Global Ports Holding (GPH) announced today that Nassau Cruise Port Ltd (NCP) has signed a 25-year port operation and lease agreement with the Government of the Bahamas for the Prince George Wharf and related areas at Nassau cruise port.
NCP is a consortium comprising GPH, the Bahamas Investment Fund (“BIF”) and the Yes Foundation.
Nassau is one of the most popular cruise destinations in the world, attracting 3.7 million passengers per year, according to a statement.
Under the terms of the agreement, GPH will use its global expertise and operating model to manage Nassau Cruise Port.
In addition, NCP will invest up to $250 million in expanding the capacity of the port, as well as taking a number of innovative steps to transform the cruise port experience for both the passengers and the local population, the company said, in a statement.
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 will also see the building of a new 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, GPH announced.
The project will feature improved transportation connections, traffic flow and signage, and will include an intermodal area for bus stops, taxis and parking. The new terminal will also include electric trams to transport passengers from ships to the terminal.
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, said: “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 percent. 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.”
