Qatari investors to pay $2B for Carifesta land – GO-Invest

The Guyana Office for Investment (GO-Invest) has disclosed that the Qatari investors who are undertaking the construction of the US$300 million Georgetown Seafront Resort and Convention Center on Carifesta Avenue in Georgetown will pay some $2 billion for the two plots of land that are currently under contention.
Only recently, the Guyana Government signed a Memorandum of Understanding (MoU) with Qatar-based Assets Group and laid the ceremonial foundation on February 18, 2024 for the construction of the Georgetown Seafront Resort and Convention Center.

GO-Invest, in a recent statement, disclosed that as part of that signed MoU, the Qatari investor is expected to purchase the land for G$2 billion.
Additionally, it was noted that “An Investment Agreement with the Government of Guyana, facilitated through the Guyana Office for Investment, is in its final stages, aimed at providing fiscal concessions in keeping with the standard incentive regime for hotel businesses and the tourism sector”.
These concessions, according to GO-Invest, are favourable when compared to those given for other similar proposals to construct internationally branded-hotels and state-of-the-art convention centres in Guyana.
There has been mounting controversy surrounding the two plots of land being used for this massive hotel project – with concerns raised over the remaining “green spaces” in Georgetown.
Vice President Bharrat Jagdeo, however, declared that the hotel project would move forward as he bemoaned the persistent “narrow-mindedness” especially by the A Partnership for National Unity/Alliance For Change (APNU/AFC) Opposition when it comes to initiatives being undertaken to transform Guyana’s landscape.
“It was the same APNU that was opposed to the building of the [Marriott Hotel]… The APNU/AFC had to eat their words. They said it would be a white elephant project. It would not be feasible. They would turn it into a hospital. Today, it’s one of the most profitable hotels anywhere. You saw that value from the bids that we received [for the sale of the Marriott Hotel] which was twice the cost of its construction. [And this hotel] replaced a dumpsite and hundreds of Guyanese are working there now,” Jagdeo stated.
According to the Vice President, with the rapid growth Guyana is undergoing, there is need for facilities like the Georgetown Seafront Resort and Convention Center.
“Anyone who visited the Marriott Hotel would have seen how we’ve outgrown that hotel. There is no space in the hotel to host any conference or anything anymore…”
“This country is changing and you have to cater for all sorts of activities that bring benefits to the people of this country… This hotel will cost over US$300 million of private money. It will be a five-star hotel – the only one in the country and one of the few in the Region. It shall have convention space five times that of the Marriott ballroom… At the end of the construction, you’d have at least 500 Guyanese who would have permanent jobs there,” VP Jagdeo stated.

Seafront Resort and Convention Center
The $64.5 billion Georgetown Seafront Resort and Convention Center is slated to be completed by March 2026. This facility will feature 260 luxurious rooms and suites, alongside 150 serviced apartments, which include branded residences and premium villas. The resort will also feature a world-class 30,000 square-foot convention center outfitted with all modern amenities to cater for international conferences and events of diverse scales, thereby increasing Guyana’s competitiveness as a MICE (meetings, incentives, conferences and exhibitions) tourism destination.
The company spearheading this project, Assets Group is a subsidiary of Power International Holding (PIH), which is a Qatar-based conglomerate that has a diverse portfolio spanning various sectors such as real estate, hospitality, construction, manufacturing, and services. PIH has established itself as a prominent player in the Qatari business landscape, and has expanded its operations internationally in 19 different countries.
However, even as works are slated to commence soon, the Georgetown Mayor and City Council (M&CC) has claimed ownership of the lands – something which the Government has debunked. At a statutory meeting on Tuesday, Georgetown Mayor Alfred Mentore presented a transport purporting to show ownership for the lands in question.
But Attorney General and Legal Affairs Minister Anil Nandlall, SC, has maintained that the two plots of land, previous known as the NIS and GNS Grounds, are owned by the State. In fact, he noted that City Hall’s property is a separate plot of land that remains untouched.
“The plans and all the other archival materials are there to establish beyond doubt that that portion of land is owned by the State… The Guyana Softball Association was occupying that ground upon a permission or a licence granted to them by the Ministry of Education, because the Ministry of Education was the lessee of that land. All of those [leases] have expired and once the Ministry of Education is the [lessor], it was a [lessor] from the Government. So, it’s the Government’s land or the State’s land,” Nandlall posited during this week’s edition of his programme – Issues In the News.
The City Council had indicated its intention to issue a cease order to stop the construction of the hotel project. The Attorney General has since welcomed any move by City Hall to have this dispute settled in the courts.
“The Mayor is saying that he would like to go to court. Well, I am happy that he is planning to go to court, because that is where the issue should be resolved. If he believes that he has a claim, let him go to court and establish ownership. The land that the City Council owns… is a different piece of land and all the City Council has to do is to read the transport and if they have a difficulty in reading the transport, employ a lawyer and a surveyor, and they will be advised properly,” AG Nandlall stated. (G8)