Global Ports-led consortium Nassau Cruise Port (NCP) has signed a concession agreement with the Government of the Bahamas to manage the Prince George Wharf and related areas.
According to the agreement, Global Ports will operate Prince George Wharf for 25 years.
The consortium also includes the Bahamas Investment Fund and the Yes Foundation.
Global Ports CEO Emre Sayin said: “The addition of Nassau to our cruise port portfolio marks an important inflexion point in our growth aspirations. Nassau will now become the biggest cruise port in our portfolio, increasing our passenger volumes by 50%.
“We very much look forward to working with our partners to transform both the cruise port and downtown Nassau for the benefit of Bahamians, cruise passengers and cruise lines.”
NCP said it will also spend around $250m to boost capacity and transform the cruise port.
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Plans also include the construction of a new terminal building, development of an event and entertainment space, improvement of the retail area, as well as construction of food and beverage facilities.
The project will help to integrate the port into Bay Street and downtown Nassau.
Global Ports chairman and co-founder Mehmet Kutman said: “I am delighted that Nassau Cruise Port Ltd has signed a concession agreement for Prince George Wharf at Nassau Cruise Port.
“This is a truly historic moment for Global Ports Holding. The GPH team very much look forward to working with our partners, the cruise lines and the people of the Bahamas to reinvigorate this iconic cruise port and the city of Nassau.”
Construction work is expected to begin in the fourth quarter of this year and is scheduled to be concluded within two years.