Global Ports Holding Plc announced it has been awarded the cruise port tender for Nassau Cruise Port for a 25-year concession for the Prince George Wharf and related areas, at Nassau cruise port.
GPH and the Government of the Bahamas will work towards an agreement that will allow GPH to manage the cruise port operations in Nassau. In addition, the port team will invest in expanding the capacity of the port (from six berths to eight berths) as well as taking a number of innovative steps to transform the cruise port experience for both passengers and locals. The transformation will include 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 port is expected to act as a catalyst for the wider redevelopment of downtown Nassau.
GPH is in advanced stage discussions with local and international banks over long term bank financing for the concession. Full financial closure and commencement of the concession is expected to occur in H2 2019, although there can be no certainty as to the timing or that the final conditions will be satisfied. A further announcement will be made when it is appropriate to do so.