–President Ali tells Saudi investors
–announces establishment of Saudi Arabia desk at the Ministry of Finance, ahead of plans for local embassy

GUYANA continues to make its mark as one of the fastest-growing and most attractive economies in the world, with the latest indication of this being a visit to the country by a 65-member delegation from Saudi Arabia on Saturday.

The visiting delegation, which comprised government and private sector officials, met with President Dr. Irfaan Ali and a team of Cabinet Ministers and other Guyanese officials at the Arthur Chung Conference Centre.
In his address to the team from Saudi Arabia, President Ali said: “We are ready; we are serious… I have been working around the globe for exactly this. Today, I invite you to partner with us on this journey of prosperity for all the people of this country, and, of course, prosperity that would also bring benefit for the people of Saudi Arabia.”

One of the immediate outcomes of the engagement was the establishment of a Saudi Arabia desk at the Ministry of Finance.
“… not only a special desk; we want for you to create a special presence with the establishment of your embassy… But, in the meantime, consider it done… As of today, there will be a Saudi Arabia desk in the Ministry of Finance. We’ll put counterpart officials just like we had desks for the CDB, for the Japanese grant; we are establishing that today,” President Ali said.

The Head of State related that the move to establish a point of contact between the two countries is an important aspect of enhancing diplomatic and investment relations with the massive oil and gas- producing nation of Saudi Arabia.

Saudi Arabia is ranked the 15th largest economy in the world, and recorded a nine per cent growth rate in 2021, in spite of the COVID-19 pandemic.
President Ali noted that this is the opportune moment for investment in Guyana, advising the delegation that their investments will not be exclusively beneficial to Guyana, but will be a mutually beneficial agreement that would result in massive benefits to the people of both countries.

The Head of State charged officials in Guyana and those in Saudi Arabia to engage their private sectors, and facilitate meetings on barriers to trade and investment. Once this is done, there will be suggestions and agreements on how those barriers could be removed in order to improve cooperation between the two nations.

Some of the main areas of interest that are being explored by Saudi Arabia are energy; transport infrastructure; housing and urban development; agriculture; tourism and hospitality; social services, including health and education, and environmental services.

One particular project that was singled out as an area for partnership by President Ali is the government’s proposed Silica City project.
The government, he said, within the next five years, will be moving to develop over 3,000 house lots in an area along the upper East Bank of Demerara.

It is envisaged that the area at reference, once developed, will be home to over 50,000 persons within the next 20 years. The government has already allocated some 3,800 acres of State lands within the Soesdyke and Timehri areas to establish this new urban district.

Saudi Arabia’s Deputy Minister of Investors Outreach, Badr Al Badr, said that his government is committed, and eager to pick the low-hanging fruits of investments that are available in Guyana.
Badr expressed the willingness of several Saudi companies to work with and trade expertise in the areas of tourism, energy, healthcare, construction, and manufacturing. He noted that this visit represents the first of many.

“We feel this visit is the start of a historical moment between Saudi Arabia and Guyana, and this delegation has an excellent opportunity for you to see first-hand what we have to offer you and your companies. We believe in the opportunities of Guyana, and we very much want to develop the investment dialogue we have recently begun with you,” Badr said.