Qatari investors to pay G$2 Billion for Carifesta Avenue land -says Go-Invest

The Guyana Office for Investment has jumped into the fray over the construction of the Georgetown Seafront Resort and Convention Centre, which is to be built along Carifesta Avenue on land that is being claimed by both the Guyana Government and the Georgetown City Council.

Two weeks ago, the Government of Guyana signed a Memorandum of Understand and broke ground for the new hotel complex, which is expected to see a G$64.5 Billion investment by a company from Qatar.

Controversy erupted over the ownership of the land that the Government has earmarked for the project, with both the Government and the City Council claiming ownership.

While the Government has stated that it has been in control of the land since 1966 under the Lands and Surveys Commission, the Georgetown City Council has presented a transport for ownership of the land, which was handed over to the City of Georgetown by former slave plantation owners in the late 1800’s.

With calls for more transparency about the project and the investors, the Guyana Office for Investment has revealed that as part of the signed MoU between Guyana and the Qatari investment group, $2Billion is to be paid for the land which currently houses playground facilities.

Go-Invest in its statement said the investment would address the country’s deficit of quality room stock by more than doubling the number of available rooms within a one-mile radius.

Additionally, it noted that the resort will feature a world class 30,000 square ft. convention center which would be outfitted with all modern amenities to cater to international conferences and events of diverse scales, thereby increasing Guyana’s competitiveness as a MICE (meetings, incentives, conferences and exhibitions) tourism destination.

The Government’s investment arm stated that an Investment Agreement with the Government of Guyana, facilitated through the Guyana Office for Investment, is in its final stages of preparation, and it is aimed at providing fiscal concessions in keeping with the standard incentive regime for hotel businesses and the tourism sector.

The Georgetown City Council maintains its ownership of the land that the Government is seeking to sell to the investment company. The City Council has agreed to write to President Irfaan Ali on the issue, and has stated that if there is no favourable response, it plans to move to the Court for a settlement of the dispute over the land.