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TUESDAY, FEBRUARY 28, 2023
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Farmer: ‘Blowing smoke’ of 30 years seems over • Says 100% egg self-sufficient target ‘realistic’ • $15m project must keep politics, ‘buddies’ out • Golden Yoke pledges 90 jobs, $2.3m impact
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN poultry farmer last night voiced optimism that the Government is finally serious about ending three decades of “blowing smoke” on food security as it formally unveiled its $15m egg self-sufficiency ambitions. Lance Pinder, Abaco Big Bird’s operations manager, told Tribune Business that the Davis administration’s goal of
producing 100 percent of the country’s egg supply locally through the ‘Golden Yoke’ project appeared “realistic” provided politics was eliminated from its management. Acknowledging that successive administrations “don’t have a good track record” in owning/ operating commercial enterprises, he added that it was vital the right farmers be given total freedom and independence to manage the grow houses and all business-related aspects as they see fit.
‘Back end of the spike’ after 60% revenue rise • Realtor aiming to match ‘if not better’ 2022 surge • Set to ‘keep foot on gas’ after postCOVID boom • ‘Inventory crunch’ hurts ability to meet demand
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
TIM RODLAND that proved to be a second consecutive “record-breaking year” for most Bahamian realtors following 2021’s post-COVD bounce back. Mr Rodland told this newspaper that MCR Group’s total 60 percent yearover-year revenue growth covered all business segments including sales, rentals and appraisals. “The previous year was a record-breaking year for most people in real estate, and in 2022 we did even better, which was great,” he said. “I can tell you this. There’s a lot of people that are saying that the market has corrected itself. I’m not sure I like
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$352m Abaco resort to be ‘hospitality beacon’
December air arrivals up 13% on pre-COVID
By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
ABACO’S $352m Montage Cay development will be a “beacon of hospitality”, its developer and resort operating partner pledged yesterday. The Prime Minister, speaking at the project’s ground breaking, said the highend resort being developed by Sterling Global Financial is poised to create a “big stir” around the Caribbean while becoming another “revenue generating avenue” for “sustainable employment” for Bahamians. Philip Davis KC said: “This 33-acre luxury Island is poised to become a major attraction and elevate The Bahamas’ luxury resort profile. Featuring a world class deep water marina, a 50-suite hotel and exclusive residences, Montage Cay is set to make a big stir in the Caribbean market. “I’m advised $352.2m is the investment for this project, which includes 50 room keys that will be added to the tourism industry, sic overwater bungalows, 18 villas and 29 residential lots. This bodes well for The Bahamas. It opens up another income-generating avenue and will create long-term sustainable employment for many Bahamians.” Sterling Global, which is also redeveloping Paradise Island’s Hurricane Hole
STOPOVER visitors for December 2022, which included the peak Christmas and New Year’s tourism period, more than doubled year-over-year to beat the industry’s pre-COVID performance by almost 13 percent. The Central Bank of The Bahamas, unveiling its January 2023 economic update yesterday, disclosed that higher spending air arrivals exceeded pre-pandemic levels as they increased from 100,000 to 200,000 yearover-year for December 2022. “Monthly data revealed that the tourism sector sustained its robust growth trajectory in January, with output exceeding pre-pandemic levels amid relaxed COVID-19 conditions and pent-up demand for travel in key source markets,” the Central Bank said. Total visitor arrivals for December 2022, which includes cruise passengers as well as air arrivals, rose by 80 percent year-over-year. Cruise passenger volumes increased to 700,000 from 400,000 in December 2021, representing a 75 percent gain as the sector continued to rebound
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As a broiler meat producer, Mr Pinder said the plans disclosed yesterday at a ceremony headed by the Prime Minister would not impact his Abacobased operation directly. “I have mixed feelings about it,” he told this newspaper. “The Government has never been very successful at doing big initiatives like this, but you have to hope they can pull it off. “I think as long as the process doesn’t get politicised, and it’s not ‘my buddy and your buddy’, it could be a very good thing. It depends on how they’re going to manage that. Previous administrations in the country don’t have a good track record. But I don’t want to knock it, as they say, and they’ve got to keep trying.” Clay Sweeting, minister of agriculture, marine resources and Family Island
$5.92 Affairs, revealed to Tribune Business on Monday that the ‘Golden Yoke’ initiative is aiming to take domestic Bahamian egg production from 700,000 per year to 28m when complete and fully operational. Suggesting that it would slash The Bahamas’ estimated $1bn food imports by around 1 percent, he explained that it will involve the provision of “climate smart grow houses” in both New Providence and the Family Islands to help create a sustainable domestic agriculture niche. And, while the Government is seeking to provide the “enabling” environment, Mr Sweeting emphasised that it was not seeking to take over domestic egg production itself. Rather, he added that management and operational
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Bahamas goes ‘backwards’ on yachting sector potential
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN realtor yesterday voiced optimism his firm will “put up the same numbers if not better this year” following 2022’s 60 percent revenue growth, adding: “We’re on the back end of the spike.” Tim Rodland, managing partner and broker at Better Homes and Gardens Real Estate MCR Group Bahamas, told Tribune Business the company “will do our best to continue the momentum” from 2021 and 2022 despite an “inventory crunch” that has left fewer properties available for highend buyers. Despite the potential supplydemand mismatch, he pledged that his team will “keep our foot on the gas” with its Exuma office “exceeding our expectations” after opening in a 2022
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from the COVID restrictions that were in place during the prior year. As a result, 2022’s performance benefited from being up against a relatively weak comparative period. “Official data provided by the Ministry of Tourism showed that total passenger arrivals expanded to 900,000 in December from 500,000 visitors in the corresponding period of 2021,” the Central Bank said. “Specifically, the dominant sea segment almost doubled to 700,000, vis-à-vis 400,000 visitors in the previous year. In addition, air traffic grew to 200,000 from 100,000 a year earlier, surpassing pre-pandemic levels and representing 112.9 percent of air arrivals recorded in 2019. “Disaggregated by major ports of entry, total arrivals to New Providence increased to 400,000 from 200,000 in the prior year. Underlying this outcome, the air and sea segments both advanced to 100,000 and 300,000 visitors from 90,000 and 100,000, respectively, in 2022. Further, foreign arrivals to the Family Islands amounted to 400,000 visitors compared to 300,000 in the previous year, as air and
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THE Bahamas has unlocked just one-third of the boating/yachting industry’s economic benefits, marina operators argued yesterday, with last week’s exhibition exposing “gaps that Bahamians need to fill.” Marques Williams, the Association of Bahamas Marinas (ABM) president, told Tribune Business that the first-ever Bahamas Charter Yacht Show “highlighted there is some work to be done” while also helping to forge potential partnerships between foreign and local firms and showcase what this nation has to offer as a boating and yachting destination. “There are some gaps, spaces in the industry for Bahamians where we now need to look at filling those gaps,” he explained. “Things like getting into services to yachts, the ancillary services they require
- brokerage, charter brokerage, agents, managing yachts. At this point in time, Bahamians are not major players in those areas and we feel those are areas where we need to do more work.” The potential for establishing a full-fledged yacht registry under the Bahamas Maritime Authority’s (BMA) supervision was also identified at the show. “There are more areas where the Bahamas Maritime Authority (BMA) can shine, get into yacht registration, and be a major player in the industry,” Mr Williams added. “Those are areas of importance that we saw, and are going to work to highlight them to the Bahamas government. It has highlighted there is some work to be done.” Peter Maury, a past ABM president, told Tribune Business that The Bahamas is “not even close” to realising the full economic potential from its yachting and marina industry. While
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