NASSAU, The Bahamas – With more than two billion dollars in current and incoming investments, Grand Bahama has begun to see progress, said Prime Minister of The Bahamas and Minister of Finance, the Hon. Philip Davis during his 2024/2025 Budget Debate Closing at the House of Assembly on Monday, June 17, 2024.
Having lived on the island for several years, Prime Minister Davis said Grand Bahama has a special place in his heart. Knowing several residents and descendants, he added, he feels their frustration due to the lack of progress.
“We have expedited the process for the new hospital, which has already started; and the demolition of the Grand Bahama International Airport to make room for a new airport has started as well.
“We have well over $2 billion in incoming investments ranging from the new Cruise Port, the Shipping Yard expansion, and multiple new resorts that will provide jobs and business opportunities on the island.”
To redevelop an area that was once an economic hub on the island providing one of the largest shopping areas known as the International Bazaar, the government will purchase this property, along with the surrounding areas that currently house the Princess Tower Hotel, the El Casino Building, and the West Sunrise Road.
This will be done, he said, “for redevelopment to bring about even more growth on the island.” He added, we have a fully developed plan to use these assets to further grow the Grand Bahamian economy.”
The International Bazaar opened in 1967 and featured sections from around the world. Following the devastation by Hurricanes Frances and Jean in 2004, the shopping center and the Princess Resort and Casino remained closed.
Turning his attention to the Grand Bahama Port Authority, the Prime Minister noted the government is trying to “revamp” the arrangement between them “which has stymied growth on the island for decades.”
Improvement is good for the investment climate of the island, said the Prime Minister, and added, “we will not stop pushing for progress on Grand Bahama until the Port Authority does right by the people and all parties can come to an agreement on a solution that serves the best interests of Grand Bahamians.”
