NASSAU, Bahamas — Pointing to more than $1 billion worth of investments in the pipeline for Grand Bahama, executives of the Grand Bahama Port Authority yesterday said that the level of investment in Freeport suggests a dramatic turnaround from 2019 for the island’s economy, The Nassau Guardian reported on Wednesday, April 6.
The GBPA was responding to concerns raised by the Grand Bahama business community and activist Darren Cooper, who recently staged a demonstration at the authority’s headquarters over concerns about the island’s economy.
In a written response, the GBPA pointed to ten major projects expected to be completed in the next three years – valued at a combined $1.6 billion – which it said indicates strong investor confidence in the island.
“In the aftermath of Hurricane Dorian, investor confidence was not where anyone wanted it to be, but that was expected given the circumstances. To rebuild investor confidence, we spent a great deal of time communicating with investors who were at an advanced stage in the project life cycle, but were now having second thoughts about moving forward,” President of GBPA and Port Group Ltd. Ian Rolle and Chief Operating Officer Philcher Grant said in a letter addressed to Cooper this week.
“Where we are today is far different from where we were in 2019. We can say, emphatically, that investor interest in Freeport has vastly improved.”
The GBPA listed 20 new projects on the island which have already been approved and in some cases work has already started.
Some of the projects the GBPA said it was able to secure for the Port Area include the $300 million Carnival Cruise Port, which also includes upgrades to city infrastructure and tourism infrastructure.
Additionally, the executives highlighted, “phase one of the the Weller real estate development with six-star hospitality, a marina and a residential offering, which will change the narrative around Grand Bahama and propel the island to new heights”, as well as the opening of the new Pharmachem site, a $120 million redevelopment; and Royal Caribbean/ITM Group’s redevelopment of the Freeport Harbour cruise port at $80 million.” See complete article in The Nassau Guardian at https://thenassauguardian.com/1-6-billion-in-projects-shows-strong-investor-confidence-in-gb-says-gbpa/?fbclid=IwAR0ChNEtG8tfhz51FKyQylwG7YyKvgPnd5ylm4Wyby-eCFLwWRfOTkdG42o
