Nassau Cruise Port Ltd (NCP) has signed a 25-year port operation and lease agreement with the Bahamanian Government.
This agreement covers Prince George Wharf and the related areas at Nassau cruise port.
NCP is a consortium comprising Global Port Holding (GPH), Bahamas Investment Fund (BIF) and the Yes Foundation.
Under the terms of the agreement, GPH will manage Nassau Cruise Port. In addition, NCP will invest up to $250 mill in expanding the port’s capacity.
The Nassau Cruise Port project involves the regeneration of the port and Nassau town. Through a majority Bahamian-owned public-private partnership (PPP), GPH will work to enhance the cruise passenger experience and provide additional business opportunities for the local population.
The project also includes the building of a new terminal; the creation of an event and entertainment area; investment into improving the current retail facilities; and the design and construction of new food and beverage facilities. It will integrate the port into Bay Street and downtown Nassau, with the expectation that it will act as a catalyst for the wider development of this area.
NCP is expected to complete the construction in 24 months.
The project will also feature improved transportation connections, traffic flow and signage, and will include an area for bus stops, taxis and parking. The new terminal will house electric trams to transport passengers from ships to the terminal.
Underpinning the whole development will be key environmental stewardship considerations.
Global Ports Holding, Chairman and Co-Founder, Mehmet Kutman, said, “I am delighted that Nassau Cruise Port Ltd has signed a port operation and lease agreement for Prince George Wharf at Nassau Cruise Port. This is a truly historic moment for Global Ports Holding, building on our track record of investment in the Caribbean region.”
Global Ports Holding CEO, Emre Sayin, added, “We are excited to apply our best practice model to develop the cruise offer in Nassau. Nassau will now become the biggest cruise port in our portfolio, increasing our passenger volumes by 50%. The GPH team very much looks forward to working with our partners, the cruise lines and the people of the Bahamas to reinvigorate the iconic cruise port and to make Nassau a great experience.”
