During the course of the last 12 months, The Bahamas has attracted more then $700min foreign capital investment.
$767.44m in Foreign Investment Since May 2017
According to Prime Minister Dr Hubert Minnis: “Total foreign capital investment in The Bahamas beginning May 2017 until the present date is estimated at $767.44m. This capital investment is projected to generate 6,004 construction jobs for Bahamian contractors, and 8,040 operational positions within the next five years.”
The Prime Minister released the figures during his contribution to the 2018/2019 budget debate last week.
Much of the foreign investment has flowed into tourism, tourism and resort projects and commercial real estate in The Bahamas.
New Providence Has Attracted the Largest Share
The prime minister commented that New Providence has attracted the largest share of the investment which has primarily been focussed on investments in resorts, real estate developments such as condominium developments, farming and cement manufacturing.
Notable investment include the $20m purchase of the Hurricane Hole land and marina property on Paradise Island by Sterling Hurricane Hole. “The New Providence market is buoyed by the $20m purchase of the Hurricane Hole land and marina property on Paradise Island by Sterling Hurricane Hole. The property will be developed into the Hurricane Hole Residential Community Resort and Marina, and will expend an estimated $194 millon through its completion in 2025,” the Prime Minister commented.
Family Islands Also Attracted Significant Investment
“The Eleuthera resort and residential property markets have been the most active among the Family Islands in recent months, making up a substantial amount of the total investments… Unicorn Cay Development is in the initial stages of developing a second-home residential community in Central Eleuthera.”
“The $4m Harbour Island Resort and Marina, with an estimated capital investment of $55m, will add to the ultra-luxury resort and marina product offerings on Harbour Island,” Dr Minnis said.
The Prime Minister revealed that government-approved investments in Grand Bahama are very much focused on tourism and the digital economy. “Grand Palm Beach expended $42m for the acquisition of the former Ginn sur Mer stalled resort, marina and airport development at West End Grand Bahama,” he indicated.
“Economic activity in west Grand Bahama is being supported by the Blue Marlin Cove resort and marina expansion project valued at approximately $1.2m. East Grand Bahama was approved for a $37m resort hotel and commercial development, which will include a world-class motor sport and karting tracks.”
Investment Flowing in to Other Sectors
Dr Minnis outlined how investment promotion tours in the US resulted in attracting investment into various sectors including financial services, biomedical health facilities, information technology and energy, agriculture and entertainment and services.
However, far and away the most attractive sector has been tourism, including projects with opportunities for purchasing property in The Bahamas.
“Inflows in the tourism sector remained steady, with the expansion of boutique marina resorts, new-build hotels and condominium complex, and the acquisition of stalled mega resort properties,” the Prime Minister said.