Port expected to be completed by 2020, shares will be offered
NASSAU, BAHAMAS — The government and Global Ports Holdings (GPH) yesterday signed a quarter of a billion-dollar deal for the commencement of the transformation of Downtown Nassau with the introduction of a new cruise port terminal.
The Minnis administration announced earlier this year that GPH would be responsible for the development and management of the new cruise port.
During the signing, Prime minister Dr. Hubert Minnis said, “Rather than Nassau going to sleep early every evening; Bahamians and visitors should enjoy a bustling and vibrant city with exciting nightlife and entertainment featuring Bahamian and international culture, music and food.”
According to the prime minister, the new port terminal will be a state-of-the-art facility.
“The new world-class port will include a new terminal, a waterfront park, a harbor village, a new inner harbor, an amphitheater, a Junkanoo museum, shops and restaurants,” Minnis said.
The construction phase is expected to employ 500 Bahamians.
The entire operation is expected to boast a fully Bahamian workforce by the second year, according to officials.
GPH Chairman Mehmet Kutman said once up and running, small to medium-sized business owners will receive top notch training to meet the enhanced standards of conducting business in the world-class terminal.
“We will make sure that the retailers, mom-and-pop shops, are trained well enough to produce locally and sell international, he said. “We will also be promoting Bahamian goods. We are 100 per cent committed to supporting local businesses and all of the businesses operated in the port will be 100 per cent Bahamian.”
The port operators are expected to make $2 million dollars in funding available for entrepreneurs who wish to introduce products that will benefit the tourism product at the new cruise port terminal.
Shares will be made available in the port: class A investor shares, representing an equity stake and class B investor shares, representing and investment in debt.
The port is anticipated to attract 20,000 shareholders, according to the prime minister.
“The class A investor shares will represent an investment in equity and the class B investor shares will represent an investment in debt,” Minnis said.
“The minimum investment in class A shares will be $1,000 and the minimum investment for class B shares will be $50,000.”
The port is expected to be complete by 2022.