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Agreement signed for $250M major redevelopment of Nassau Cruise Port: Bahamians to own majority of shares

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#Nassau, August 29, 2019 – Bahamas – The Government of The Bahamas today signed a Heads of Agreement with Nassau Cruise Port Ltd. for a $250 million-dollar major redevelopment of the Nassau Cruise Port, marking the start of a landmark development and signaling a major step toward the long-awaited revitalization of Downtown Nassau.

Global Ports Holding, an entity of Nassau Cruise Port Ltd, will spearhead the transformation of the Port and will be the Port operator under a 25-year management agreement – part of a unique consortium that has been negotiated to transform the Nassau Cruise Port into one of the more beautiful and exciting cruise ports in the world.

“Today’s signing is an extraordinary day for the Bahamian people and for the residents of New Providence,” said Prime Minister the Most Hon. Dr. Hubert Minnis. “We are embarking on a quarter of a billion-dollar project to redevelop what will become the iconic, world-renowned and new Nassau Cruise Port.”

At the signing ceremony held at the site of the development at Festival Place, Prince George Wharf, Prime Minister Minnis emphasized that the majority of the shares for the new Port will be owned by Bahamians and Prince George Wharf will remain wholly-owned by the Government of The Bahamas.

The new world-class port will include a new terminal, a waterfront park, a harbor village, a new inner harbor, amphitheater, Junkanoo Museum, shops, restaurants and an impact theater. New passenger transfer and parking and waiting areas to ensure the smooth and efficient operations by existing licensed taxi and tour operators are also part of the redevelopment.

“Our mission as a country is to have a dynamic and diverse tourism mix that promotes sustainability, environmental protection, long-term growth and economic opportunity for the broadest number of Bahamians possible,” said Prime Minister Minnis.

Economic opportunity

During construction there will be approximately 500 jobs, and recreational, entertainment, shopping and food and beverage spaces will be owned solely by Bahamians who will be able to rent or lease spaces designed around various aspects of Bahamian culture.

The number of berthing facilities for cruise ships will be expanded from six to eight, which will mean even more cruise passengers and more economic opportunities for Bahamians throughout the economy, including farmers, artisans, store owners, taxi, tour and heritage operators, straw vendors, hair braiders, restaurant owners and others.

Nassau Cruise Port Ltd. includes three entities, Global Ports Holding (GPH), the Bahamas Investment Fund (BIF) and the YES (Youth Education and Sports) Foundation. The majority of the shares for the new port will be owned by Bahamians through the BIF and YES Foundation.

Current vendors and shop owners at Prince George Wharf will be guaranteed retail spaces under the redevelopment, and retail and product training will be provided to small business owners and entrepreneurs as part of the agreement.

GPH, which is headquartered in London and is publicly traded on the London Stock Exchange, is the largest cruise port operator in the world, with ports in destinations such as Havana, Cuba; Singapore; Lisbon, Portugal and Barcelona, Spain. GPH will make The Bahamas its American headquarters for North, Central and South America.

BIF will offer to Bahamians and Bahamian residents two classes of Investor Shares – Class A and Class B – on a ‘bottom-up’ basis with the objective to achieve participation by approximately 20,000 investors.

Class A Investor Shares will represent an investment in equity and the Class B Investor Shares will represent an investment in debt. The minimum investment for the Class A Investor Shares will be $1,000 and for the Class B Investor Shares the minimum investment will be $50,000.

“Our vision is to enable scores of Bahamians to become greater shareholders in the tourism sector in general and in the Nassau Cruise Port in this instance,” said the Prime Minister.

“This holds the potential for a long-term sustainable investment that will help individuals, small business people, labour unions, cooperatives, pension funds and other groups to create wealth and save.”

YES Foundation

The YES Foundation will fund causes promoting youth, education and sports for Bahamian young people and will also provide sustainable support that will help to develop a new generation of athletes in various sports.

Under the HOA, the developers will provide initial funding of $3 million to the YES Foundation, and allocate issued shares corresponding to two percent of the share capital of the company.

The developer will also provide:

• A $1 million grant to fund the operations of the Small Business Development Centre (SBDC)

• A $2 million grant to fund micro loans issued by the SBDC.

• Two million dollars to The Bahamas Agricultural and Industrial Corporation (BAIC) for its support of qualified local artisans and farmers.

• A $10 million grant to BIF for its funding of loans to qualifying Bahamians for their investment in the project through BIF.

• An $8 million contribution to a green management plan and a redevelopment initiative for downtown Nassau in conjunction with the Downtown Nassau Partnership.

Culture and Heritage

“The Nassau Cruise Port will showcase to the world the brilliance, the richness, the diversity, and the unique and vibrant culture of The Bahamas,” said Prime Minister Minnis.

Bahamian culture, history and heritage will be showcased in the design of and in the services and products offered at the new Port and will offer tremendous opportunities for Bahamians in the creative arts and the creative economy.

A Junkanoo Museum will be developed and curated under the guidance and supervision of an advisory council headed by Percy ‘Vola’ Francis.

The redevelopment of the Nassau Cruise Port is part of the Government’s vision to transform the Nassau Waterfront, “into one of the most vibrant dynamic, attractive and exciting waterfronts in the region,” said the Prime Minister.

Release: Office of the Prime Minister

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New GPS Evidence Prompts Fresh Search for Missing American Woman in Abaco

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ABACO, BAHAMAS — Nearly two months after American sailor Lynette Hooker vanished in waters off Abaco, investigators are preparing to conduct a new search based on GPS and navigation data that reportedly challenges the account originally provided by her husband.

The case, which first drew international attention in early April, began when Brian Hooker told authorities that his wife was swept away after falling from an inflatable dinghy during rough conditions in waters near Elbow Cay.

Initial search efforts involving Bahamian and U.S. authorities covered extensive areas of the Sea of Abaco but failed to locate the missing Michigan woman.

Now, according to multiple U.S. media reports, investigators have obtained electronic navigation and GPS data that appears to place the couple’s dinghy in a different location from where searchers initially concentrated their efforts.

The new information has prompted authorities to reopen search operations and seek permission for divers to examine a more targeted area of the Sea of Abaco.

Unlike the broad search that followed Hooker’s disappearance, the renewed effort is expected to focus on a relatively shallow section of water, reportedly about 25 feet deep. Investigators believe the location may offer a better opportunity to recover evidence and potentially answer lingering questions surrounding the disappearance.

The latest development marks a significant shift in the investigation.

What began as a maritime search-and-rescue operation has evolved into a complex multinational investigation involving Bahamian authorities, the United States Coast Guard and the Federal Bureau of Investigation.

Brian Hooker was detained and questioned by Bahamian authorities following his wife’s disappearance but was later released without charges. While investigators have never publicly accused him of a crime, reports indicate he remains a person of interest as authorities continue to examine the circumstances surrounding the case.

Hooker has repeatedly denied any wrongdoing and has maintained that his wife accidentally fell overboard.

The investigation has intensified in recent weeks. U.S. authorities have reportedly seized the couple’s sailboat, Soulmate, transporting the vessel to Florida for forensic examination. Investigators are said to be reviewing onboard electronics, digital records and other potential evidence as part of the ongoing inquiry.

The case has also attracted attention from Lynette Hooker’s family, who have continued to press for answers and support efforts to locate her.

The renewed search comes after Brian Hooker returned to the United States following the disappearance. Reports indicate he cited family reasons, including concerns about his mother’s health, for leaving The Bahamas.

For investigators, however, the focus now appears fixed on the newly identified search area and the electronic evidence that led them there.

Whether the latest operation produces answers remains to be seen. But nearly eight weeks after Lynette Hooker disappeared in the waters of Abaco, authorities believe new technology and new information may finally provide a clearer picture of what happened that night.

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Nassau Opens CDB Annual Meeting at Baha Mar This Week

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NASSAU, BAHAMAS — Regional policymakers, development financiers, economists and international partners are converging on Nassau this week as the Caribbean Development Bank (CDB) stages its 56th Annual Meeting at the Baha Mar Resort from June 1-5, 2026.

Held under the theme, “Forging the Caribbean’s Future: Strategic Solutions for Uncertain Times,” the gathering is expected to place The Bahamas at the center of discussions on some of the region’s most pressing challenges, from climate resilience and energy security to debt sustainability and economic growth.

At the launch of the annual meeting on March 19, CDB President Daniel Best underscored the importance of bringing together leaders from across the Caribbean and beyond at a time of global uncertainty.

“The Annual Meeting provides a strategic moment for the Caribbean, an opportunity for our leaders, governments, development institutions, private sector, youth, and international partners to come together to identify practical solutions that can help the Region navigate uncertainty while unlocking the opportunities that lie ahead,” Best said.

The conference host, newly named Bahamas Minister of Finance and Chairman of the CDB Board of Governors, Michael Halkitis, also emphasized the significance of the event during the March 19 launch ceremony.

“Today’s gathering marks more than the start of preparations for an important meeting. It represents the beginning of a renewed conversation about the future of the Caribbean, about our shared aspirations, our common challenges, and the partnerships that will shape the path forward for our region,” Halkitis said.

He added: “Hosting the 56th Annual Meeting of the Caribbean Development Bank here in Nassau provides an important opportunity to strengthen partnerships and advance meaningful dialogue on the future of the Caribbean.”

Over the five-day meeting, delegates will tackle major issues including energy transition and resilienceinnovative debt solutions for Caribbean economies, and the impact of global economic shocks on regional development.

The programme features a number of high-level events including the Youth FIRE Forum, the William G. Demas Memorial Lecture, the President’s Chat titled Financing the Future: MDB Strategies for Uncertain Times, and a series of policy seminars examining climate finance, infrastructure, economic resilience and development lending.

Among the featured participants are CDB President Daniel Best, Finance Minister Michael Halkitis, senior officials from multilateral development banks, regional finance ministers, central bank governors, economists, development specialists and private-sector leaders. The President’s Chat is expected to bring together leaders of major multilateral development banks to discuss financing strategies for developing states facing mounting economic pressures.

The annual meeting also includes sessions branded “EDGE X by CDB: Analytics Unlocked,” which will explore the economic costs of traffic congestion in the Caribbean and how global crises continue to affect regional economies.

The CDB Annual Meeting traditionally attracts representatives from the Bank’s 28 member countries, including government ministers, senior public officials, development agencies, international financial institutions, youth delegates, academics and private-sector stakeholders. Hundreds of delegates are expected to participate in discussions that will help shape development priorities and financing strategies across the Caribbean in the years ahead.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

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Afreximbank Annual Meetings Return Next Month; Caribbean Links Remain in Focus

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May 29, 2026 – Two years after The Bahamas made history as the first Caribbean nation to host the African Export-Import Bank’s Annual Meetings, thousands of delegates are expected to gather in Egypt next month for AAM2026.

The 33rd Afreximbank Annual Meetings will be held from June 21-24 in El Alamein, Egypt, under the theme: “Intra-African Trade and Industrialisation: Pathway to Economic Sovereignty.”

The event is regarded as one of Africa’s most important gatherings on trade, investment, finance and economic development, bringing together heads of state, policymakers, business leaders, development finance institutions and international partners.

For Caribbean nations, the meetings hold special significance.

In 2024, The Bahamas welcomed thousands of delegates to Nassau for the landmark event, marking the first time the annual meetings were staged outside the African continent and placing the Caribbean at the center of growing discussions on Africa-Caribbean trade and investment.

Since then, Afreximbank has continued to expand its engagement in the region, promoting stronger commercial ties between Africa and Caribbean countries and exploring opportunities in trade finance, infrastructure development, logistics, investment and private sector growth.

Organizers say this year’s discussions will focus on strengthening intra-African trade, advancing industrialization, building regional value chains and increasing economic resilience amid global uncertainty.

The meetings are also expected to provide a platform for new partnerships, investment opportunities and development initiatives that could have implications beyond Africa, including for Caribbean nations seeking to deepen economic cooperation with the continent.

As leaders prepare to convene in Egypt, the Caribbean’s growing relationship with Afreximbank remains a key part of the institution’s broader vision of expanding trade and investment connections across the Global South.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

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