After years of negotiations, planning, setbacks and controversy, the multi-billion dollar Baha Mar resort on Cable Beach, New Providence, officially broke ground on Monday February 21.

The project estimated to be worth $3.4 billion, is one of the largest private sector development projects ever to be carried out on Bahamian soil and is expected to be completed by 2014. The hotel resort complex will cover 1,000 acres and will house approximately 3,800 hotel rooms, a 100,000 sq ft casino, 18-hole Jack Nicklaus signature golf course, 60,000 sq ft retail village, and a 20-acre beach and pool “experience”.

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Addressing the theme of “Crisis and Opportunity in the Global Economy” at the 2011 FreedomFest Economic Summit, a panel of top financial analysts and economists discussed the current geo-political climate in terms of investment and wealth management.

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Established by financial economist Mark Skousen as an alternative to the Davos G20 economic summit, FreedomFest gathers together some of the top free market experts once a year to discuss economic trends and investment strategies.

In his opening keynote address, Skousen spoke about forecasts and strategies for 2011 and how the financial crisis creates danger and opportunities in an investment portfolio. Specifically, the economist drew attention to growth in emerging markets, particularly China.

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The Bahamas could position itself as a leader in private wealth management by introducing a more specialized legal system, according to one of the country’s top lawyers.

Heather Thompson, partner at Nassau law firm Higgs & Johnson, says there is a need for separate courts to handle cases concerning private wealth management and commercial law, as these would allow legal professionals to gain experience in the field.

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At a ceremony in Nassau February 11, the government of The Bahamas and the government of India signed a Tax Information Exchange Agreement bringing the total number of such agreements held by The Bahamas to 24, ten of which are with G20 member nations.

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Below is an update on the Tax Information Exchange Agreements (TIEAs) signed by The Bahamas, compiled by the Bahamas Financial Services Board (BFSB).

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The $19-million government complex in Freeport, Grand Bahama, is well into the construction phase, with the majority of the office building nearing completion. The 65,000 sq ft facility will house various government departments and is scheduled for completion by August 2011.

The construction is being carried out by FES Construction Co Ltd.

“The complex will create 250 new jobs in the construction sector all told and spin-off effects for the wider community,” according to Minister of State for Finance in the Ministry of Finance Zhivargo Laing.

It is hoped that the new buildings will help shift some of the government’s administrative duties to the nation’s second city.

“At the moment the government has a kind of branch mentality when it comes to Freeport and Grand Bahama,” says K Peter Turnquest, president of the Grand Bahama Chamber of Commerce. “We are hopeful this will help change that, but there are practical considerations. What we need is true local government.”

The Bahamas Institute of Financial Services (BIFS), along with other participating organizations, have been working hard behind the scenes to put together one of the banking industry’s largest forums.

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Addressing the third annual Bahamas International Maritime Conference and Trade Show (BIMCATS) held in Freeport, Grand Bahama, last week, Prime Minister Hubert Ingraham reiterated the nation’s commitment to the maritime industry and highlighted the sector’s contribution to the island nation’s economy.

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In-line with its commitment to transparency and accountability in the exercise of its functions, the Office of the Attorney General (OAG) released Report 2010 at the beginning of this year. The document outlines the role of Attorney General and Minister of Legal Affairs and his team in the nation’s justice system, and their achievements over the last year, as well as their goals for 2011.

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