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Newsletter Vol.13, No 3.

TBI monthly news in review - April 22, 2019

March was a busy month for domestic news in The Bahamas, with some key developments getting the green light.

The government signed a Heads of Agreement with Disney Island Development Ltd for a proposed cruise port and entertainment facility at Lighthouse Point, Bannerman Town, South Eleuthera.

The signing took place at the Cabinet Office in Nassau March 7, 2019.

Following the signing, Prime Minister Dr Hubert Minnis said: “This project is line with the government’s plan to expand the economy of our country and economic opportunities for our people by promoting development in the Family Islands.”

Disney intends to build a pier, marina, retail shops and restaurants, as well as walkways through nearby forests and around salt ponds, when developing property, which it recently acquired from a private seller.

Disney has agreed to donate around 190 acres of the land – including the southernmost point of the property – to the government of The Bahamas for conservation purposes.

It was also announced last month that the Nassau Port is set for a major revamp. Global Port Holdings released plans for a multimillion dollar overhaul of the country’s premier cruise ship port, including an outside arena for events, marina, restaurants and retail outlets.

There was also a major development over in Freeport, with Lucayan Renewal Holdings Ltd signing a Letter of Intent with Royal Caribbean Cruises Ltd and the ITM Group to begin exclusive negotiations for the purchase of the Grand Lucayan Resort at a price of $65 million, and the redevelopment of the Freeport Harbour.

The proposed joint-venture project will include the redevelopment of the Grand Lucayan Resort into a world-class destination, featuring water-based family entertainment, with dining, gaming and entertainment options, and five-star hotel accommodations.

“It is my sincere hope that Bahamians, and in particular, Grand Bahamians, will take advantage of the opportunities being created not only for employment, but for self-employment,” said Minister of Tourism Dionisio D’Aguilar.

Michael Bayley, President and CEO Royal Caribbean International, said the redevelopment of the Grand Lucayan Resort has tremendous potential to significantly increase tourism to Grand Bahama.

 

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The Bahamas Investor - March News & Press

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Lyford Cay International School broke ground on its new campus today in a ceremony attended by Prime Minister Hubert Minnis and other dignitaries.

Lucayan Renewal Holdings Ltd today signed a Letter of Intent with Royal Caribbean Cruises Ltd and the ITM Group to begin exclusive negotiations for the purchase of the Grand Lucayan Resort at a price of $65 million, and the redevelopment of the Freeport Harbour.

The PM recently attended a multi-lateral meeting with President Trump and other Caribbean leaders at Marilago Resort in Florida. Watch a ZNS News segment about the event here.

Deltec International Group (Deltec), an independent financial services group headquartered in The Bahamas, and parent company of Deltec Bank & Trust Ltd, hosted its Annual Conference from March 3-5 at the Rosewood Baha Mar in Nassau.

On March 18 2019, The Central Bank of The Bahamas will host its second blockchain seminar, Blockchain and The Bahamas: "Raising the Bar", with continued focus on The Bahamas' Payments System Modernisation Initiative.

Prime Minster Dr Hubert Minnis has released a statement giving more details of the Heads of Agreement signed with Disney earlier this week for the development of a cruise port in Eleuthera. Read the full statement here.

The government of The Bahamas signed a Heads of Agreement with Disney Island Development Ltd for a proposed cruise port and entertainment facility on South Eleuthera March 7, 2019.

A new solar car park project on New Providence is slated to be officially opened on March 18, 2019. The 900-kilowatt solar park will generate enough electricity to power 600 homes, according to the Ministry of the Environment.

A new solar park and The Bahamas Chamber of Commerce and Employee’s Confederation's energy forum to be held later this month top the business news agenda in The Bahamas this week. Watch a ZNS Network news report here.

The Bahamas will be hosting the Caribbean Hotel and Tourism Association’s annual Marketplace conference next year in January. It is the biggest regional conference of its kind and will be staged at the Baha Mar Conference Centre. Watch a preview of the event here.

Deputy Prime Minister and Minister of Finance Peter Turnquest said in the House of Assembly yesterday that investment funds form a critical component of The Bahamas’ financial services toolkit and the legislation governing them needs to be updated.

Deputy Prime Minister and Minister of Finance Peter Turnquest said the government is committed to pushing an agenda that embraces technology and innovation as a response to the dynamic times.

The government has published a bill for an act to update the law relating to the regulation of the investment funds business to bring the law into harmony with international standards and best practices.

The Central Bank of The Bahamas is pleased to announce the selection of NZIA Ltd as the preferred technology solutions provider to design and implement the digital fiat currency system for The Bahamas. "Project Sand Dollar" is the official name for this payments system modernisation initiative.

The Islands of The Bahamas was recognized with 18 awards across nine categories in this year's USA Today 10 Best Readers' Choice Awards for the Caribbean region.

Related links

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