Nassau port redevelopment moves forward with new funding

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Nassau Cruise port Ltd has been able to raise $130 million to keep the Bahamas Project alive — building a $250 million cruise port in Nassau

According to the remark by the CEO, Mike Maura: he said, the fund for this project was raised through a private bond offering. And this investment demonstrated tremendous  support and confidence in the project “during these difficult times.” he said.

A rendering of the redeveloped Nassau cruise port.

“Our success is a signal to our tourism partners that the Bahamian tourism industry, and specifically Bahamian cruise tourism, will continue to thrive,” Maura said. 

Nassau Cruise Port limited further clarify that the redevelopment is divided into 3 phases. The first of three phases, involves  the demolition of current buildings and structures on the site. Phase two —  completing the marine works and expanding the berthing capacity of the port —  is also expected to start within the next 60 days. The final stages which is  Phase three, consist of  landside works, including a new arrivals terminal and plaza, Junkanoo Museum, retail Market Place,. amphitheater, and other food-and-beverage and entertainment spaces. 

Every fundraised through the bond offering will be used to support the work of phases one and two,  while an initial public offering will be launch  in 2021,  to raise equity to finish the project. 

Maura, however, said: “We are preparing diligently for the recovery of the tourism industry and the return of millions of cruise passengers, ”  “We do not know exactly when they will be back, but we are in constant communication with local and international cruise partners to ensure that we stay ahead and are prepared.” He narrates.

Nassau Cruise Port is a consortium owned mostly by Turkey-based Global Ports Holding, primarily an operator of ports in Europe. According to the statement, the company explained that a 2018 economic impact assessment conducted by KPMG, further concluded that the project would have a $300 million impact on the Bahamas economy during the development phase and a $15.7 billion contribution over the 25-year concession period.

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