Antiguan Land deal...Guyana Govt. should not have spent money in such a loose manner on Marriott - Harmon

Antiguan Land deal…Guyana Govt. should not have spent money in such a loose manner on Marriott – Harmon

Aug 10, 2014 News

At least one Opposition Parliamentarian has said that Government should have bargained better with regard to the building of the Marriott Hotel. A Partnership for National Unity (APNU) Joseph Harmon, in comparing the actions of the Antiguan government when they signed on for a luxury hotel for the island, said it shows how Guyana’s Administration isn’t mindful when spending state funds.
Antigua’s Prime Minister, Gaston Browne, signed a memorandum of agreement with Sheikh Tariq bin Faisal Al Qassimi on a $120 million hotel project.
The agreement with the United Arab Emirates-based investor was signed after negotiations following Browne’s trip to Brazil.
Al Qassimi signed the agreement on behalf of Al Caribi Development, which will develop a five-star branded luxury resort project on Morris Bay near the island’s famous Curtain Bluff hotel.
The government said in a statement, that the resort would be carried out by a joint venture company formed with the government, but that, should the project fail to perform within a specified period, the land would automatically be reverted to the government.
According to Harmon, here in Guyana we have actually invested in the Marriott Hotel. Harmon said that the Antiguan government made a wise decision to provide the land for the construction and entered into an agreement.
“However in Guyana we are like the investors in this ….we provided the land and money,” Harmon told Kaieteur News.
He said that however, Antigua entered into an economic package and Guyanese would have been happy with a situation like that.
“Government actually gave the land and took the money from the taxpayers then went and looked for investors,” Harmon noted. He posited that when a government is spending state funds they should not do it in a loose manner.
The Antiguan Prime Minister had said that the move was to ensure that no long drawn-out court procedure is required to settle any complications resulting from non-performance.
The government said the project was expected to break ground on its first phase within six months, following the granting of licences and architectural renderings.
Al Qassimi is a member of the ruling family of the Emirate of Sharjah in the United Arab Emirates. He is a frequent investor in private equity and other ventures. The agreement is the latest high-profile project signed by the Antiguan government since taking over in the country’s national elections last month.
Sharjah is the third-largest Emirate in the UAE. The UAE and the wider Middle East has been ramping up its investment in the Caribbean tourism sector, most notably through Dubai-based Range Developments’ planned Park Hyatt in St Kitts.

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Antiguan Land deal…Guyana Govt. should not have spent money in such a loose manner on Marriott – Harmon

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Antiguan Land deal…Guyana Govt. should not have spent money in such a loose manner on Marriott – Harmon

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