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Grand Bahama investments set to increase

New investment in Grand Bahama will allow the government to cut subsidies to the island, according to Minister of State for Investments Khaalis Rolle (pictured). 

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TheBahamasInvestor.com
Monday, November 12, 2012
Monday, November 12, 2012

New investment in Grand Bahama will allow the government to cut subsidies to the island by more than 50 per cent, according to Minister of State for Investments Khaalis Rolle who said that new development would encourage an economic upswing on the island.

Last month, the government signed an agreement with the Hutchinson Group and Sunwing Travel Group under which the Reef Village at Lucaya will reopen as a five-star resort and Sunwing will begin operating flights between Freeport and Canadian destinations.


“We are beginning to register some progress in Grand Bahama,” said Minister Rolle, who believes the deal will pave the way for further investment. “We are confident that we will be able to attract investors of a similar calibre, reopening hotels and bringing back jobs.

“This is a significant accomplishment for tourism in Grand Bahama.”

Speaking at Accountants’ Week, held at the Sheraton Resort Nassau last week, the Minister also praised the Ministry of Grand Bahama, explaining that having a Minister “on the ground” had greatly improved communication between the island and central government.

He strongly reiterated the government’s commitment to the island, saying: “We are committed to sustainable revitalization of the economy of Grand Bahama in the shortest possible time.”

cmorris@dupuch.com

The Bahamas Financial Services Board's (BFSB) hosted its annual Industry Excellence Awards during a Gala Banquet held at the Sheraton Nassau Beach Resort November 9. Pictured: Minister of Financial Services Ryan Pinder makes remarks at the event.

Prince Khaled bin Sultan of the Kingdom of Saudi Arabia, whose Living Oceans Foundation operates in The Bahamas, has been selected as this year's Perseus Award winner. The Perseus Award recognizes yacht owners who have demonstrated exemplary effort and contribution toward marine wildlife conservation. Pictured: Living Oceans Foundation Scientist conducts research off the coast of the Galapagos Islands. (PRNews Foto/Khaled bin Sultan Living Oceans Foundation)

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