The Guyana Office for Investment (G-Invest) yesterday disclosed that the Qatari company planning a luxury development on Carifesta Avenue will purchase the land for $2b.
In a statement yesterday, G-Invest said that the purchase price was part of the Memorandum of Understanding that was inked. Yesterday’s press release was the first disclosure of the intended purchase of the land.
The land is at the centre of a hotly contested debate with the city claiming it and the Guyana Lands and Survey Commission saying that the state has jurisdiction over it.
G-Invest said that the project will be spearheaded through Assets Group, a subsidiary of Power International Holding (PIH), and is slated to be completed by March 01, 2026.
According to the release, Power International Holding (PIH), is a Qatar-based conglomerate that has a diverse portfolio spanning various sectors such as real estate, hospitality, construction, manufacturing, and services. PIH, it added, has established itself as a prominent player in the Qatari business landscape and has expanded its operations internationally in nineteen different countries.
It further explained that the Georgetown Seafront Resort and Convention Centre represents a $64.5 billion investment, showcasing 260 luxurious rooms and suites, alongside 150 serviced apartments, which include branded residences and premium villas.
The release pointed out that this development frontally addresses the country’s deficit of quality room stock by more than doubling the number of available rooms within a one-mile radius. In addition, the resort will feature a world class 30,000 square foot convention centre 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.
It was also disclosed that an Investment Agreement with the Government of Guyana, facilitated through the Guyana Office for Investment, is in its final stages. It is aimed at providing fiscal concessions in keeping with the standard incentive regime for hotel businesses and the tourism sector.
Since taking office in 2020, the administration has received several proposals to construct internationally branded hotels and state-of-the-art convention centres in Guyana. Notably, this particular proposal compares “very favourably” to all others received, the release added.
