The Nassau Cruise Port (NCP) consortium has signed a 25-year port operation and lease agreement with the government of Bahamas for the redevelopment of the Prince George Wharf at the Nassau Cruise Port.

Bahamas' Ministry of Tourism named NCP as preferred bidder for the contract at the end of February (2019). The consortium brings together:

• Global Ports Holding (GPH) – 49%
• Bahamian Investment Fund (BIF) – 49%
• Yes Foundation – 2%

NCP will invest up to $250 million in the redevelopment, with retail investment fund BIF due to contribute both equity and debt.

Expected to take 12 months to complete, the project involves the generation of the port and the town of Nassau. This includes:

• expanding the capacity of the port from six to eight berths
• developing a new terminal building
• creation of an event and entertainment area
• investing to improve existing retail facilities
• the design and construction of new food and beverage facilities
• integrating the port into Bay Street and downtown Nassau 

The redeveloped port area is also due to feature improved transport connections and will include an intermodal area for bus stops, taxis and parking, along with electric trams to transport cruise passengers from ships to the terminal.

Prince George Wharf is the third project won by GPH in the Caribbean in the last year, following transactions in Havana and Antigua. Nassau is also the biggest cruise port in GPH’s portfolio, increasing the company’s passenger volume by 50%.

The RFP was triggered by an unsolicited proposal from GPH, following which three bids were submitted to the Bahamian Government.