The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The Grand Bahama Port Authority (GBPA) last night moved to reassure its licensees and potential investors over “the very unfortunate public noise” created by its $357m dispute with the Government.

Freeport’s quasi-governmental regulator, in a statement, said it was responding to increasing concerns that the battle with the Government - which appears to be headed to arbitration proceedings - will distract it from running Freeport and seeking to attract fresh investment to the city.

“We would like to reassure our licensees, the residents of Grand Bahama and current and prospective investors that the GBPA has not been distracted by this. We remain keenly focused on delivering the $2bn-plus of investments currently being executed for the benefit of the Grand Bahama economy,” the GBPA said.

“Through its affiliates, the GBPA group of companies has initiated, is invested in or is contractually involved in creating these new investments, and was instrumental in bringing the investors to the table.” That will likely to disputed by the Government, which is itself seeking to take all credit for every investment being made in Freeport.

“We continue to work closely with world-renowned Weller Development Partners to see the $300m resort and branded residences, operated by the world’s number one luxury resort group, Six Senses, come to fruition on Grand Bahama. We are helping to expedite future phases of this key partnership that will be nothing less than transformative for the island,” the GBPA added.

“We sold the land to Carnival to facilitate the creation of the new Celebration Key cruise port destination and have shepherded the project forward over the last seven years. GBPA remains in constant contact and co-operation with Carnival Cruise Lines as this exciting and job-creating investment progresses to a 2025 opening.

“Another major cruise port development is being proposed by Bahamas Ports Investments Ltd (BPI), a joint partnership between Royal Caribbean Cruise Lines (RCCL) and our subsidiary, Freeport Harbor Company,” it continued.

“Meanwhile, the $600m expansion of the Grand Bahama Shipyard, of which the Port Authority group of companies is a shareholder, will create hundreds of additional jobs for Grand Bahamians and re-establish the island as the premier destination for mega ship repair in the region.”

The Government is demanding that the GBPA reimburse it to cover the costs of providing public services in Freeport over and above the tax revenues generated by the city during the period 2018-2022. It has sent a $357m payment demand to the GBPA and is now awaiting its formal response.

“Other projects on which GBPA and its group of companies have worked diligently include: a new $25m medical facility by Doctors Hospital; two major renewable energy projects; and a fully Bahamian-owned concrete plant, among many others,” the GBPA added.

“The people of Grand Bahama can rest assured that we will bring these projects to fruition. Each day, we dedicate ourselves to advancing these initiatives, and we eagerly anticipate sharing news of further exciting developments.

“We encourage our stakeholders to maintain confidence and remember the resilience we’ve demonstrated together throughout the years. Despite the current challenges, Freeport continues to offer a wonderful environment for living and investing, reflecting our enduring belief in the island’s potential and prosperity.”