Concession contract negotiations are expected to be completed in the second half of the year, with operations expected to commence in the same period. As a result of the tender, the Bahamas Minister of Tourism and Aviation Dionisio James D'Aguilar’The announcement was made at a press conference organized by Global Investment Holdings and Global Ports Holding with the participation of Mehmet Kutman, Chairman of the Board of Directors of Global Investment Holdings and Global Ports Holding. Nassau Cruise Port, one of the building blocks of the Bahamas economy, served 3.7 million passengers in 2018 in the country with a population of approximately 400 thousand. With the addition of Nassau Cruise Port to the portfolio, the number of passengers served by Global Ports Holding will increase to 12 million. Thus, the number of passengers will increase by approximately 50 percent.
Mehmet Kutman, Chairman of the Board of Directors of Global Investment Holdings and Global Ports Holding, said: “We have reached a critical stage in our expansion strategy focused on both the Holding's growth strategy in port operations and the Caribbean, the world's largest cruise passenger market in the Americas. We are looking forward to the addition of Nassau Cruise Port, which draws attention with its proximity to the USA, the largest source of passengers, to our portfolio.” Emre Sayın, CEO of Global Ports Holding, stated that they are planning new investments including capacity increase and construction of a new terminal after the concession agreement is signed and operation starts.
Global Ports Holding, a subsidiary of Global Investment Holdings and the world's largest cruise port operator, submitted the best bid in the tender for the operation of the Nassau Cruise Port in the capital of the Bahamas. The results of the tender were announced at a press conference organized by Bahamas Minister of Tourism and Aviation Dionisio James D'Aguilar and attended by Global Investment Holdings Chairman Mehmet Kutman.
Negotiations on the concession agreement between Nassau Cruise Port Ltd, a joint venture between Global Ports Holding, Bahamas Investment Fund and Yes Foundation, and the Bahamas Government will begin in the coming days. The negotiations are expected to be finalized in the second half of the year and operations are expected to start in the same period. The concession period will be 25 years. Global Ports Holding and Bahamian Investment Fund have 49 percent each and Yes Foundation has a 2 percent stake in Nassau Cruise Port Ltd.
Passenger numbers will increase to 12 million
Nassau, one of the most important cruise ports in the world, is among the building blocks of the economy of the country with a population of approximately 400 thousand. Having served 3.7 million passengers in 2018, the addition of Nassau Cruise Port to the portfolio will increase the number of passengers served by Global Ports Holding to 12 million. Thus, the number of passengers will increase by approximately 50 percent. Global Ports Holding operates 18 ports in 10 countries, including 16 cruise ports and 2 commercial ports.
We have entered a critical phase
Mehmet Kutman, Chairman of the Board of Directors of Global Investment Holdings and Global Ports Holding, said: “We have reached a critical stage in our expansion strategy focused on both the Holding's growth strategy in port operations and the Caribbean, the world's largest cruise passenger market in the Americas. We are looking forward to the addition of Nassau Cruise Port, which draws attention with its proximity to the USA, the largest source of passengers, to our portfolio.”.
Reminding that they signed concession agreements in Havana in May 2018 and Antigua and Barbuda in early February this year in the Caribbean, Kutman said, ’We made a good start to the year with this latest development. There are other opportunities in North and South America that we are pursuing.“ I am confident that Nassasu will be in a much better position than it is after the investment we will make by working together with the partners of Global Ports Holding and the people of the Bahamas,” Kutman said.
The port will be integrated into Nassau
Global Ports Holding CEO Emre Sayın emphasized that they will bring their international experience and operating models in cruise port management to the Bahamas after the concession agreement is signed and operations begin. Stating that they are planning innovative investments, Mr. Sayın said the following about the plans, which include the construction of a new terminal building as well as a capacity increase that will increase the number of ships served daily from 6 to 8 at Nassau Cruise Port:
“We are working on investments to significantly improve the port, including the creation of entertainment and event spaces, upgrading existing commercial areas, and the design and construction of new fit-for-purpose commercial spaces. We also intend to integrate the Nassau Cruise Port with downtown Nassau, making a significant contribution to the development of the city.”
Stating that the Caribbean has a 35 percent share of global cruise passenger figures, Mr. Sayın said, “9.6 million cruise passengers traveled in the Caribbean in 2017. The Caribbean market has grown by an average of 4.5 percent annually since 2012. The growth rate is expected to reach 6 percent with the new ships to be added in 2020.’.
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