Good Morning ladies and gentlemen.
With the signing of this Heads of Agreement for the development of the Royal Beach Club on Paradise Island, we embark on a $165 million project to further enhance the vitality of our tourism product.
Spearheaded by RBC Paradise Island Ltd. and PDI Paradise Ltd., subsidiaries of Royal Caribbean Cruises Ltd., the project will galvanize entertainment and recreational offerings for Bahamians and visitors alike.
The master plan for the Royal Beach Club includes pools, cabanas, and Bahamian boutiques, offering an unparalleled on-shore experience for visitors.
This development will prove to be a monumental step forward for Bahamian inclusion in major tourism projects that will serve as a model for others to emulate.
Some two hundred jobs will be created. However, Bahamians will not just work here, the people of this nation will also share ownership in this development as well.
It is anticipated that PDI Paradise Ltd. will hold at least 51% of the shares in the Royal Beach Club, with the remaining shares being allocated to the National Investment Fund for the benefit of the Bahamian people.
Through this partnership, we will provide new employment and economic opportunities for this nation.
Local businesses will see their share of opportunities as well.
There will be Bahamian boutiques creating avenues for small business ownership.
And I am pleased to announce that this project also encompasses a joint venture with a Bahamian-owned entity for the operation of a water taxi business. This venture will provide transportation options for guests of the Royal Beach Club, as well as other attractions in Nassau Harbour – enhancing accessibility while creating additional avenues for economic growth within our community.
Ultimately, this project will largely be run by Bahamians, owned by the Bahamian people, and supported by Bahamian businesses.
When we talk about the need to ensure that major tourism projects are primarily for the benefit of the Bahamian people, these are the kinds of opportunities that we are talking about.
By signing today’s agreement, we add another world-class experience to our tourism offerings. And even more importantly, we take a bold step toward greater Bahamian empowerment in the tourism industry.
This is our nation, and we must ensure that, first and foremost, our service industries serve us.
We are more optimistic than ever before about our economic prospects with tourism leading the way as our number one industry that continues to grow at a record-breaking pace.
The Royal Beach Club represents the latest successful chapter in the story of Paradise Island’s growth as a tourism mecca.
Thank you.
