Global Ports Holding (GPH) announced it has won a 25-year contract for the Nassau cruise port and related areas. GPH bid on the deal as a group along with the Bahamian Investment Fund and the Yes Foundation.
The port will be expanded from six to eight berths, GPH said.
It follows recent GPH deals in Havana and Antigua.
The Nassau cruise port is one of the leading destination ports in the world and welcomes 3.7 million passengers per year, GPH said.
Global Ports Holding, Chairman and Co-Founder Mehmet Kutman said: “I am delighted that Nassau Cruise Port Ltd has been awarded the cruise port tender for Prince George Wharf at Nassau Cruise Port. This represents GPH’s third new port in the Caribbean in the last twelve months and is a historic moment for the group. The GPH team very much look forward to working with our partners and the people of the Bahamas to reinvigorate this iconic cruise port and the city of Nassau.”
Global Ports Holding CEO, Emre Sayin, said: “We are very happy that the Government of the Bahamas has awarded GPH and its local partners the cruise port tender for Prince George Wharf at Nassau Cruise Port. The addition of Nassau to our portfolio will mark an important inflection point in our strategy and growth aspirations. Nassau will become the biggest cruise port in our portfolio and will increase our passenger volumes by 50 percent. GPH has an enviable track record of managing cruise port operations around the world and we very much look forward to working with our partners to transform both the cruise port and downtown Nassau for the benefit of Bahamians, cruise passengers and cruise lines. We will now work with all parties towards signing a concession for the wonderful destination of Nassau.”
A port transformation will not only include more berths but the building of a new iconic terminal building, 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 as well as integration of the port into Bay Street and downtown Nassau.
The new company will be 49 percent owned by GPH, 49 percent by the Bahamian Investment Fund and 2 percent by the Yes Foundation, with GPH 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, according to a press release.
