–President Ali says at sod-turning event for Pegasus ‘New Branded Hotel’

AS Guyana continues to transform rapidly with advancements in every sector within the country’s economy, President, Dr. Irfaan Ali has estimated that from the Kitty roundabout to Stabroek and then to the Vreed-en-Hoop waterfront, investments would exceed US$600 million.
The President made those remarks on Tuesday, during the sod turning ceremony for the Pegasus New Branded Hotel, which will emerge where the Savannah Suite stands.
“Every time one of these buildings go up, the net value of our country goes up, the net value of the neighbourhood goes up,” President Ali said while highlighting that Guyanese have the ability to write their future.
With construction to start in about two weeks, the project will be completed in the next two to three years.

He said when Guyanese make these bold steps, they are building an entire eco-system, and not just physical infrastructure.
This new major investment is linked to the President’s vision of building a world-class economy by 2030.

“Whether it’s a restaurant, whether it’s a night club, whether it’s an entertainment facility, you need to have people to make use of the services,” he said.
Addressing the waterfront corridor, he said how it could be further transformed to meet those new investments must be discussed.
Already, the President touted the strategy of building infrastructure that is iconic.

He also stated that maximising the tourism industry is being looked at, in various ways such as how cruise liners could revolutionise their services.
The President also spoke on other areas that could aid Guyana is its development of a world-class economy by 2030 such as Silica City.

He said: “We have to develop an iconic project in which the international community would also find viability in living in an environment that is representative of the future.”
Additionally, Dr. Ali deemed Pegasus Hotel as “leader” in Guyana’s hospitality industry, and said that the construction of new hotel comes at a time when Guyana is poised for significant growth.
Addressing all hotel owners, the Head of State said an association to help with marketing, branding, support, and placing themselves as a collective whole representing Guyana and the tourism industry in its totality and not necessarily as competitors, is needed.
Moreover, the President, since assuming office, has emphasised how economic diversification is the cornerstone for resilience and sustainable growth.

On that note, he highlighted how the local businessman and owner of the Pegasus Hotel, Robert Badal has made significant investments in various areas not just in the hospitality industry.

The President thanked Badal and his family for having confidence in not only the government but also the economy to make such a bold investment.

He said that one can have the best policies and programmes, but if there is not a private sector that is driven or individuals with vision, then those policies fall flat.
Chief Investment Officer and Head of Guyana Office for Investment (Go-Invest), Dr. Peter Ramsaroop re-emphasised the President’s call for more hotel rooms in light of Guyana’s economic growth.

Local businessman and owner of the Pegasus Hotel, Badal, in his remarks, said that this new project will provide a bridge between the old and the new.
He also praised the government for creating an ideal environment for investors.

“The reality is that they’re attractive investment alternatives which makes more economic sense with much better returns,” he said.