems for testing AI-driven solutions.

    A significant focus was placed on the ethical dimensions of AI adoption, linking technological ethics to the higher objectives of Shari’ah (Maqasid al-Shari’ah). The program addressed critical challenges including data quality assurance, algorithmic bias mitigation, and ensuring transparency in AI-driven decision making.

    The training also showcased outcomes from IsDBI’s inaugural AI Hackathon in Islamic Finance, which aimed to transform AAOIFI accounting standards into smart digital solutions for enhanced Shari’ah compliance and accounting transparency. The program concluded with participants developing strategic roadmaps for AI implementation in regulatory institutions and financial entities, emphasizing responsible innovation that aligns with both regulatory standards and Islamic principles. All attendees received certificates of completion, marking a significant step toward building AI capacity within the Islamic financial industry.

  • Major aviation milestone with first maintenance certification

    Major aviation milestone with first maintenance certification

    Barbados has entered a new era in aviation capabilities with the historic certification of its first Approved Maintenance Organisation (AMO), positioning the island nation for enhanced technical capacity and global competitiveness in air transport.

    The Barbados Civil Aviation Authority (BCAA) granted full certification to Aviation Technical Services of Barbados Inc (ATSB), marking the first AMO establishment at Grantley Adams International Airport. BCAA Director General Tracey Forde-Bailey characterized this development as “an exceptional milestone” that carries significant responsibility for maintaining international aviation standards.

    The certification process, which typically requires 8-12 months for completion, was finalized ahead of schedule in 2024. Forde-Bailey emphasized that the five-phase approval procedure demanded strict adherence to International Civil Aviation Organisation standards alongside Barbados’ technical regulations, describing it as “an ambitious undertaking.”

    Beyond technical advancements, the AMO certification generates substantial national benefits. It establishes career pathways for emerging aviation professionals, stimulates future investment opportunities, and enhances Barbados’ commercial enterprise development. The achievement particularly strengthens Barbados’ strategic position as a Caribbean aviation hub, given its geographic advantage between North America, South America, and Africa.

    Industry experts highlighted the certification’s multifaceted impact. Dr. Kareem Yarde, Education Officer with the Barbados Aircraft and Aviation Services Company, praised ATSB’s “extensive and strenuous efforts” in achieving this milestone. Gerston Blenman, ATSB’s Director of Maintenance, noted the certification validates Barbados’ compliance with International Air Transport Association regulations, creating opportunities for job expansion into higher maintenance operations.

    The development also promises educational benefits, potentially attracting young talent from technical institutes like the Samuel Jackman Prescod Institute of Technology into aviation maintenance careers. As a certified line maintenance operator, ATSB can now perform transit checks for international carriers, leveraging Barbados’ strategic location as a transit point between major continents.

  • EU ‘working’ on recyclables export drive

    EU ‘working’ on recyclables export drive

    A Barbados-based recycling enterprise is poised for international expansion following remarkable royal endorsement of its innovative sustainable construction products. B’s Recycling, under Managing Director Paul Bynoe, has developed climate-resilient paving blocks manufactured entirely from repurposed waste materials including discarded plastic bottles and caps combined with sand and other reused components.

    These specialized pavers, capable of withstanding pressures up to 2,600 pounds per square inch (PSI), captured the attention of Dutch King Willem-Alexander and Queen Máxima during their recent visit to Curaçao. The royal couple expressed both surprise and admiration upon examining product samples, initiating preliminary export discussions with Dutch territories including Curaçao and potentially the Netherlands mainland.

    The international interest stems from a strategic partnership with Martijn Kampshoff, founder of Fuse Kitchen, who supplied the specialized machinery for paver production. While negotiations remain in early stages, Bynoe confirmed the royal household’s enthusiasm for developing a comprehensive trade package that could include additional product lines beyond the current pavers.

    To meet anticipated international demand, B’s Recycling is transitioning from manual to automated production systems. The current manual equipment produces approximately 300 pavers daily, while the planned automated machinery promises more than double this output through streamlined ‘lock and load’ operation.

    Domestically, Barbadian consumers already benefit from reduced pricing at Kooyman hardware stores, which operates six locations across Dutch Caribbean islands. The company has secured production concessions that enable more competitive consumer pricing while maintaining product quality.

    Future expansion plans include February 2024 exports to Guyana, where private interest has emerged from residential construction projects. Additionally, the European Union has expressed formal support through Ambassador Fiona Ramsey, potentially providing both financial assistance and technical guidance for scaling recycling operations.

    International validation continues with recent endorsements from officials representing Spain, France, and Ireland during facility tours. Bynoe emphasizes that beyond financial support, the project benefits from valuable technical guidance that enhances local manufacturing capabilities using Barbados’ abundant solar energy resources.

  • Tourism minister meets with team from World Bank

    Tourism minister meets with team from World Bank

    Barbados is positioning itself for a significant expansion of its tourism sector through a new strategic collaboration with the World Bank. The partnership was formalized during a high-level meeting between Minister of Tourism and International Transport Ian Gooding-Edghill and a delegation from the World Bank led by Maria Marcela Silva, Regional Director for Infrastructure in Latin America and the Caribbean.

    The discussions at the ministry’s Warrens headquarters focused on comprehensive development strategies, with Minister Gooding-Edghill highlighting Barbados’ remarkable tourism growth trajectory between 2023 and 2024. He detailed the government’s multi-faceted approach, emphasizing the critical expansion of room inventory and the successful implementation of an airlift strategy that has driven substantial visitor growth. “Barbados is entering an exciting period of growth,” the Minister stated. “We are building out and expanding our room inventory absolutely necessary as we drive more traffic to destination Barbados.”

    Ms. Silva, who is concurrently participating in the 34th General Assembly’s Forum of Ministers and Highest Authorities of Housing and Urban Development, underscored the World Bank’s commitment to supporting Barbados’ infrastructure ambitions. She outlined the Bank’s capacity to provide both financial resources and technical expertise, particularly in tourism and international transport sectors. “We are very keen to work with you,” Silva affirmed. “We think that there is a huge opportunity in the tourism sector one of these sectors that we see as having a lot of potential to support job creation, economic growth and so on.”

    The bilateral talks extended to several key areas including technical assistance programs for aviation development, sustainable tourism practices, cruise tourism enhancement, and market diversification strategies. Significant attention was given to the proposed expansion of Grantley Adams International Airport and Barbados’ pursuit of Category 1 status with both the US Federal Aviation Administration and the International Civil Aviation Organization.

    The World Bank delegation emphasized their comprehensive infrastructure mandate, covering energy, transport, urban development, tourism, and disaster risk management. They committed to sharing valuable data analytics, best practices, and innovative financing options to support Barbados’ development objectives.

    The meeting included senior officials from both parties, including acting Permanent Secretary Deborah Norville, Permanent Secretary Charley Browne, acting Chief Technical Officer Dionne Gibbs-Nicholls, and several World Bank specialists in urban development and resilience.

  • BEL Seeks Two-Year Rate Increase to Recover Rising Energy Supply Costs

    BEL Seeks Two-Year Rate Increase to Recover Rising Energy Supply Costs

    Belize Electricity Limited (BEL) has formally petitioned the Public Utilities Commission for authorization to implement a 5.55-cent average rate increase per kilowatt-hour. This strategic proposal aims to address a significant financial shortfall while simultaneously preparing the national grid for anticipated future demand surges.

    The utility company’s application reveals an accumulated BZ$87.5 million in unrecovered supply costs spanning from July 2023 through October 2025 under existing tariff structures. Additionally, BEL projects a further BZ$20.9 million in unfunded energy expenses between November 2025 and June 2026. Company executives emphasize that the requested rate adjustment is essential to stabilize cash flow, meet operational requirements, and sustain critical infrastructure investments in the national grid system.

    Several converging factors are driving the proposed increase. BEL anticipates substantial supply-side pressures in early 2026, including seasonal demand spikes during warmer, drier months that will necessitate increased reliance on higher-cost generation sources such as gas turbines. The company is preparing to deploy temporary generation units to bridge capacity gaps until new medium-term projects become operational. Furthermore, projected increases in electricity import prices from Mexico’s CFE between April and July 2026 are expected to create additional cost pressures.

    In a measured approach to consumer protection, BEL recommends implementing the rate increase through a phased two-year schedule. This gradual implementation strategy aims to balance the utility’s financial requirements for maintaining safe, reliable service against the national priority of keeping electricity rates affordable and predictable for consumers. The company emphasizes that even with the proposed adjustment, BEL would maintain its position as Belize’s lowest-cost electricity provider and remain among the most competitive utilities in the Caribbean and Central American regions.

    The utility company acknowledges that electricity pricing changes have far-reaching implications for households, businesses, and community development initiatives nationwide. BEL frames the proposed adjustment as an essential investment in grid reliability and national development, ensuring stable energy delivery supports Belize’s continued economic growth and infrastructure modernization.

  • Column: De transparante CEO die wantrouwen doorbreekt

    Column: De transparante CEO die wantrouwen doorbreekt

    In the heart of Suriname’s business landscape, Kuldipsingh Handelsmaatschappij has evolved from a modest construction materials shop into a diversified technical sector giant employing over 1,500 people. The company’s most remarkable transformation, however, lies in its port facility division—a venture that began as a speculative gamble on Suriname’s then-nascent oil and gas industry.

    A decade ago, Kuldipsingh made a bold strategic decision: investing in modern port infrastructure ahead of the anticipated energy boom. What many viewed as a mysterious and potentially suspicious expansion has now materialized into a fully operational facility serving international energy heavyweights including Halliburton, Shell, Staatsolie Blue Water shipping, Noble, and Petronas.

    The true revelation emerged during a recent masterclass on Local Content organized by Staatsolie, where journalists gained unprecedented access to the facility. The tour was led by an unassuming guide dressed in worn but neat jeans and shirt—later revealed to be Vinood Ramkhelawan, CEO of Kuldipsingh Port Facility NV. His accessible demeanor and humorous delivery contrasted sharply with corporate expectations, yet his operational expertise proved formidable.

    What distinguishes Ramkhelawan’s leadership approach is radical transparency. In an industry often characterized by defensive statements and polished corporate messaging, he openly discusses harsh business realities, political challenges, and daily obstacles facing Surinamese companies. This candor is gradually dismantling years of suspicion surrounding the company’s rapid growth.

    The operational reality visible behind the port gates demonstrates tangible results of vision and perseverance: future-proof infrastructure supporting Suriname’s energy sector. Rather than polished sales pitches, visitors witness factual operations, safety standards, and strategic planning.

    The success story highlights a crucial dichotomy: while Surinamese entrepreneurship demonstrates remarkable drive, knowledge, and courage to leverage the oil and gas sector, governmental support structures lag significantly—particularly regarding local content development. The political sphere emerges as the primary constraint on national energy development.

    Kuldipsingh’s journey exemplifies how vision, courage, and transparency can build not just infrastructure but trust. Under leadership that combines honest dialogue with operational excellence, the Surinamese dream becomes tangible—proof that calculated risks and centering local labor can transform national economic prospects.

  • Economie moet versneld transformeren naar ‘Suriname 3.0’

    Economie moet versneld transformeren naar ‘Suriname 3.0’

    Suriname stands on the brink of a historic economic transformation as its offshore oil and gas sector accelerates development, according to Oil, Gas & Environment Minister Patrick Brunings. The government has announced plans for a comprehensive national conference in April 2026 that will bring together government entities, private sector representatives, academic institutions, and international partners to establish a detailed roadmap for ‘Suriname 3.0’ – the nation’s transition to a modern, diversified, and sustainable economy.

    Minister Brunings, who comes from an oil industry background himself, emphasized the urgency of preparation: “We must make a structural leap. The offshore developments are real, investments are coming, and we must be ready.” The future oil and gas revenues are specifically intended not to maintain the status quo but to fundamentally reshape Suriname’s economic structure.

    The proposed roadmap outlines a strategic shift away from the gold sector toward multiple new revenue streams supported by oil income. Key development areas include water and climate industries, eco-tourism, high-tech agriculture, critical minerals, green technology, modern fisheries, natural pharmaceuticals, and renewable energy as a second economic pillar. Suriname aims to maintain and even expand its status as a >90% carbon sink nation through investments in solar, wind, hydro, bioenergy, geothermal, green hydrogen, and small-scale nuclear power.

    A crucial component involves reforming the government apparatus, with plans to gradually reduce the size of the public sector. Part of the civil service workforce will be retrained for positions in the oil, gas, and green industries. “The government cannot keep growing. Future jobs will emerge primarily in the productive sector. We must prepare personnel for that,” Brunings stated.

    The transformation faces significant challenges, particularly regarding local content capacity. A masterclass organized by Staatsolie highlighted growing gaps between industry requirements and current market capabilities. International companies operating in Suriname need local goods and services, technically specialized personnel, and supporting sectors including legal, financial, hospitality, logistics, and medical services.

    Despite evident motivation and potential among Surinamese businesses, substantial deficiencies remain – including shortages of well-trained technical staff, insufficient HSE and quality standards, lack of certifications, and inadequate training facilities. The Kuldipsingh Port Facility demonstrates both the rapid pace of offshore development and Suriname’s potential competitiveness, as major international players now operate locally rather than diverting to Trinidad & Tobago or Guyana.

    However, government preparedness lags behind market developments, particularly in policy formulation, regulations, local content requirements, and data collection. Without accelerated action, local small and medium enterprises risk exclusion from emerging opportunities. The April 2026 conference will establish foundations for a national oil and gas development plan, green economy investment strategy, public administration reform, robust local content agreements, and a long-term roadmap for Suriname’s economic future.

  • New Parika-Supenaam ferry arrives in Guyana

    New Parika-Supenaam ferry arrives in Guyana

    Guyana’s transportation network has received a significant upgrade with the arrival of the ARIS IV, a modern roll-on/roll-off ferry that will soon commence operations on the crucial Parika-Supenaam route. The vessel, constructed in Greece in 2020, completed a transatlantic journey spanning 5,200 nautical miles before reaching Guyanese waters.

    President Irfaan Ali officially announced the ferry’s arrival through a social media statement on Thursday evening, December 4, 2025, highlighting the achievement as part of the government’s infrastructure modernization efforts. The acquisition represents a strategic investment in the country’s transportation capabilities, with the government purchasing the vessel for approximately $4.4 million USD (3.8 million Euros).

    Technical specifications from maritime database Shipax indicate the ARIS IV measures 58.8 meters in length with a 15.7-meter beam and substantial cargo capacity of 550 deadweight tonnes. The 827 gross tonnage vessel will be integrated into the existing fleet managed by the Transport and Harbours Department, joining other recently acquired ferries including the Chinese-built MV Kanawan and MV Sabanto, and India’s MV Ma Lisha.

    The addition of this European-made vessel to Guyana’s maritime infrastructure is expected to enhance connectivity and trade along the vital Parika-Supenaam corridor, potentially reducing transit times and improving reliability for both passenger and commercial transport services.

  • Cementpartnerschap Argos–Kersten bereikt 15-jarig jubileum

    Cementpartnerschap Argos–Kersten bereikt 15-jarig jubileum

    In a significant milestone for Suriname’s construction sector, Argos and Kersten Group today commemorate 15 years of strategic partnership that has fundamentally transformed the nation’s infrastructure landscape. This alliance represents a powerful fusion of international expertise and local legacy that has delivered exceptional value to Suriname’s development trajectory.

    The collaboration brings together Argos’s nine decades of pan-American construction expertise with Kersten Group’s remarkable 255-year heritage in Suriname. This unique synergy has enabled consistent delivery of premium cement solutions, comprehensive technical support, and reliable supply chain management even during global material shortages that have challenged construction industries worldwide.

    Melvin Ong A Kwie, Director of Massive and Industrial Business at Argos Suriname, emphasized the partnership’s significance: “Reaching this 15-year milestone fills us with immense pride. Our collaboration with Kersten has substantially enhanced our capacity to support Suriname’s growth while maintaining deep connections with the communities we serve.”

    Beyond their commercial operations, both companies have demonstrated profound commitment to social responsibility. The partnership has generated substantial local employment opportunities, supported numerous environmental initiatives, and funded community development projects that align with Suriname’s sustainable development goals.

    Imani Van Klaveren, CFO of Kersten Group, highlighted the partnership’s foundational principles: “These fifteen years demonstrate the immense value of a collaboration rooted in innovation, sustainability, and shared developmental vision. By combining Kersten’s local legacy with Argos’s technical expertise, we have significantly strengthened Suriname’s infrastructure sector and remain confident in our enduring positive impact.”

    Looking forward, both organizations have reaffirmed their commitment to continuing this transformative partnership. Their shared ambition remains unwavering: to continue building a stronger, more sustainable, and prosperous Suriname through innovative construction solutions and community-focused development initiatives.

  • Collado: AILA must speed up expansion to keep pace with Santiago and Punta Cana airports

    Collado: AILA must speed up expansion to keep pace with Santiago and Punta Cana airports

    Santo Domingo’s tourism authorities have declared the nation’s airport infrastructure fully equipped to handle current and future travel demands, with substantial capital investments actively transforming the country’s key aviation gateways. Tourism Minister David Collado provided a comprehensive update on the strategic modernization initiatives underway across the Dominican Republic’s primary international airports, emphasizing their critical role in strengthening global connectivity and elevating traveler experiences.

    Significant advancements are particularly evident at Santiago’s Cibao International Airport, where extensive renovation works are progressing rapidly. Meanwhile, Punta Cana International Airport—the Caribbean’s busiest terminal—has successfully concluded its latest enhancement phase and is already planning a third expansion to accommodate growing passenger volumes.

    Minister Collado specifically addressed the development timeline for Las Américas International Airport (AILA), urging accelerated progress on its US$250 million-plus transformation. Operated by Aerodom under the VINCI Airports consortium, AILA’s major redevelopment features a completely new passenger terminal designed to operate concurrently with existing facilities. The ambitious project remains on track for completion between late 2027 and 2028, though Collado emphasized the necessity for expedited implementation given the nation’s consistently robust passenger traffic.

    The coordinated infrastructure improvements reflect the Dominican government’s strategic focus on maintaining the country’s competitive edge in global tourism markets. These aviation enhancements directly support the nation’s broader economic objectives, ensuring that physical infrastructure evolves in lockstep with visitor growth and evolving industry standards.