By LYNAIRE MUNNINGS
Tribune Staff Reporter
A new $500m project for Exuma promises to boost that island’s tourism and spark significant job growth.
Government officials signed a Heads of Agreement with Cave Cay Limited yesterday, paving the way for its development of a new resort and marina in Cave Cay, Exuma.
Prime Minister Phillip “Brave” Davis called the agreement’s signing historic.
He said: “This is a $500m investment which we enthusiastically embrace. Again it demonstrates the efforts that we’re putting into expanding and diversifying the tourism product.”
“And it also, again, marks the expression of confidence that the international community is having in our brand and I want to thank the developers for their continued confidence.
“We look forward to this project coming on stream and adding again to the inventory of luxury resorts and exciting experience for our tourism.”
Deputy Prime Minister Chester Cooper, the MP for Exuma, said this was the fifth Heads of Agreement signing for projects in Exuma since the Davis administration came to power, reflecting the “renaissance” of the island.
Mr Cooper said the development would provide more than 250 jobs and entrepreneurial opportunities for Bahamians.
He said the environment would not be affected negatively.
“Of course, you already know that Exuma is the yachting and boating capital of the Bahamas and this marina will certainly add significant charm and value to the already significant offerings that we have,” he said.
“We anticipate that Cave Cay Limited is going to build one of the largest marinas in the country, but I’m delighted to say there’s going to be no dredging as this marina already exists.
“So, this is a restoration, revitalisation of what Cave Cay has been known for over the last decade or more and this new investment of $500m in excess thereof is certainly going to do wonders for the entire area.”
Felipe MacLean, CEO of Cave Cay Limited, said his team would keep the project environmentally sustainable.
He said the project would be completed in eight years, with the first phase done over two years and a workforce of 80 percent Bahamians.
Officials did not specify when construction would begin for the project.
K4C 2 months, 2 weeks ago
Now the bigger question, who is Felipe MacLean, CEO of Cave Cay Limited, a quick look see says he and his group will have to go out and seek financing, these guys look slick.
ExposedU2C 2 months, 2 weeks ago
We can only hope this is not the same "slick" Felipe MacLean who is so well known in the South Florida venture capital community to be one of the slickest of the undesirable slick. And we all know Chester the Jester is only comfortable dealing with the worst kind of foreign investors who know just how to massage his real interests in any foreign investment deal.
TalRussell 2 months, 2 weeks ago
Let me explain the acquisition of lands by Comrade Felipe MacLean, CEO of Cave Cay Limited, --- Includes "a 220-acre island located in the Exumas archipelago, of the Bahamas, that includes Big Cave Cay, Little Cave Cay and "3,383* acres" connecting Little Cave Cay to Big Cave Cay."--- Certainly, there's reasonable argument involving such a massive acquisition of lands to demand ---- "First, you must show the government your upfront money --- And, before you start sending out your sales footsoldiers to be selling off thousands plot parcels of the "3,383+ acres." --- Yes?
ExposedU2C 2 months, 2 weeks ago
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stillwaters 2 months, 2 weeks ago
Unfortunately, because our government is always the slickest slicksters when dealing with investors, we can only attract slickster investors. No investor worth their salt will deal with us after the Sarkis saga....sorry to say.
themessenger 2 months, 2 weeks ago
Not to mention, is there room or need for another major marina right on the doorstep of Compass Cay, Stanial Cay and Sampson Cay all of which are within a stone’s throw of each other now. Severe dilution of the market share if you ask me.
SP 2 months, 2 weeks ago
Where are the plans? A $500m investment with an eight-year completion date says quite a bit!
TalRussell 2 months, 2 weeks ago
@Comrade SP, looking for missing files can be tedious as is still the case with the OBAN file that went missing during the height of the $3.5 Billion saga's "so-called" missing file. ---That disappearance of OBAN's Heads Up Agreement to fully disclose the full details --- Was turned over to a former police commish, --- Way back in April, 2018. --- However, neither the old, nor the new commish, were ever able to provide any substantive details on the probe, including whether the file has been recovered; what it contains, or whether anyone or any entity was implicated in its disappearance."** --- Yes?
mandela 2 months, 2 weeks ago
With at least 5000 students leaving school yearly, in 8 years that's 40000 persons looking for work, 250 employed ain't nothing to jump up and down for
trueBahamian 2 months, 2 weeks ago
Why are we only hearing every so often about a tourism deal? Even if it is above board and adds to the nix we are still not diversifying our economy. When a recession hits, is tourism something that will not be impacted? No. If our tourism numbers dwindle because we can't compete with other destinations at a later date, will it matter how many resorts we have open? We need to co.e up with new ideas. Even looking at tourism (forgetting about diversification for a second), our tourism product is deficient. What are we really giving visitors? Are we showing them a great picture of our history? No. Are we giving them a good slice of our culture? No. A Junkanoo rush out at a hotel, isn't a great display of our culture or the two parades on Bay Street per year. We have nice beaches, but so do many other countries around the world.
Let's step outside of our little box for a second and realize we need to diversify our economy by starting new industries and with the tourism product that we have we need to bring it up to par with other countries around the world. We deliver a "D" product but expect to charge "A" prices.
Maximilianotto 2 months, 2 weeks ago
Another fraudulent pipe dream? Why are these guys signing such agreements by the week which never will happen? The Tribune should make a list of the $10 bn heads of agreement having been signed, fake groundbreakings, and any additional „benefits“ having been disbursed up front?
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