Global Ports Holding (GPH) has signed a 30-year concession agreement with the Government of Antigua and Barbuda to exclusively operate the cruise port in Antigua.
Representing GPH’s second expansion into the Americas, the concession covers certain retail outlets within the port of Antigua.
The agreement is based on a memorandum of understanding (MoU) signed between the companies on 9 November.
Completion of the deal is subject to several final conditions, including GPH securing suitable financing.
GPH said in a statement: “Under the terms of the concession agreement, the group will use its global expertise and operating model to manage the cruise port operations in Antigua.
“GPH will finance the completion of the ongoing construction of a new pier, which will allow the port to handle Oasis-class ships.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
“The group will also invest in improving the current retail facilities and designing and financing the construction of new purpose-built retail and food and beverage (F&B) facilities.”
GPH is dealing with local and international banks to secure long-term bank financing for the new concession. This is expected to start in the first quarter of this year.
GPH currently operates 17 ports in nine countries worldwide. It operates both cruise and commercial ports with a presence in the Caribbean, Mediterranean, and Asia-Pacific regions.
The company conducts commercial port operations in Turkey and Montenegro.