The Sheriff Group of Companies will be embarking on building a luxury hotel and casino at Palmyra, Berbice, the third multi-million-dollar investment by the company this year at the location.
Ameir Ahmad, one of the directors of the company yesterday told Stabroek News that the investment was some US$100 million. The luxury hotel and casino will have all the modern amenities of first-world countries – the first of its kind in the ancient county – with the expectation of aiding the tourism sector and also creating hundreds of jobs for locals.
In January this year, the company had announced the construction of a specialty hospital at Palmyra, Region Six; an investment which after completion will open up 400 jobs to Berbicians.
Ahmad had said that the specialty hospital will be a three-storey structure with a total of 150 rooms, which is expected to drastically improve the delivery of healthcare in the Berbice area. Accommodation for doctors and certain sections of staff will also be built at the location.
According to him, the infrastructure itself is expected to cost the company around $5 billion, while the equipment is estimated to cost between $10 billion and $15 billion.
Meanwhile in February, the company announced the construction of a three-story building also at Palmyra to house the headquarters for Sheriff Security in the ancient county where they already have some 100 staff on payroll.
Ahmad had said then that the $400 million building will also provide a business centre for companies wishing to open operations in the region.
Questioned then about the financing of projects, Ahmad said, “We are engaging the banks and our profits. Our investments are so large. We’re also taking a big risk in Berbice, using our finances, and loans.”
“Berbice is going to be a financial hub, a very busy place, and an active area. A lot of businesses are going to move to Berbice, actually they will have to move to keep up,”
A confident Ahmad had said, “We’re taking a big risk, a huge financial risk but we know it is going to pay.”
