The Government of the Bahamas has awarded the tender for a concession of 25 years to Nassau Cruise Port (NCP) consortium for the Prince George Wharf and related areas.

The consortium consists of Global Ports Holding (GPH), the Bahamian Investment Fund (BIF), and the Yes Foundation.

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GPH, NCP and the Government of the Bahamas will work towards agreeing on the concession terms.

Global Ports Holding chairman and co-founder Mehmet Kutman said: “This represents GPH’s third new port in the Caribbean in the last 12 months and is a historic moment for the group.

“The GPH team very much look forward to working with our partners and the people of the Bahamas to reinvigorate this iconic cruise port and the city of Nassau.”

Using its global expertise and operating model, GPH will manage the cruise port operations in Nassau as part of NCP.

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NCP will invest in expanding the capacity of the port from the existing six berths to eight berths and will take some measures to transform the cruise port experience for passengers.

“The GPH team very much look forward to working with our partners and the people of the Bahamas to reinvigorate this iconic cruise port and the city of Nassau.”

As part of the upgrade, a new terminal building and entertainment area will be constructed.

The investment will improve the existing retail facilities, while new food and beverage facilities will be designed and constructed.

NCP will be 49% owned by GPH, 49% by BIF, and 2% by Yes Foundation. GPH will operate the port.

GPH is currently holding discussions with local and international banks over long-term bank financing for the concession.

The Nassau cruise port welcomes 3.7 million passengers every year.