FREEPORT, Grand Bahama – Major new investments for Grand Bahama will provide jobs, construction, and business opportunities, said Deputy Prime Minister and Minister of Tourism, Investments and Aviation the Hon. Chester Cooper during the opening of the Grand Bahama Business Outlook on Thursday, February 22 at the Grand Lucayan resort.
Grand Bahama, he said, is the fastest growing island in the country when it relates to air arrivals, and the third fastest growing island overall.
Among those in attendance at the one-day event were Minister for Grand Bahama, the Hon. Ginger Moxey who gave brief remarks and introduced the Deputy Prime Minister; Senator the Hon. James Turner; Senator the Hon. Kirkland Russell; Senator the Hon. Randy Rolle; representatives from the Grand Bahama Port Authority, the Grand Bahama Chamber of Commerce and members of the business community.
“What we find on Grand Bahama is the need for a few major signature attractions and destinations.” Carnival is currently developing Celebration Cay with a more than $500 million investment. Additionally, they have indicated they will expand this with an additional $100 million by adding two more berths which will expand their cruise pier to accommodate up to four Excel-class ships.
This will boost tourism arrivals to Grand Bahama to over 1.4 million by the end of 2025, 2.3 million by the end of 2026 and 3.3 million by 2027, making this the largest project by Carnival in the world.
Additionally, said the Deputy Prime Minister, “Over the next two decades the project will drive substantial growth in Bahamian employment, gross domestic product (GDP), and government revenue.
“An economic impact assessment estimates that the development, construction, and ongoing operation of Celebration Key over two decades will create over 2,500 direct Bahamian jobs, generate $3.2 billion in incremental revenue to the Government, and contribute $9.7 billion in incremental economic impact to The Bahamas’ GDP.”
Now that’s big news for Grand Bahama but that’s not all.
Royal Caribbean, ITM Group and MSC will embark on an $80 million cruise port and water park project at Freeport Harbour. “This will be phase I of the developments of these entities with more to come. This will be completed towards the end of 2026.”
Other investments listed by the Minister with responsibility for Investments are the Eden Resort for $300 million to develop an ecofriendly resort with a sustainable farm for aquaculture and agriculture on a 93-acre waterfront parcel of land in West End.
Six Senses Resorts is in the 21-day public consultation phase and without any major issues, should get environmental clearance by the end of March.
The Grand Bahama International Airport will come, he said. The winning bidder is making progress and an agreement has been executed with the Manchester Airport Group.
“Their mandate to update the business plan and complete conceptual designs within the next 45 days has set the stage for a facility that will not only meet international standards but exceed them.”
The DPM added, “Furthermore, the involvement of a local Grand Bahama construction company for the demolition phase, commencing within the next 30 days underscores our dedication to empowering local businesses and integrating them into the fabric of our developmental narrative.
“We anticipate that when the vertical construction begins, it will move quickly. We are still hopeful for completion in 2025.
“In the recently executed Pre-clearance agreement with the United States, we have left the flexibility to add the return of Freeport pre-clearance, which will enhance the economy and create a much greater ease of travel for Grand Bahamians.
“We are also planning for the introduction of a digital immigration card in The Bahamas, following the Immigration Amendment Act, a forward-thinking initiative that promises to enhance the efficiency of the immigration process, improve national security, boost tourism, and align The Bahamas with global digital trends.
“This represents a significant step in modernizing the country’s immigration system, offering benefits to travelers, residents, and the Bahamian government alike.”
He addressed the Grand Lucayan Resort, stating there is interest in the property however the government is proceeding “carefully and deliberately, so as to avoid any unforeseen issues.”
According to Deputy Prime Minister Cooper, “In our quest to nurture innovation and entrepreneurship, the introduction of Incubation Centers across Grand Bahama further demonstrates our commitment.
“The pilot program on Bay Street, set to open its doors on March 5th, is just the beginning.
“A full innovation center will begin on Bay Street in the 2nd quarter 2024 and in Exuma by the 4th quarter of 2024, accessing funding from the Saudi Fund for Development.
“With a location already secured for Grand Bahama and plans for a full incubation center to mirror the timeline of the Bay Street project, we are laying the groundwork for a thriving ecosystem of startups and entrepreneurial ventures.”
These centers are designed to have legal and accounting services, technical support and facilities for accessing funding.
“The vision is to have all agencies represented in one place including, BIA, Business License, the Tourism Development Corporation, the Small Business Development Center, the Bahamas Development Bank, the Venture Fund and GB Invest which will hopefully accelerate a new generation of entrepreneurs.
“The incubation centers are hubs of creativity, learning, and opportunity, aimed at empowering Bahamians, especially women and youth, to turn their visions into viable businesses.”
Listing several film and production opportunities, these are only a few of the projects coming on stream for the island.
Describing the future as “simply GRAND” the DPM itemized the opportunities ahead: more than $2 B in investments, 4.5 million new visitors by 2026, new jobs, retail opportunities, restaurant opportunities, and tour and entrepreneurial opportunities.
He said, “The projects and initiatives we have embarked upon are not just about rebuilding; they are about revolutionizing what this island can be.”
