April 23, 2024
Investments

Guyana welcomes investments from Qatar


President Irfaan Ali has welcomed the first private sector-funded project from Qatar, thanking the Emir of Qatar, Sheikh Tamim ibn Hamad Al Thani for his personal involvement in the multi-million dollar venture. 

“I would like to thank the Emir himself. He has been leading from the front, the expansion of this relationship,” Ali said adding that Qatar will fund and build a new stadium in Region Three (Essequibo Islands – West Demerara). 

“Very soon… with support from the Emir of Qatar, we will turn the sod for a new stadium in Region Three to be financed by Qatar,” he said, noting that it would be “a grant and gift of the friendship between the two countries. 

“This is testimony to the strength of belief and character that honour the relationship we are building with Qatar,” Ali said. 

Diplomatic relations between the two countries were established in 1996. 

Ali said that since Guyana established an embassy in Doha in 2023 interest in Guyana has increased significantly. 

“Since we established a strong focus on other parts of the world and not those we have traditionally focused on investment from, we are seeing tremendous interest and Qatar is one of the countries that has shown remarkable speed in expanding and transforming that interest into reality. 

“We are in discussions with Qatar in a number of areas…tourism and hospitality, service, oil and gas, food security, investment and modernisation and transformation of the country,” Dr Ali said. 

Qatar’s Amir Sheikh Tamim bin Hamad Al Thani visited Guyana for the first time last September signing a number of cooperation agreements. 

The first agreement related to economic, commercial, and technical cooperation, the second on the promotion and protection of mutual investments, and the third was a memorandum of understanding for cooperation in legal fields. 

Meanwhile, Guyana is set to welcome its largest world-class investment in tourism and hospitality with the construction of the Georgetown Seafront Resort and Convention Centre that should be completed in three years, providing an additional 260 hotel rooms and suites as well as 150 service and premium villas. 

“This investment is not in a vacuum, it is in the context of the larger vision and strategy for the hospitality industry that we are well on our way to implementing,” Tourism, Industry and Commerce Minister, Oneigde Walrond at the ground breaking ceremony on Sunday. 

She told the audience that several of the 10 new hotels under construction are due to open later this year. 

“I want to assure the Assets Group and other investors that we are working to ensure an integrated framework for investment in the hospitality sector and I want to assure citizens of Guyana and residents of Georgetown that the vision for development is sustainable and being rolled out with care for the environment. 

“Our strategy sensibly balances the need for economic opportunities and preserving the environment for future generations,” Walrond added. 

President and chief executive officer of the Qatari-based Power International Holding, Ramez Al-Khayyat said the new venture was designed with the country and people in mind. He said that in addition to the 400 rooms, the facility will have retail units for food and beverages, high luxury fashion brands, state of the art health club and a convention centre with cutting edge facilities. 





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