Global Ports Holding Plc (GPH) has announced that, following a competitive Request for Proposal (RFP) process, the Government of the Bahamas has awarded Nassau Cruise Port Ltd (NCP), a consortium comprising GPH, the Bahamian Investment Fund (BIF) and the Yes Foundation, a 25-year concession for the Prince George Wharf and related areas at Nassau cruise port.
Located on the island of New Providence, Nassau is one of the most popular cruise destinations in the world, welcoming 3.7 million passengers per annum.
NCP and the Government of the Bahamas will now work towards agreeing the terms of a concession agreement. Following the successful execution of the concession agreement, GPH as part of NCP will take over management of the the cruise port operations in Nassau.
In addition, NCP will invest in expanding the capacity of the port from six berths to eight berths, the construction of a new terminal building, the creation of an event and entertainment area, improving the current retail facilities and the design and construction of new food and beverage facilities as well as integration of the port into Bay Street and downtown Nassau. The new port is expected to act as a catalyst for the wider redevelopment of downtown Nassau.
NCP will be 49% owned by GPH, 49% owned BIF and 2% owned by Yes Foundation, with Global Ports Holding operating the port. BIF is a Bahamian retail fund which will give a unique opportunity for tens of thousands of Bahamian investors to invest in equity and debt in the project. The fund's minimum investment for equity will be BSD1,000 (US$1,000) to facilitate participation by small retail investors. Bond investments will be targeted at minimum BSD50,000 (US$50,000).
The YES Foundation will be established as a charitable entity promoting Youth, Sports and Education for Bahamians. Its primary focus will be on helping young Bahamaians succeed by investing in programs to help ensure that they develop the leadership, technical, and life skills to earn a livelihood.
GPH is in advanced stage discussions with local and international banks over long-term bank financing for the concession. Full financial closure and commencement of the concession is expected to occur in H2 2019.
