Bahamas News

Arawak Port Development Ltd. Celebrates 10 Years As Regional Shipping Leader

Published

5 years ago

April 11, 2019

#Nassau, April 11, 2019 – Bahamas – BISX-listed Arawak Port Development Ltd. (APD), which has been heralded as “an example The Bahamas should be proud of” by the Inter-American Investment Corporation, celebrated ten years as a pioneer in the commercial shipping industry in February.

The formation of APD in 2009, which owns and operates the Nassau Container Port (NCP) and Gladstone Freight Terminal, marked the establishment of the first commercial maritime public-private partnership (PPP) in The Bahamas and provided a blueprint for similar projects to be developed across the country. One of the most significant terms of the historic project agreement was that it was the first to offer ownership shares to public servants to help make more Bahamians owners of a larger portion of the economy.

Mike Maura, Jr., President & Chief Executive Officer of APD, recalled the significant impact of the launch of this important venture. “The incorporation of APD was a landmark event. The idea of moving the commercial shipping port out of downtown had been pursued by successive political administrations for many years.

One of the central issues that we were facing at the time was that the shipping operations on Bay Street were in direct conflict with a major part of the country’s tourism and retail sector, which negatively affected the area’s stakeholders and even national revenues. Through extensive collaboration between various government entities and other parties, we were finally able to make it happen.”

“The ownership structure under the PPP is very clear – The Government of the Bahamas invested $20 million for 40% stake in the company; twenty corporate shipping sector stakeholders invested $20 million for another 40% equity through Arawak Cay Port Development Holdings Ltd.; and the remaining 20% is fully owned by over 11,000 Bahamian public investors through their subscriptions to the $10 million IPO we offered in 2012. Since the IPO, the company’s share price has traded on BISX by as much as 74.3% over the initial offer price, establishing APD as one of the best infrastructure investments in The Bahamas to date.”

Dion Bethell, Vice President & Chief Financial Officer of APD, reflected on the financial performance of the company and other achievements earned over the years. “The benefits to the development of our country and our community since the inception of the company have been substantial. As the single largest government revenue collection point in the country, the Nassau Container Port plays a critical role in The Bahamas’ fiscal management.

Furthermore, the creation of APD has provided the government with a new income stream, contributing in excess of $35 million to the public treasury since 2012, with approximately $7 million of that number generated in 2017 alone. We’ve also donated over $350,000 to 150 charities and non-profit organizations. Over 400 Bahamians work at NCP, so it’s important for us to be socially responsible and to promote community involvement because we are the community. ”

Mr. Bethell continued, “Many of our team members are recognized internationally as industry experts. In fact, in recent years, APD employees have been called upon to make presentations on public infrastructure, container shipping, port operations, and public-private partnerships at many global conferences. We’ve also been recognized by international associations for our efficiency and reliability – we were ranked as the number one port in Port Efficiency by the Caribbean Development Bank in May 2016 and received the award for the Most Reliable Port by the Caribbean Shipping Association in October of that year.”

Mr. Maura shared his appreciation for his team, stating, “We are extremely proud of all we’ve accomplished over the last ten years and the impact that our Bahamian team has had on the regional maritime sector. It is my sincere pleasure to thank the employees of APD Ltd., our shipping partners, the men and women which work tirelessly every day in our maritime space and each of the various government agencies who have supported us on this journey. I must make special mention of the 10-year partnership with Bahamas Customs and the Ministry of Finance which has directly influenced the port’s success. Through their diligence and commitment, APD has become an internationally-renowned model for excellence in port operations and commercial shipping. We are among the best and the brightest in the world, and we’re delighted and grateful to be able to say that.”

Over the next few months, APD will host a series of events and activities to educate the public about the necessary and valuable role of the many maritime stakeholders that support its operations. These include agencies involved in environmental protection & management, international & domestic shipping, national and border security, health & safety, road safety, and trade & commerce.

These initiatives will also help the public understand more about operations at Nassau Container Port, emerging careers in the field, and how the work of the port and maritime community impacts our economy and the lives of everyday Bahamians.

Press Release: Blue Orchid Advertising Agency

Bahamas News

Freeport Business Expo to connect Grand Bahama businesses and entrepreneurs to expert resources

Published

2 days ago

April 27, 2024

Deandrea Hamilton

Grand Bahama Port Authority, Limited

April 29, 2024 – Freeport, The Bahamas – In line with its mission to create a stronger, more connected Freeport economy, the Grand Bahama Port Authority, Limited (GBPA) is pleased to share details of the upcoming Freeport Business Expo: Tourism Edition, taking place on Thursday, May 2, 2024 at the Grand Lucayan Convention Center in Grand Bahama.

“As the GBPA continues its work to attract investors to Freeport, we offer this showcase of local and international businesses offering services and opportunities to potential and existing licensees,” stated Ian Rolle, GBPA President. “This Expo will not only connect unique international service providers with Bahamian entrepreneurs aiming to introduce new tourist attractions, but also bring together financing institutions to support Bahamian-owned start-ups and existing businesses in the industry.”

The emphasis on tourism at the 2024 Expo ensures that those in tourism-focused businesses are certain to benefit. The event will offer opportunities to meet potential business partners, gain insight on financial opportunities, engage with leaders in workshops and one-on-one sessions, and get answers on starting a Freeport business and obtaining a GBPA license.

“We regularly host community business expos,” said Glendia Sweeting, Manager of Quality Assurance and Special Projects. “But we recognize the significant benefit of an expo focused on enhancing tourism business offerings through connecting international service providers and Bahamian entrepreneurs. We have more than thirty local and national exhibitors taking part on May 2^nd, along with several international service providers.”

Multiple investment projects currently in progress and planned in the city of Freeport is creating anticipation for existing and potential entrepreneurs and this expo is geared towards preparing them for these opportunities. “Grand Bahama is going to experience a significant growth spurt in the next one to three years. I would strongly encourage everybody who wants to get involved in business to look at Grand Bahama as one of the top choices, especially over the next three years,” said Mr. Rolle.

The Expo opens on Wednesday, May 1^st with a welcome reception from 6:00 p.m. to 8:00 p.m. A full day of learning and networking opportunities follows on Thursday, May 2^nd. GBPA’s partners in the Freeport Business Expo include:

Grand Bahama Island Promotion Board
Ministry for Grand Bahama
Grand Bahama Chamber of Commerce
Ministry of Tourism
Bahamas Immigration
Bahamas Customs
Five Star Shipping Company
Viva Wyndham Fortuna
Bahamas Air
Grand Lucayan Hotel

Registration for access to the Expo’s exhibitors is free, and all-access passes are available for purchase. Event details and registration information may be found at freeportbusinessexpo.com.

Bahamas News

Pacesetting Cohort of Eleuthera Residents Graduate from Leading Light Programme

Published

2 days ago

April 26, 2024

Shanieka

Office of University Relations

22^nd April 2024

Eleuthera, THE BAHAMAS – A pioneering cohort of 43 Eleuthera residents graduated from the University of The Bahamas’ (UB’s) free Leading Light Programme, sponsored by Disney Cruise Line (DCL) on Friday 19^th April, 2024.

The programme, launched in February 2024 and delivered through UB’s Continuing Education and Lifelong Learning (CeLEARN), offers a series of courses to ensure Eleuthera has a proficient workforce capable of delivering unparalleled hospitality leadership as the island experiences a sharp growth in tourism arrivals. The graduation ceremony was held at the Eleuthera Chamber of Commerce Business Hub in Rock Sound, Eleuthera.

The courses focused on tourism and hospitality skills, leadership development and effective communication. They were taught by UB faculty and included guest lecturers such as former Director General of Tourism, Minister of Tourism and Secretary General of the Caribbean Tourism Organization Vincent Vanderpool Wallace and veteran hospitality professor Dr. Lincoln Marshall.

“This programme represents the mission-driven collaboration and skills-building that University of The Bahamas is committed to fostering, supported by an important industry partner like Disney Cruise Line,” noted UB President (Acting) Janyne Hodder. “Given the importance of the tourism industry to our nation, we know how vital it is that we continually equip our workforce with diverse expertise to uphold our reputation for excellence in hospitality. We are grateful for this collaboration with Disney Cruise Line which has facilitated programme delivery in Eleuthera, enabling UB to broaden access to much sought-after professional development.”

As training and skills development programming grows across the island of Eleuthera, the Leading Light Programme experience was tailored to be free of charge, accessible and conclude with participants earning a UB certification that signals the high standard of education for which the University is recognized. Students came from all walks of life and traveled from as far away as Hatchet Bay in the North, and Bannerman Town in the South to Rock Sound for classes. Programme participants also received a stipend to defray the cost of commuting and other personal expenses.

Nora Smith, a manager at the picturesque Jack’s Bay Club, yearned to increase her skills.

“I would recommend this programme to anyone because The Bahamas is known as a tourism destination. Taking this course in tourism and hospitality, can help me to go far in dealing with tourists daily in my workplace,” she said.

Graduate Javonne Richards appreciated the comprehensive curriculum and the ease of access to the courses that were offered.

“This programme not only fills a gap in our Eleuthera education offerings, but also equips participants with the tools and knowledge needed to thrive in dynamic work environments,” he noted.

Director General of Tourism Mrs. Latia Duncombe, who delivered the keynote address at the graduation ceremony, shared three essential qualities for successful tourism professionals: energy, creativity and a welcoming personality.

“Your fresh perspectives and innovative ideas are invaluable to creating unique, unforgettable customer experiences,” said Mrs. Duncombe. “While technology such as Artificial Intelligence, also have a role to play, human interaction remains essential.”

Minister of Works and Family Island Affairs and Member of Parliament for Central and South Eleuthera the Honourable Clay Sweeting commended the partnership that is supporting community growth.

“I am proud of every Eleutheran who came from near and far to take advantage of this opportunity,” said Minister Sweeting. “As Eleuthera’s economy continues to grow, especially in Central and South Eleuthera, I encourage more corporate partners to invest in the local community in innovative ways, like the University of The Bahamas and Disney Cruise Line have, so that we can continue to strengthen our local communities.”

Two additional cohorts will be offered this year, increasing the pipeline of Eleutherans who are optimally skilled as hospitality and tourism ambassadors. Registration for the summer programme will open on May 17 and the second cycle of courses begins June 17, 2024. Fall programme dates are September 23 through November 29, 2024. To learn more about the Leading Light Programme and how to enroll, please email atynes@eleutherahambercommerce.com.

Bahamas News

Royal Caribbean to open Royal Beach Club on Paradise Island in 2025

Published

2 days ago

April 26, 2024

Shanieka

FOR IMMEDIATE RELEASE

April 24, 2024

By LINDSAY THOMPSON

Bahamas Information Services

NASSAU, The Bahamas – The Government entered into a Heads of Agreement with Royal Caribbean International, followed by a Ground Breaking Ceremony for the construction of Royal Beach Club on Paradise Island, at an estimated $165 million.

The agreement was signed on Monday, April 22, 2024 during a press conference at the Office of the Prime Minister.

According to Deputy Prime Minister and Minister of Tourism, Investments and Aviation the Hon. Chester Cooper, the project will further enhance the tourism product, on the heels of an estimated 9 million visitor arrivals.

He deemed it “an eventful day” with a reliable partner in RCI of more than 50 years with The Bahamas, and the continued confidence that investors have in the tourism product and economy.

He said it is a partnership with “excellence experiences” as he delighted in the fact that there will be more for the 25,000 cruise ship guests in port.

Also on hand for the activities to seal the agreement were Prime Minister and Minister of Finance the Hon. Philip Davis; Minister of Health and Wellness, the Hon. Dr. Michael Darville; Minister of Energy and Transport, the Hon. JoBeth Coleby-Davis; Attorney General and Minister of Legal Affairs, Senator the Hon. Ryan Pinder; Director of Investments Phylicia Woods-Hanna; executives of Royal Caribbean International and Royal Caribbean Group, and other officials.

“With the signing of this Heads of Agreement for the development of the Royal Beach Club on Paradise Island, we embark on a $165 million project to further enhance the vitality of our tourism product,” the prime minister said.

Spearheaded by RBC Paradise Island Ltd. and PDI Paradise Ltd., subsidiaries of Royal Caribbean Cruises Ltd., the project will galvanize entertainment and recreational offerings for Bahamians and visitors alike.

The master plan for the Royal Beach Club includes pools, cabanas, and Bahamian boutiques, offering an unparalleled on-shore experience for visitors.

“This development will prove to be a monumental step forward for Bahamian inclusion in major tourism projects that will serve as a model for others to emulate,” the prime minister said.

The prime minister then underscored the importance of what the project would mean for Bahamians in the broader scope of things.

An estimated 200 jobs will be created for Bahamians. However, an opportunity is being provided for shared ownership in this development.

It is anticipated that PDI Paradise Ltd. will hold at least 51% of the shares in the Royal Beach Club, with the remaining 49 % shares being allocated to the National Investment Fund for the benefit of Bahamians.

“Through this partnership, we will provide new employment and economic opportunities for this nation. Local businesses will see their share of opportunities as well. There will be Bahamian boutiques creating avenues for small business ownership,” the prime minister said.

The project will also encompass a joint venture with a Bahamian-owned entity for the operation of a water taxi business; it will provide transportation options for guests of the Royal Beach Club, as well as other attractions in Nassau Harbour – enhancing accessibility while creating additional avenues for economic growth within the community.

“Ultimately, this project will largely be run by Bahamians, owned by the Bahamian people, and supported by Bahamian businesses.

“When we talk about the need to ensure that major tourism projects are primarily for the benefit of the Bahamian people, these are the kinds of opportunities that we are talking about,” the prime minister said.

He observed that the Royal Beach Club represents the latest successful chapter in the story of Paradise Island’s growth as a tourism mecca. Initial negotiations for the project began under the previous administration. Royal Club Beach is expected to open in 2025.

“By signing today’s agreement, we add another world-class experience to our tourism offerings. And even more importantly, we take a bold step toward greater Bahamian empowerment in the tourism industry. This is our nation, and we must ensure that, first and foremost, our service industries serve us,” the prime minister said.

He concluded, “We are more optimistic than ever before about our economic prospects with tourism leading the way as our number one industry that continues to grow at a record-breaking pace.

At the ground breaking site just west of the Atlantis Resort, officials tilled the soil, marking the beginning of the construction process.

Jason Liberty, president, and CEO of Royal Caribbean Group said that events regarding the agreement “symbolize partnership, momentum, and continued economic development for so many Bahamian entrepreneurs and the entire community.

“We are grateful to our partners for their support, especially the Bahamian government, who stand with us here today in celebration of what is to come.”