Riches From an Oil Boom Prompt Expats to Return Home to Guyana [BNN Bloomberg (Canada)]
Exxon Mobil Corporation (XOM)
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Source: BNN Bloomberg
“It's happening, and it's pretty seismic,” his old high school friend Jason Singh, no relation, told him as Exxon Mobil Corp. began producing its first barrels of oil in 2019. Richard, who was working in venture capital in New York City, moved back in 2022. The pair set up a Mediterranean fast-casual restaurant chain, called Mezze, opening their first location in June 2022. They now have six, mostly in new shopping malls that are springing up around Georgetown, Guyana's capital city. The average ticket price is about $14 — only slightly lower than similar chains in the US — in a country where nearly half the population survived on less than $5.50 per day as recently as 2019. “This wouldn't have been possible 10 years ago,” Singh said in an interview in Georgetown. “The spending power is different.” Returning expatriates like Singh are emerging as one of the early beneficiaries of Guyana's oil boom, which is calling back some of the country's nearly 40% who moved overseas. Their
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