A decade after its first investment in Puerto Rico, the company celebrates its role as a driver of economic development and plans for bigger and better achievements in years to come. Here, John Paulson, Founder of Paulson Puerto Rico, and Fahad Ghaffar, Partner and Co-Owner, guide us through its past, present, and future.
From one investment to a diversified portfolio
The story of Paulson Puerto Rico begins with an investment in the St. Regis Bahia Beach Resort in 2013. “I was invited to become a shareholder at Banco Popular in 2009. After that, Richard Carrion, the bank’s CEO at the time, invited me to visit the island and I fell in love with the St. Regis, which has having financial troubles. So, I made a bid and it was accepted. Fahad Ghaffar arrived shortly after as my partner, grew the company, and is now a full-time resident of Puerto Rico,” John Paulson recalls.
“I married a Puerto Rican, our daughter was born here, I became a US citizen here, so other than speaking Spanish fluently, I’m all in!” Ghaffar commented.
Today, the company has a diversified portfolio ranging from real estate development and hotels to restaurants and auto retail, among others. These include landmark properties such as the Condado Vanderbilt Hotel, La Concha Resort, Condado Ocean Club, American International Plaza, 270 Muñoz Rivera Avenue, and the St. Regis Bahia Beach Resort and Golf Club. Recently, with the help of Victor Gomez III, they created the United Collection Auto Group, with the merger of storied auto dealership Gomez Hermanos Kennedy with Auto Grupo, Benitez GM and Alberic GM.
Regardless of the industries and businesses they invest in, the philosophy remains the same. “By acquiring companies with solid operational models, strong cultures, and experienced management teams, we aim to help them maximize profits and compound gains over time. In most of them, the original partners and owners are still partners with us,” said Fahad Ghaffar.
Moreover, throughout the last 10 years the company has invested most of its profits back into its businesses and the Puerto Rican economy. This way, they not only support overall economic growth, but they also partner with an entire community of hardworking people who are committed to creating a brighter future for themselves and their families.
Propelling economic development in Puerto Rico
“Over the past years, we have made significant direct investments totaling over $300 million in the local economy. In terms of economic development, directly and indirectly the combined gross revenues of our businesses contribute approximately 2% of Puerto Rico’s GDP,” commented John Paulson.
For instance, last year alone the company purchased $203 million in services and goods from local companies in industries such as insurance, security, food and liquor distribution, banking, marketing, etc. Over the last 10 years, this translates into $1.5 billion in local purchases. “We favor a system where everyone benefits and grows together. As a result, we hire locally and have built a team of talented professionals, including attorneys, accountants, architects, and designers, all of whom are Puerto Rican,” added Ghaffar.
Top 10 largest private employer in the island
Paulson Puerto Rico’s companies have created more than 3,200 long-term, stable jobs, with an annual payroll exceeding $130 million. And because of recent investments in new housing and tourism developments, this number is expected to rise. “In one of our investments, we expect to create more than 3,500 new jobs, including 1,200 direct, 1,600 indirect, and 700 induced,” said Paulson.
Moving forward, the company is fully committed to expanding its positive impact in the Puerto Rican community and on the lives of thousands of families who have benefitted from new job opportunities and stable incomes.
“These achievements are a testament to the island's potential, its skilled workforce, and the collaborative spirit we have experienced here. As we continue to expand our presence on this incredible island, we remain committed to contributing to the ongoing development of Puerto Rico,” said Ghaffar.
Click here to learn more about Paulson Puerto Rico’s leadership, projected investments, as well as its commitment to sustainability and community service.
https://www.linkedin.com/company/paulson-puerto-rico
Media Contact
Company Name: Paulson Puerto Rico
Contact Person: Administration
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Country: Puerto Rico
Website: https://www.linkedin.com/company/paulson-puerto-rico