Prime Minister Dr Hubert Minnis gave his National Address towards the end of last month, his first since taking office in May last year.
The Prime Minister laid out a wide ranging and ambitious plan for the jurisdiction, taking the opportunity to announce several major investment projects.
Addressing the nation in the speech aired January 29, the PM said that Grand Palm Beach Acquisitions Ltd had entered into a Purchase and Sale Agreement to buy the large-scale Ginn Sur Mer resort in the West End of Grand Bahama.
Once the deal is completed, Grand Palm Beach Acquisitions will construct, repair, revitalize, develop, and operate 246 rooms in three hotels, as well as a banquet facility, 116 branded hotel residences, 1,000 other residences, a hotel/casino site and approximately 150,000 sq ft of shops and restaurants.
The impending agreement will also result in the construction of a spa and wellness retreat, two marinas, an 18-hole golf course, including driving range, an IFR-rated airport, a resort hospitality-training academy, and an organic farm.
Prime Minister Minnis said: “Grand Palm Beach Acquisitions intends to develop the property, to be known as Bahama Bay, in nine phases over a 10-year period, with a projected expenditure of $2.5 billion.”
In 2008, the previous developer went into foreclosure.
Prime Minister also announced that the private acquisition and management of the Grand Lucayan assets, including hotels, the golf courses and the casino are “well underway.”
“Although this transaction is far from completed, it would not be an exaggeration to say that we will have accomplished in a few months, what was not done in a decade. This year, we intend to complete the sale of the Grand Lucayan and Memories properties.”
In regards to the domestic business environment, Minnis announced that the government will this year waive the business license fees for new businesses in order to encourage business development and small business enterprise.
The government will also waive business license fees for businesses with earnings of under $100,000 “to help with economic relief for small businesses.”
A PDF of the Prime MInister’s address can be found here.
Also impacting businesses in the country, The Central Bank of The Bahamas announced last month a further series of measures relaxing Exchange Control (EC) arrangements, to take effect on February 1, 2018. These cover both current account transactions and certain capital controls on private sector investment and financial flows.
The reforms follow consultation with the government and take into account feedback that the bank has received from financial institutions and various private sector stakeholders.
For these stories and more visit thebahamasinvestor.com or click on the links below. Subscribe to the RSS service to feed posts directly to your RSS reader or mail application. Also, now find us on facebook or follow us on twitter.