Financing for new hotels needed
Share on facebook
Share on twitter
Share on google
Share on whatsapp
Representatives of the Qatar Investment Association receive tokens from Minister of Tourism, Industry and Commerce, Oneidge Walrond
Representatives of the Qatar Investment Association receive tokens from Minister of Tourism, Industry and Commerce, Oneidge Walrond

-Guyana tells Qatar investors

AS members of the Qatar Investment Authority (QIA) continue to scout possible areas of investment in Guyana, they were briefed on how the country’s growing popularity has birthed the need for more accommodation facilities for visitors.

On Friday, following a meeting with President Dr. Irfaan Ali the evening before, a team led by Finance Minister, Dr. Ashni Singh, met with two officials of the Qatar delegation, Mr. Abdulhadi F A Al-Hajri and Mr. Dany Farah Nakhoul.

A press statement from the Ministry of Finance indicated that, at that forum, a few government ministers presented on the opportunities that exist within their respective sectors. Among them was Minister of Tourism, Industry and Commerce, Oneidge Walrond, who, according to the release, outlined the ‘ripeness’ of the hotel industry for investments.

According to the statement, Minister Walrond also outlined the need for improved investments in important niche markets such as eco-tourism. More particularly, the need for the establishment of more luxury eco-lodges and resorts in various regions of the country.

Minister Walrond’s pitch was supported by various members of the local private sector who, the ministry said, expressed hope of partnering with foreign investors to expand their operations, as well as the need for assistance in financing the establishment of more hotels.

Minister of Public Works, Juan Edghill, delivering remarks at the forum hosted by Senior Minister in the Office of the President with responsibility for Finance, Dr. Ashni Singh

The need for more accommodation facilities have existed for years, prompting the pre-2015 People’s Progressive Party/Civic government to pursue the establishment of the Marriott Hotel at Kingstown, Georgetown.
Although highly criticised and pegged as a “white elephant” by the then Parliamentary Opposition, the hotel constantly boasts of a “fully-booked” status; as a matter fact, this will remain the case until January 2022.

Even amid a global pandemic, Guyana’s stellar reputation as a growing investment hub continues to attract thousands from near and far. And with the country preparing to host a number of world leaders along with their technical teams and private sector representatives, the need for more state-of-the-art accommodation facilities will increase exponentially.

Within just a month of being in office, the Dr. Irfaan Ali-led government issued Expressions of Interest for internationally branded hotels to be built in the country; many have since answered the call, with the most recent being the commitment from a Trinidadian company to build a US$32.2 million (almost GY$6.8 billion) Hyatt Place Hotel.

It was only last week that the ceremonial sod was turned for the 125-room facility to be built along Red Road, Providence, East Bank Demerara.
A Guyanese developer has also outlined plans to build a 150-room hotel in the Houston area, strategically positioned along the new four-lane Mandela-Eccles road currently being constructed.

Added to that, sod-turning exercises have already been held for a number of new, additional hotels, with two earmarked for the environs of the Cheddi Jagan International Airport (CJIA). The government has said that it aims to have at least 2,000 hotel rooms available for visitors to accompany the anticipated growth in the local economy.

At Friday’s meeting, the local private sector also highlighted the need for investments in agricultural expansion as well as the need for more marine and dry dock ports, especially as stakeholders work to deliver on President Ali’s vision of enabling Guyana to realise its true potential as a hub for agriculture and food security within the Caribbean region and further afield.

Meanwhile, at the meeting with the Qatar officials, Minister of Public Works, Juan Edghill, pointed to the need for a transport and logistics network “to move the country’s goods to the Caribbean and vice-versa.”
Edghill, according to the press release, also outlined the need for major farm-to-market roads, as well as other highways to facilitate easier access to key mining and forestry areas. Edghill, according to the statement, also highlighted a need for new ferries and other water-transport mechanisms, as well as the importance of upgrading local aerodromes and other key transportation infrastructure.

“The Public Works Minister indicated that government is seeking public/private partnerships or solely private investment where applicable,” the Finance Ministry said.

Meanwhile, summing up government’s presentation, Minister Singh was quoted as saying that the government’s major objectives, as part of its strategy for infrastructure, are to improve international connectivity, unleash Guyana’s productive potential through the improvement of domestic connectivity, particularly the opening of new agricultural lands and the building of new highways to improve and ease commute.

In addition to Ministers Singh, Edghill and Walrond, the meeting with the Qatar officials was also attended by Chief Executive Officer (CEO) of the Guyana Office for Investment (GO-Invest) Dr. Peter Ramsaroop, along with Chairman of the Private Commission, Paul Cheong; President of the Georgetown Chamber of Commerce and Industry (GCCI), Timothy Tucker; President of the Guyana Oil and Gas Energy Chamber (GOGEC), Manniram Prashad; President of the Aircraft Owners Association of Guyana, Gerald Gouveia Jnr; and First Vice President of the Guyana Manufacturing and Services Association (GMSA), Mr. Ramsay Ali.

SHARE THIS ARTICLE :
Share on facebook
Facebook
Share on twitter
Twitter
Share on google
Google+
Share on whatsapp
WhatsApp
Share on facebook
Share on twitter
Share on google
Share on whatsapp
Scroll to Top
All our printed editions are available online
emblem3
Subscribe to the Guyana Chronicle.
Sign up to receive news and updates.
We respect your privacy.