Qatari Investors to pay G$2B for prime Carifesta Avenue land – GOINVEST

Mar 02, 2024 News

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Kaieteur News – The Qatari Investors who have been given the green light to build a 5 Star Hotel on Carifesta Avenue, are expected to pay G$2B for the prime lands, the Guyana Office for Investment (GOINVEST) disclosed on Thursday night.

GOINVEST’s statement followed questions from Kaieteur News to Vice President Bharrat Jagdeo on Thursday at his weekly press conference held at Freedom House, Robb Street, Georgetown.

“Can you say, what was the selling price for the prime lands given to the Qatari hotel?” the Kaieteur News reporter asked to which the Vice President responded, “No you can talk to GOINVEST about that. You deal with GOINVEST because you will see all the terms of the deal.”

The local investment office in its statement said that “As part of the signed MoU, the company is expected to purchase the land for GY$ 2 Billion.”

GOINVEST noted that the inking of the MoU is a major step for the country’s tourism and hospitality landscape and the project which will be spearheaded by Assets Group, a subsidiary of Power International Holding (PIH) with an expected completion date of March 1st, 2026. The Hotel will house 260 rooms and suites, 150 serviced apartments which will include branded residences and premium villas.

“Power International Holding (PIH), a Qatar-based conglomerate has a diverse portfolio spanning various sectors such as real estate, hospitality, construction, manufacturing, and services. PIH has established itself as a prominent player in the Qatari business landscape and has expanded its operations internationally in nineteen (19) different countries,” the statement added.

GOINVEST also said that, “Notably, this development frontally addresses the country’s deficit of quality room stock by more than doubling the number of available rooms within a one-mile radius. The resort will feature a world class 30,000 square ft. convention center outfitted with all modern amenities to cater to international conferences and events of diverse scales, thereby increasing Guyana’s competitiveness as a MICE (meetings, incentives, conferences, and exhibitions) tourism destination.”

The investment office also explained in the statement that the, “Investment Agreement with the Government of Guyana, facilitated through the Guyana Office for Investment, is in its final stages, aimed at providing fiscal concessions in keeping with the standard incentive regime for hotel businesses and the tourism sector.”

The statement continued: “It must be recalled that since resuming office in 2020, the People’s Progressive Party/Civic Government received several proposals to construct internationally branded hotels and state-of the-art convention centers in Guyana. This particular proposal compares very favorably to all others received.”

Since the announcement of the acquisition of lands by the Qatari Investors, the Georgetown Mayor and City Council (M&CC) has asserted its ownership of the lands the investors intend to build a US$300M hotel on.

During a statutory meeting held on Monday, City Mayor Alfred Mentore circulated a transport that purports to show Council’s ownership of the prime waterfront property to the over 30 councilors present at the meeting.

Mentore was adamant that the issue of the ownership of the lands should be urgently attended to and sought to suspend the Council’s Standing Orders to have the matter dealt with.

Several Peoples Progressive Party Civic (PPP/C) Councillors sought to block any discussion surrounding the ownership at the statutory meeting given that it was not placed on the meeting’s agenda.

The Councillors, who were opposed to having the matter discussed at the meeting, reminded Mentore that there was no proper basis for matter to be discussed.

The Council nevertheless moved a motion to have the matter discussed.  The City Council agreed that a letter should be sent to President Irfaan Ali in an effort to resolve the current dispute over the ownership, and usage of the land that has been earmarked for the US$300M Qatari Hotel on Carifesta Avenue.

“Nothing was provided to us on this issue. So, I see the fence is being done, and the sod has been turned, and a whole host of other things. The project document has to start with the Council.

“We must have one rule for everyone. There must be one rule for the citizens of this city, and there must be one rule for central government, and there will be one rule for investors, who want to invest in Guyana. We must not break the rules or bend it to suit anyone,” Mentore explained.

He noted that the land which was being used by the National Insurance Scheme (NIS) was a gift to the City of Georgetown for recreational purposes by former plantation owners in 1887.

“If there is no clarity or no success in the hopeful discussions with his Excellency, and maybe other government people on this matter, the council is prepared to take litigation in this matter,” Mayor Mentore said.

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• Carifesta, GOINVEST, Hotel, Qatari, waterfront

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