NASSAU, Bahamas — A former Cabinet minister says he was “moved” by multiple factors to partner with Sir Franklyn Wilson in developing the Jack’s Bay project, and urged Bahamians: “We’ve got to invest in or country”, The Tribune reported on Monday, July 24, 2023, in an article written by Business Editor Neil Hartnell.
Dionisio D’Aguilar, ex-minister of tourism and aviation in the Minnis administration, told Tribune Business that those “with a couple of dollars” to spare must put them to work by investing in tourism and other productive enterprises so that the wider Bahamian economy can enjoy much faster growth rates.
Speaking after it was confirmed he is joining Sir Franklyn and multiple other Bahamians as an investor in the Eleuthera-based project, he disclosed that he is targeting returns higher than the standard 6-7 percent available on standard Bahamian dollar preference share issues.
Declining to confirm the size of his Jack’s Bay investment, or the equity percentage he will hold in the development and its immediate parent, Eleuthera Properties Ltd, Mr D’Aguilar told this newspaper that Sir Franklyn and the project’s management/financial team made “a very credible case” as to why he should entrust them with his capital.
In particular he noted that fellow ex-tourism minister, Tommy Turnquest, with whom he worked while in government as chairman of Bahamasair, is managing Jack’s Bay’s day-to-day operations – a factor that gave him extra confidence and made the decision less risky.
“I was moved by the presentation, moved by the project, moved by the other people involved in the project to invest. I was moved to invest,” Mr D’Aguilar told Tribune Business. “A pitch was made by Sir Franklyn and his financial team, led by Tommy Turnquest, where a very credible case was put forward for attractive returns given the ever-increasing interest in the project.
“The project has been going on for quite some time. It’s been carefully and patiently been put together over the years to get to this position where, as Sir Franklyn says, they are where they’re at without having any outstanding debt. I was always interested, during my time as minister of tourism, to seek out an investment in the tourism sector after I left office because, as you know, probably most of my investment is in my business, Superwash.”
Signalling that he took what is commonly known as a ‘cooling off’ period, waiting for over a year after stepping down from ministerial office before assessing potential tourism-related investments, he added: “When you spend four-and-a-half years as minister of tourism and see the potential of the industry, one has to bide one’s time after demiting office and looking at opportunities in the tourism sector that provide attractive returns.
“When it comes to investment, there are a lot of people with ideas, but you also have to look at the team running the project. Sir Franklyn, I have to say, is the grandfather of this project but Tommy Turnquest is the day-to-day manager. I worked with Tommy Turnquest when he was chairman of Bahamasair. I watched his style and how he operated. It was attractive that he is the principal driver and manager of this project.”
Mr D’Aguilar said further factors in Jack’s Bay’s favour, besides Eleuthera’s natural beauty, are the greater resilience that Family Island tourism has shown compared to New Providence when confronted by global recessions and the COVID-19 pandemic.
Recalling The Bahamas’ focus on “the discerning upmarket traveller” when he was tourism minister, he added that Eleuthera was well-positioned to cater to the growing visitor market seeking remote experiences and looking for second home investments.
See complete article in The Tribune at http://www.tribune242.com/news/2023/jul/24/ex-minister-bahamians-must-invest-our-nation/
