Turnpage

Please visit our sponsors

RSS Feed
 

Current News & Press

 

Advertisement

The Bahamas Investor

News & Press Archives

 
The Bahamas Investor on facebookFollow The Bahamas Investor on TwitterSubscribe to RSS feeds from The Bahamas Investor
HOME > 
News & Press > 
Global Ports Holding wins bid to run Nassau cruise port

Global Ports Holding has announced that it has been selected as the winning bidder for the redevelopment and operation of Prince George Wharf, the main cruise port in Nassau, The Bahamas. Pictured: (from left) Permanent Secretary Charles Albury and Minister of Tourism and Aviation Dionisio D’Aguilar pictured with chairman of Global Ports Holding Mehmut Kutman and president and founder, CFAL, Anthony Ferguson. (Photo courtesy GPH)

Source:
Date:
Updated:
TheBahamasInvestor.com
Monday, February 25, 2019
Monday, February 25, 2019

Global Ports Holding (GPH) has announced that it has been selected as the winning bidder for the redevelopment and operation of Prince George Wharf, the main cruise port in Nassau, The Bahamas.

“This project marks the beginning of a new Bahamian success story,” said Mehmet Kutman, chairman of GPH.


Kutman said: “For us, this project isn’t just about developing a clean, efficient, modern port – it’s about doing what’s right by the Bahamian people. By working together through this transformative project, we can create the kind of positive change that Bahamians want to see and feel. It’s up to us to make it happen.”

“We have a shared mission – to turn the port and downtown Nassau into a popular, world-class waterfront destination for visitors and Bahamians to enjoy,” he added. “We know that the cruise industry is flourishing. Bahamians must be a part of it – not just sitting on the sidelines watching others benefit. We want every Bahamian who is willing and able to participate in this process to get involved. This will be a critical component of our mutual success.”

The project start date is subject to customary negotiations with the government and regulatory approvals before an agreement is signed, which is expected to take 60-120 days.

The $250 million winning proposal submitted by GPH includes plans to transform Prince George Wharf into a state-of-the-art port and waterfront destination managed by Nassau Cruise Port Ltd (NCP), a specialty purpose vehicle created for the project.

Under the proposed ownership structure of NCP, Global Ports Holding will own 49 per cent of the company, while another 49 per cent will be owned by the Bahamas Investment Fund (BIF).

BIF will be created to serve as an investment vehicle which will allow tens of thousands of Bahamians to become shareholders in the project. The final 2 per cent will be used to establish the Yes Foundation, a charitable fund that will support youth, education and sports programmes.

The plan also includes the development of an entertainment venue, the formation of partnerships with local stakeholders and various forms of support to improve the state of the downtown core.

Prime Minister Dr Hubert Minnis will travel to St. Kitts today to attend the 30th Inter-Sessional Meeting of the Conference of the Heads of Government Meeting of the Caribbean Community.

The Securities Commission of The Bahamas has announced that it has entered a Memorandum of Understanding under the Alternative Investment Fund Managers Directive with BaFin, the German Federal Financial Supervisory Authority.

The Bahamas Investor
Administrative Links
  


  © 2019 ETIENNE DUPUCH JR PUBLICATIONS LTD