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25
Sep 20

By Newsroom

 

Navigant Builders Inc. and Cardiology Services Inc. have relinquished Vesting Orders and reverted the title of the lands to NICIL.

On Friday, a second major developer, Cardiology Services Inc. voluntarily relinquished the Vesting Order and reverted the title of the lands at Ogle, East Coast Demerara vested to it.

In its press release, Cardiology Services Inc. stated that “without the knowledge and participation of Cardiology Services Inc. the property was vested in Cardiology Services Inc. though the financial terms of the transaction had not been completed.”

The Vesting orders were signed by the former Minister of Finance under the APNU+AFC Government Winston Jordan.

Winston Jordan

On Thursday, in its release, Navigant Builders Inc. stated that in June 2020, unbeknownst to Navigant, NICIL vested the property to Navigant, although Navigant had previously cancelled all payments to NICIL.

Both companies have signalled that they have a continued interest in their respective projects and look forward to working with NICIL and the Government.

Source: Newsroom
21
Aug 20

By Kaieteur News

Attorney-at-law,Sanjeev Datadin

In spite of a request for adjournment by lawyers involved in the case filed to challenge the sale of prime lands along the East Coast Demerara, High Court Justice Sandra Kurtzious handed down a decision yesterday afternoon in which she dismissed an application by Kaieteur News Publisher, Glenn Lall to quash the transactions.
Lall moved to court last July to have the sale of 130 acres of lands on the East Coast Demerara (ECD) by A Partnership For National Unity +Alliance For Change (APNU+AFC) government quashed following revelations of a massive sale of prime property by the then de facto administration.

Kaieteur News Publisher, Glenn Lall

The case which lists former Finance Minister, Winston Jordan, National Industrial and Commercial Investments Limited, (NICIL) and the Attorney General as respondents, is yet to receive a response from Jordan.
NICIL, on the other hand, has through its lawyer, Devindra Kissoon, presented arguments for the case to be discharged.
The court was scheduled to provide a ruling on those contentions yesterday.
However an email from both Kissoon and Sanjeev Datadin, the attorney representing Lall, was sent to the Judge on Wednesday evening informing her that newly appointed board at NICIL was requesting a two weeks adjournment of decision from the Court to review the transactions.
Before rendering decision, Justice Kurtzious noted that though she was in receipt of the email she would not entertain the request for an adjournment at this time, since any decision of the Court will not impact on NICIL’s decision to review the transaction. The ruling is nonetheless set to be appealed by Datadin who had vehemently opposed the NICIL’s application to dismiss the case.
At the interim, the Judge based her decision to dismiss Lall’s case on three main issues. Among them, she accepted the view by NICIL’S lawyer that the company has the power to privatize in accordance with Section 8 of the Public Corporations Act.
The Judge held too that, that power to transfer “should be taken in its literal sense –Section 8 of the Public Corporations Act empowers the Minister to do just that which he has done.”
Further, the Judge found that that Lall had no locus standi (legal standing) to institute the proceedings and no standing to prosecute the claim since among other things, he failed to comply with Part 56.02 of the Civil Procedure Rules which outlines prior to the filing of the claim, that is, when issuing a proceeding for administrative orders, the applicant must file a notice of claim for the administrative orders.
Additionally, the Judge found that too that Lall was in default of correcting the defect by seeking relief from sanctions as stipulated under the Civil Procedure Rules.
In view of the findings, the Judge dismissed the case against all parties and awarded costs in the sum of 300,000 — $100,000 be paid to each respondent.
The case over the massive land deal was filed after the vesting orders, bearing Jordan’s signature, were posted on Facebook immediately raising questions as to how so many acres of land were sold in a day and also mounting suspicions that the then Coalition government was giving away lands before demitting office.
Elections were held on March 2nd.
The information pointed to publications of the Official Gazette of orders numbered No. 64, 66, 67, 68, 69, 70, 71, 72 and 73.
Lall’s application asked the court to overturn the sale on the grounds that the sale was unlawful, made without legal authority, ultra vires, malicious, made in excess of jurisdiction, made without adequate legal consideration, null void and of no legal effect.
He referred to Sections 8 and 11 of the PCA, which stipulates that the Minister of Finance is empowered to authorize the transfer of state properties from only entities of the state. The PCA and its provisions of vesting order in general are not intended to apply to private companies.
Citing specific sections of the PCA, Lall contended that the Minister cannot transfer property owned by NICIL to any private individual.
He noted that all of the entities to which the lands were sold are private companies and that the PCA and its provisions of vesting orders in general are not applicable to private companies which meant that the purported transfer by Jordan was unlawful, ultra vires and null and void.
Lall contended too that “The essential and key precondition of the statue is that it applies to property of State being transferred to an entity under the control of the Minister, there is no authority to vest the specific State to these companies as mentioned in Orders published in the Official Gazette.”

 

Source: Kaieteur News

28
Feb 20
Head of NICIL, Colvin Heath-London

NATIONAL Industrial and Commercial Investments Limited (NICIL) has been meeting with executives of the Russian aluminum giant, RUSAL, to discuss dividends owed by its subsidiary, Bauxite Company of Guyana Limited (BCGI), in which the Guyana Government has a 10 per cent share.

Minister of Finance, Winston Jordan, meanwhile, has criticised claims by RUSAL executives that the company has not been making a profit during the 15 years that it has been operating in Guyana.

Head of NICIL, Colvin Heath-London, said NICIL last met with the company last Thursday, and is expected to meet again next Wednesday as the discussions continue.
“We are now in discussions with RUSAL. I cannot elaborate on those discussions but you would know in due time what has materialised out of those discussions,” Heath-London said. Heath-London said that it was out of the consideration of the government’s shares in BCGI that prompted NICIL to, last week, pay the 326 Guyanese employees that were fired by the company their February salaries.

BCGI Executive, Vladimir Permyakov

“NICIL is a shareholder in [BCGI] and it is important that we ensure that while the discussions are going on that they [the workers] are looked after,” Heath-London related.
He said that the venture, which cost over $30M, was a one-off payment and not something that NICIL is looking to continue on a long term basis. The employees were fired on February 2, without notice by BCGI, which at the same time, suspended operations at its Kurubuka mines in Region 10.

The employees for one month now have been vigilantly maintaining a blockade across a section of the Berbice River which prevents the company from shipping any material or equipment from the mines. The employees have long since been convinced that the company is shutting down its operations entirely, and is attempting to ship as much as possible out of Guyana before doing so.

BCGI has not responded to an email for a response on the allegations.

Aside from NICIL, over the past year BCGI has come under investigations by the Department of Labour, for labour and union-related issues, as well as the Guyana Revenue Authority (GRA) which had been investigating the company for abuses of tax concessions.
The Ministry of Natural Resources and Guyana Geology and Mines Commission (GGMC) have also been looking into operations at the company as part of a wider assessment of the country’s entire bauxite industry.

Heath-London relayed that he is “not aware that RUSAL has been paying dividends, if there are dividends to be paid,” during the time he has been at NICIL, upholding statements made by BCGI Executive, Vladimir Permyakov, last year February, that BCGI had not been paying dividends to the government on its shares. At the time Permyakov had said that the company was not making any profit, notwithstanding operating in Guyana since 2006.
Minister of Finance, Winston Jordan, however says he does not buy those claims of no profit.

“That statement has always been made by a number of investors coming to Guyana. Some who have eventually left, they say ‘oh we’ve operated 15 years and we haven’t made a profit’. We don’t buy that nonsense. Profit seekers aren’t that giving, you won’t stick around 15 years and you aren’t making a profit,” Jordan stated. He noted however, that monies from the bauxite industry does not come under the remit of the Ministry of Finance as it is not paid over to the consolidated fund. Jordan acknowledged, however, that greater monitoring of the bauxite sector is needed to ensure that the companies are remitting to Guyana what is owed.

“When it comes to our own oversight and supervision, we haven’t been very great in that department. And partly being because of human resources issues,” he explained.
BCGI is one of three foreign-owned bauxite mining companies in Guyana that have been granted licenses to operate; the other two being the Chinese-owned Bosai Minerals Group (Guyana) Inc. in Linden and the newest company, Guyana Industrial Minerals (GINMIN), a subsidiary of American company, First Bauxite.

NICIL’s meetings with RUSAL comes months after Bosai was noted for remitting US$3M to NICIL on dividends owed.

 

Source: Guyana Chronicle

13
Feb 20

There will be the turning of the sod this afternoon to start the construction of a US$75M, 150-room hotel at Ogle, East Coast Demerara. The hotel to be named AC Marriott, will take 30 months to complete, with Trinidadian businessman, John Aboud, as the investor.

CEO of Trinuyana Investment Inc., John Aboud

The land would be in the vicinity of where the old headquarters of the Guyana Sugar Corporation (GuySuCo), at Ogle is located. It will also reportedly be close to where a bypass road linking the East Bank Demerara will be built.
According to an invitation from the National Industrial and Commercial Investments Limited (NICIL), Minister of Finance, Winston Jordan, will deliver the keynote address.
NICIL is the same state-owned company which built the US$51M, 197-room Marriott Hotel at Kingston. That has been filled to capacity as a result of the current oil activities in Guyana. The country has been seeking additional quality hotels.
AC Marriott is said to be a subsidiary of Marriott International.
According to NICIL, it recently signed an agreement with Trinuyana Investments Incorporated of Guyana to develop a “world class, iconic, select service, internationally branded Hotel – AC Marriott Hotel”.
NICIL said that the project is already underway with the commencement of geo-technical works.
“The construction of the hotel will bring additional rooms to add to the national hotel stock, which will (help) stimulate the local economy through additional employment opportunities and business development.”
NICIL said that Trinuyana Investments Incorporated intends to target business travellers to Guyana, especially those linked to Guyana’s nascent oil and gas sector.
The new hotel also wants to target ExxonMobil (Guyana) headquarters, which will be situated in proximity to the Eugene F. Correia International Airport, Ogle.

An artist’s impression of the façade of the AC Marriott Hotel planned for Ogle, East Coast Demerara.

“Trinuyana Investments Incorporated principals are confident that the proposed development will boost the existing architectural and landscape ambience of the Ogle area while providing a sustainable design approach, ensuring that the space remains a unique, iconic, Caribbean-wide destination.”
Also set to address the sod-turning will be Chief Executive Officer of NICIL, Colvin Heath-London.
According to NICIL, an initial 400-plus jobs will be created during construction, with some 200 permanent ones upon completion.
NICIL’s Privatization Specialist (Acting) Rachael Henry disclosed that the hotel will be constructed over four floors.
She disclosed that her agency and the CEO of Trinuyana Investment Inc (Guyana and Trinidad), John Aboud held lengthy discussions before arriving at the decision to construct the hotel.
Henry said that the hotel will have several amenities. Among them conference, office and some state-of-the-art living facilities, which he said would be integrated into the hotel complex.
“This is the culmination of negotiations that NICIL had with this company and the result is a major brand name hotel coming to Guyana so that all can benefit from it, as it certainly will boost our tourism and ultimately our country revenues,” Henry said
CEO of Trinuyana, John Aboud, according to the statement from NICIL, said that he is excited over the fact that the project will finally be rolled out, stressing that the work of NICIL was significant in ensuring that the hotel project becomes a reality.
He disclosed that he was very impressed with the manner in which NICIL and their team conducted the discussion, stressing that NICIL sought to secure the best possible deal for Guyana.
He disclosed that he was eyeing Guyana for a number of years, but about three years ago felt confident enough to move ahead with the project. He pointed out that while they don’t have major personnel on the ground as yet, he foresees this being a reality in early March, noting that they anticipate construction commencing in a few months.
Aboud, who NICIL said heads a major investment company in Trinidad and Tobago, pointed out that he fell in love with the numerous opportunities that exist here. He stated that Guyana is poised significantly to benefit significantly from what he dubbed as its rapidly growing tourism market.
“After visiting here a few times and seeing the numerous opportunities that exist, I decided to invest in buying some land, as I see that there is a need for such investment to further propel Guyana’s tourism,” Aboud said.
He said that the first-class hotel will cater for both business and tourism-related visitors.
He revealed that the first cost would be to the tune of US$75 million, stressing that another significant amount of money is expected to be pumped into the hotel as they seek to take it to the acceptable international standard.
Aboud further revealed that the hotel, which will contain 150 rooms, is a five-star hotel, noting that the new brand is one that is fresh and is the latest being managed by Marriott.
Meanwhile, Heath-London noted that the people can expect NICIL pursuing a number of opportunities that will yield significant revenues and benefits for the country.
He stressed that his team had engaged Trinuyana and is satisfied that their investment is ideal and most importantly, timely.
“We are very pleased with the investment that Mr. Aboud and team would be bringing to Guyana and are very confident that the government and people of Guyana will certainly benefit from this major hotel investment,” Heath-London stressed.

 

Source: Kaieteur News

13
Feb 20
CEO of Triniyuana Investment Inc., John Aboud

– NICIL, Trinidadian investor to turn sod today

THE National Industrial and Commercial Investments Limited (NICIL) and Trinuyana Investments Incorporated of Guyana will, today, turn the sod for a world-class, select service, internationally-branded Hotel – AC Marriott Hotel on the Ogle Airstrip Road.
NICIL signed the agreement with the firm headed by Trinidadian, John Aboud, recently, a release from NICIL said. The sod turning ceremony is expected to see Minister of Finance, Winston Jordan and CEO of NICIL, Colvin Heath-London, speaking at the event which is expected to provide an initial 400 plus jobs during construction and some 200 permanent jobs upon completion.

NICIL’s Privatisation Specialist, Racheal Henry, is quoted in the release as saying that the hotel that will be constructed is the AC Marriott, which is expected to have some 150 rooms and will be constructed over four floors. She disclosed that her agency and the CEO of Triniyuana Investment Inc. (Guyana and Trinidad), John Aboud, held lengthy discussions before arriving at the decision to construct the hotel. Henry said that the eagerly-anticipated hotel will have several amenities. Among the facilities are conference rooms, offices and some state-of-the-art living facilities, which he said would be integrated into the hotel complex. “This is the culmination of negotiations that NICIL had with this company and the result is a major brand-name hotel coming to Guyana so that all can benefit from it as it certainly will boost our tourism and ultimately our country’s revenues,” Henry is quoted as saying.

For his part, Aboud said that he is excited over the fact that the project will finally be rolled out, stressing that the work of NICIL was significant in ensuring that the hotel project becomes a reality. He disclosed that he was very impressed with the manner in how NICIL and their team conducted the discussion, stressing that NICIL sought to secure the best possible deal for Guyana. “The discussions were very lengthy and at times challenging but ultimately we understood as they wanted the best deal for Guyana and that is fine as every agency and or business wants what’s best for them,” he said.

He disclosed that he was eyeing Guyana for a number of years but about three years ago, he felt confident enough to move ahead with the project. He pointed out that while they don’t have major personnel on the ground as yet, he foresees this being a reality in early March, noting that they anticipate construction commencing in a few months.

Aboud, who heads a major investment company in Trinidad and Tobago, pointed out that he fell in love with the numerous opportunities that exists here. He stated that Guyana is poised to benefit significantly from what he dubbed as its rapidly-growing tourism market.
“After visiting here a few times and seeing the numerous opportunities that exists, I decided to invest in buying sone land as I see that there is a need for such investment to further propel Guyana’s tourism,” Aboud said.

He said that the first-class hotel will cater for both business and tourism-related visitors. He revealed that the first cost would be to the tune of US$75M, stressing that another significant amount of monies is expected to be pumped into the hotel as they seek to take it to the acceptable international standard. Aboud further revealed that the hotel, which will contain 150 rooms, is a five-star hotel, noting that the new brand is one that is fresh, and is the latest being managed by Marriott. He noted that the 150-room hotel will serve further in boosting the tourism agency development, especially around the Marriott hotel.

He added that the hotel site is a strategic location for the future, stressing that the hotel’s presence will further enhance and greatly boost the economic activity taking place at Ogle. He said that with regard to negotiations, there were several challenges but is very thankful as like them, NICIL wanted to secure the best possible deal for the Guyanese people.

“I had a lot of significant confidence in the investment opportunities that currently exists in Guyana and is determined to maximise those investment opportunities, thus we are seeing the reality of this hotel right now,” Aboud said.

Aboud went on to express excitement about the deal being wrapped up, stating that the relevant agencies responsible for a number of decisions are expected to make several decisions shortly, thus further helping to boost the planned construction of the hotel, which he said will help to enhance and market Guyana’s tourism product immensely.

Meanwhile, Heath-London congratulated John Aboud and team, noting that the people can expect NICIL pursuing a number of opportunities that will yield significant revenues and benefits for the country. He stressed that his team had engaged Triniyuana and is satisfied that their investment is ideal and most importantly timely. “We are very pleased with the investment that Mr. Aboud and team would be bringing to Guyana and are very confident that the government and people of Guyana will certainly benefit from this major hotel investment,” Heath-London stressed. The construction of the hotel is expected to take some 30 months.

 

Source: Guyana Chronicle

12
Feb 20

According to the NICIL statement, the new hotel is expected to provide an initial 400 plus jobs during construction and some 200 permanent jobs upon completion.

AC Marriott Hotel to be constructed at OgleThe Government’s holding company, NICIL today announced that a new AC Marriott Hotel will be constructed within the next 30 months at Ogle.

The hotel which will be known as the AC Marriott is being built at a cost of US$75million with additional costs to follow.

According to the NICIL statement, the new hotel is expected to provide an initial 400 plus jobs during construction and some 200 permanent jobs upon completion.

The hotel will have 150 rooms and will be constructed over four floors. The Triniyuana Investment company is behind the project.

Facilities will include conference rooms, offices and some state-of-the-art living facilities, which would be integrated into the hotel complex.

Finance Minister Winston Jordan has welcomed the investment. In an invited comment, Mr. Jordan said the investment “is another indication of the Government’s commitment to diversify the economy and to support the rapidly developing tourism sector consistent with the Government’s policy of not depending on oil. I am particularly pleased that this investment is sited outside of Georgetown in the emerging of business commerce and services in Ogle”.

He added that the investment also shows that the investment climate that the government has been cultivating has attracted the attention of foreign investors and is paying off.

The CEO of the Triniyuana Investment company was quoted as saying that the move to build the hotel is the culmination of negotiations that NICIL had with his company and the result is another major brand name hotel coming to Guyana.

The CEO John Aboud said that he is excited over the fact that the project will finally be rolled out, stressing that the work of NICIL was significant in ensuring that the hotel project becomes a reality.

“The discussions were very lengthy and at times challenging but ultimately we understood as they wanted the best deal for Guyana and that is fine as every agency and or business wants what’s best for them,” he said.

He disclosed that he was eyeing Guyana for a number of years but about three years ago felt confident enough to move ahead with the project. He pointed out that while they don’t have major personnel on the ground as yet, he foresees this being a reality in early March, noting that they anticipate construction commencing in a few months.

He said that the first-class hotel will cater for both business and tourism related visitors. He revealed that the first cost would be to the tune of US$75 million, stressing that another significant amount of monies is expected to be pump into the hotel as they seek to take it to the acceptable international standard.

Meanwhile, Chief Executive Officer acting of NICIL Colvin Heath-London said his team had engaged Triniyuana and is satisfied that their investment is ideal and timely.

“We are very pleased with the investment that Mr. Aboud and team would be bringing to Guyana and is very confident that the government and people of Guyana will certainly benefit from this major hotel investment,” Heath-London stressed.

The construction of the hotel is expected to take some 30 months.

 

Source: newssourcegy

Trinuyana Investments Incorporated of Guyana recently signed an Agreement with the National Industrial and Commercial Investments Limited (NICIL) to develop a world class, iconic, select service, internationally branded Hotel – AC Marriott Hotel.
 
The announcement was made today by NICIL via a press statement. NICIL said the project will cost US$75M.
 
The project is already underway with the commencement of Geotechnical works and the hotel will be completed in thirty (30) months.
 
“The construction of the hotel will bring additional rooms to add to the national hotel stock, which will (help) stimulate the local economy through additional employment opportunities and business development,” NICIL said.
 
These are expected to further augment the Government’s efforts to develop the tourism sector and expand the economy.
 
NICIL said Trinuyana Investments Incorporated will target business travelers to Guyana, especially those linked to Guyana’s nascent ‘Oil and Gas’ sector and the creation of Exxon Mobil (Guyana) Headquarters, which will be situated in proximity to the Eugene F. Correia International Airport.
 
NICIL further said Trinuyana Investments Incorporated principals are confident that the proposed development will boost the existing architectural and landscape ambiance of the Ogle area while providing a sustainable design approach, ensuring that the space remains a unique, iconic, Caribbean-Wide destination.
 
The sod-turning ceremony will be held tomorrow.
Source: inewsguyana
12
Feb 20

A section of the former sugar estate land at Ogle, East Coast Demerara, where the new 150-room Marriott hotel will be built.

A new five-star 150-room AC Marriott Hotel is scheduled for construction in Guyana this year, government’s National Industrial and Commercial Investments Limited (NICIL) announced on Wednesday.

“Trinuyana Investments Incorporated principals are confident that the proposed development will boost the existing architectural and landscape ambience of the Ogle area while providing a sustainable design approach, ensuring that the space remains a unique, iconic, Caribbean-Wide destination,” NICIL said.

ExxonMobil’s headquarters and two domestic airlines – TransGuyana and Jag’s Aviation/BK are building hangars and associated properties on land being controlled by Eugene F. Correia International Airport.

A sod turning event for the US$75-million project is scheduled for Thursday at a former sugar cane field at Ogle, East Coast Demerara, away from the flight-path of the Eugene F. Correia International Airport. The Ogle Estate is one of several East Demerara sugar estates that have been closed as part of the restructuring of the state-owned Guyana Sugar Corporation.

NICIL says the hotel is expected to begin construction in March and end in three years. The government holding company for state assets says 400 new jobs will be created during construction, and 200 permanent jobs after completion.

NICIL’s Privatization Specialist Racheal Henry said the AC Marriott Hotel is expected to have 150 rooms and more than four floors.

The CEO of Triniyuana Investment Inc (Guyana and Trinidad), John Aboud says that the hotel complex will integrate several amenities including conference rooms, offices and state-of-the-art living facilities.

Mr. Aboud says that the hotel site is a strategic location for the future stressing that the hotel’s presence will further enhance and greatly boost the economic activity taking place at Ogle.

NICIL Chief Executive Officer, Colvin Heath-London says Guyana can expect NICIL pursuing a number of opportunities that will yield significant revenues and benefits for the country.

The government-owned 197-room Marriott Hotel in Kingston, Georgetown, was built at a cost of US$51 million by Shanghai Construction Group.

 

Source: Demerara Waves

12
Feb 20
John Aboud
John Aboud

Trinuyana Investments Incorporated of Guyana recently signed an Agreement with the National Industrial and Commercial Investments Limited (NICIL) to develop a world class, select service, internationally branded Hotel – AC Marriott Hotel on the Ogle Airstrip Road.

A sod-turning ceremony will be held tomorrow.

As of June 8, 2011, AC Hotels by Marriott operates as a subsidiary of Marriott International, Inc.

A release from NICIL today said that the US$75m project is “already underway with the commencement of Geotechnical works and the hotel will be completed in thirty (30) months.  The construction of the hotel will bring additional rooms to add to the national hotel stock, which will (help) stimulate the local economy through additional employment opportunities and business development”.

This project will likely raise more questions about the authority of the caretaker administration just days before general elections.

It is also unclear whether environmental and social impact studies were done and the relevant permits issued.

The NICIL press release said that the rooms  are expected to  augment the Government’s efforts to develop the tourism sector and expand the economy.  It added that Trinuyana Investments Incorporated will target business travelers to Guyana, especially those linked to Guyana’s nascent ‘Oil and Gas’ sector and the creation of the ExxonMobil (Guyana) Headquarters, which will be situated in proximity to the Eugene F. Correia International Airport.

The release added that Trinuyana Investments Incorporated principals are “confident that the proposed development will boost the existing architectural and landscape ambience of the Ogle area while providing a sustainable design approach, ensuring that the space remains a unique, iconic, Caribbean-Wide destination”.

NICIL this afternoon said that Trinidadian John Aboud is the investor and the project is expected to provide an initial 400-plus jobs during construction and some 200 permanent jobs upon completion.

NICIL’s Privatization Specialist (acting) Racheal Henry said in another press release that the hotel is expected to have some 150 rooms and will be constructed over four floors. She said that her agency and the CEO of Triniyuana Investment Inc (Guyana and Trinidad), John Aboud held lengthy discussions before arriving at the decision to construct the hotel. Henry said among the planned facilities are  offices and some state-of-the-art living facilities which would be integrated into the hotel complex.

“This is the culmination of negotiations that NICIL had with this company and the result is a major brand name hotel coming to Guyana so that all can benefit from it as it certainly will boost our tourism and ultimately our country’s revenues,” Henry said

Aboud said in the release that he is excited over the fact that the project will finally be rolled out, stressing that the work of NICIL was significant in ensuring that the hotel project becomes a reality.

He said that he had been eyeing Guyana for a number of years but about three years ago felt confident enough to move ahead with the project. He pointed out that while they don’t have major personnel on the ground as yet, he foresees this being a reality in early March, noting that they anticipate construction commencing in a few months.

NICIL said that Aboud who heads a major investment company in Trinidad and Tobago saw numerous opportunities here.

“After visiting here a few times and seeing the numerous opportunities that exists, I decided to invest in buying some land as I see that there is a need for such investment to further propel Guyana’s tourism,” Aboud said in the release.

He said that the first-class hotel will cater for both business and tourism related visitors. He revealed that the first cost would be to the tune of US$75 million, stressing that another significant amount of monies is expected to be pumped into the hotel.

Aboud further said that the hotel which will contain 150 rooms is a five-star facility, noting that the new brand is one that is fresh and is the latest being managed by Marriott.

Chief Executive Officer acting of NICIL, Colvin Heath-London congratulated Aboud and team, noting that the people can expect NICIL pursuing a number of opportunities that will yield significant revenues and benefits for the country. He stressed that his team had engaged Triniyuana and is satisfied that their investment is ideal and most importantly, timely.

“We are very pleased with the investment that Mr. Aboud and team would be bringing to Guyana and is very confident that the government and people of Guyana will certainly benefit from this major hotel investment,” Heath-London said.

 

Source: Stabroek News

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