Global Ports Holding Chosen for 25-Year Concession in Bahamas
Cruise port operator Global Ports Holding has been selected as the preferred bidder for a 25-year concession for the Prince George Wharf and related areas, at Nassau cruise port.
Namely, following a competitive request for proposal process, the Government of the Bahamas awarded Nassau Cruise Port, a consortium comprising Global Ports Holding, the Bahamian Investment Fund (BIF) and the Yes Foundation the cruise port tender for the concession.
The parties will now work towards agreeing the terms of a concession contract. Following the successful execution of the concession agreement, GPH as part of NCP, will manage the cruise port operations in Nassau. In addition, NCP will invest in expanding the capacity of the port from six to eight berths, as well as building of a new terminal building.
NCP will be 49% owned by Global Ports Holding, that will be the port operator, while the Bahamian retail fund would hold another 49% and the remaining 2% would be owned by Yes Foundation.
GPH said that it 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 the second half of 2019.
“This represents GPH’s third new port in the Caribbean in the last twelve months and is a historic moment for the group,” Mehmet Kutman, Global Ports Holding, Chairman and Co-Founder, said.
“The addition of Nassau to our portfolio will mark an important inflection point in our strategy and growth aspirations. Nassau will become the biggest cruise port in our portfolio and will increase our passenger volumes by 50%,” Emre Sayin, Global Ports Holding CEO, added.
The Nassau cruise port welcomes 3.7 million passengers per annum.