Guyana looking at projects for funding from UAE investment company

The Guyana Government is currently sifting through various projects under its national development agenda to submit to Mubadala – the sovereign wealth investment company in the United Arab Emirates (UAE) – for possible funding.
Mubadala is a $243 billion investment company with businesses in six continents that have interests across multiple sectors and asset classes. It invests in world-class infrastructure globally, supports industrial and commercial clusters and also partners with entities to support national development around the world.
During a recent press conference to update the country on bilateral engagements from his overseas visits including in Dubai last month, President Dr Irfaan Ali disclosed that in the meeting with officials from Mubadala, it was agreed that Guyana will share project proposals with the investment company for funding considerations.

“As we speak, the Ministry of Finance is working on a portfolio of projects to be discussed with Mubadala,” he posited.
The Head of State, when asked by <<<Guyana Times>>> about priority projects for funding, indicated that focus will be on his Government’s transformative agenda in the areas of infrastructure, healthcare, education, housing, and the silica city initiative, among others.
“In this Fund, you have the opportunity to address projects too. Projects that have severe and important economic impact, for example, development of a commercial and industrial zone. These are key projects in a new economy beyond oil and gas that will enhance our capacity and create new jobs. The innovative industry – all these are things that they are good at. That is why the Ministry of Finance is looking at our entire programme portfolio to submit to the UAE,” the President stated.
During the meeting with Mubadala nearly two weeks ago, Finance Minister Dr Ashni Singh had led a group of Guyanese Private Sector representatives to engage the UAE team, which included Chief Executive Officer of UAE Investments, Musabbeh Al Kaabi.
In a missive following the meeting, the Finance Ministry said the Guyanese delegation reiterated the rapid economic transformation that is currently underway in Guyana, and highlighted a number of sectors that are poised for immediate growth and that are therefore ripe with investment opportunities. These include: the oil and gas sector which is poised to exceed one million barrels a day before the end of the decade; non-oil extractives such as gold, bauxite, manganese, and other minerals, with a number of international large-scale operations already set to ramp up their production plans in the near term; tourism and hospitality including new and emerging sub-sectors such as the development of cruise ship facilities as well as yachting marinas; world class medical and educational facilities, including to provide medical care and education as services for export; as well as information and communications technology and others.
According to the missive, Minister Singh had also alluded to the several characteristics that make Guyana one of the most rapidly growing economies of the world and one of the most attractive destinations for investment globally under the leadership of President Ali.
The Mubadala team had welcomed the information shared by Minister Singh and the delegation on the Guyanese economy and associated investment opportunities in Guyana. They also sought various clarifications which were addressed by the Guyanese team, and signalled interest in advancing discussions in a number of specific areas.
Headquartered in Abu Dhabi, Mubadala also has offices in London, Rio de Janeiro, Moscow, New York, San Francisco and Beijing. The UAE Investments platform within Mubadala contributes to the acceleration of the UAE’s economic transformation, and investing in national world class champions, fostering vibrant industrial and commercial clusters, and partnering with world-class global entities.
Last month’s visit to the UAE has resulted in Guyana receiving commitments from various Private Sector and State-owned entities such as Al Habtoor Group LLC and Abu Dhabi Ports, respectively, as well as Middle Eastern States including Kuwait. (G8)