— President Ali hails private investment as catalyst for East Coast transformation

FUELLED by major infrastructural projects, rising private investment and expanding residential and commercial zones, the East Coast Demerara corridor is becoming a key driver of national growth.

This is according to President, Dr Irfaan Ali, who on Friday joined with executives of Ansa McAl for the sod-turning of the company’s new US$60 million mall at Chateau Margot.

“The East Coast in particular is fast emerging as one of the country’s most dynamic corridors of growth, a place where tradition needs transformation,” President Ali said during his feature address.

Describing the investment as a vote of confidence in Guyana’s economy and people, the President said the new mall will redefine the landscape of the East Coast.

“Businesses are expanding. Investors are stepping forward, and communities are opening their doors to opportunity. This is the essence of building tomorrow’s East Coast today; it means creating opportunities where people live so families can find work, businesses thrive and young people can see a future for themselves right here at home,” he said.

The commercial development, spanning 110,000 square feet, will feature contemporary designs for shopping, dining, and leisure, and is expected to create hundreds of jobs during construction, while providing long-term employment in retail and services.

At the President’s request, ANSA McAL will also dedicate part of the property to a “Guyana Strip,” an external space designed to celebrate local culture and accommodate small businesses.

“In your development here, there must be a mechanism through which this development will offer those small businesses that we are building the opportunity to establish a footprint in your development, the President said.

He reiterated that the government remains focused on sustaining the current momentum of development, maintaining discipline in delivery and converting plans into tangible results.

Chairman of ANSA McAL Limited, Anthony Norman Sabga, said the investment stands as a symbol of regional expertise and local partnership.

“We are proud to have walked this journey alongside you. We have learnt, grown, and become even more confident in Guyana’s immense potential. This confidence continues to guide our investment today,” Sabga said.

The mall will be constructed adjacent to the iconic Chateau Margot chimney, a historic landmark of Guyana’s sugar industry and a maritime beacon for ships approaching Georgetown. Sabga gave the assurance that the monument will be preserved as part of the project’s design.

“The iconic chimney, which is adjacent to the mall, stands out, symbolising the resilience and strength of the community, a proud reminder of the nation’s industrial spirit,” the conglomerate said.

The development will also include over 24,000 square feet of premium office suites and nearly 500 parking spaces, ensuring accessibility and convenience for visitors. Construction is expected to be completed within 18 months.