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The Tribune
Volume: 120 No.58, March 24, 2023
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$1BN PLAN ‘BIGGER THAN BAKER’S BAY’
Former NFL star part of ten-hotel,10,000-acre San Salvador scheme By YOURI KEMP and NEIL HARTNELL
Tribune Business Reporters
A DEVELOPER yesterday disclosed it is seeking to develop a “bigger and more exclusive” version of Baker’s Bay on 10,000 acres of San Salvador land through a $1bn investment over the next five years. Simon Tolan, development director for New World Developments, told Tribune Business the project is ready to begin construction in the 2023 third quarter if it obtains
all the necessary government approvals after partnering with Emmanuel Alexiou, the Bahamian founder of Sunco Builders, who owns much of the required land. “We’re starting in he third quarter of this year and we’re going to be building ten hotels, a golf course, a sports academy and sort of like a Baker’s Bay, but just bigger and more exclusive,” he said. “This project is going to be done in phases, but it’s a $500m to $1bn spend over the next five years. FULL STORY - SEE BUSINESS
OUTGOING MONEY TRANSFERS ‘REASON TO BE CONCERNED’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE BAHAMAS has “reason to be concerned” about the “growing trend” of outbound money transfers that hit $136m in 2022 as it represents incomes that are lost to this nation, it was argued yesterday. Jeffrey Beckles, Island Pay’s managing director,
NEW AIRPORT TERMINAL TO ‘REVITALISE’ CAT ISLAND
told Tribune Business that the increasing sums involved largely represent “wages that are earned here but not spent here” thus depriving the Bahamian economy of consumption-related expenditure that studies have shown typically drives two-thirds of all activity.
PRIME Minister Philip ‘Brave’ Davis, along with Minister of Education Glenys Hanna Martin and Minister of Fisheries and Agriculture Clay Sweeting and other government officials were on hand to break ground at a ceremony in Cat Island for a new multi-million dollar airport yesterday. Photo: Moise Amisial
By LYNAIRE MUNNINGS Tribune Staff Reporter lmunnings@tribunemedia.net
A NEW multi-million dollar airport in Cat Island will feature modern and
sustainable designs, part of a larger plan to boost investments and revitalise the island, Prime Minister Philip “Brave” Davis said yesterday. During the
groundbreaking ceremony for the project, officials revealed $8m to $10m will be spent on the airport’s terminal building while an additional $6m to $8m will be spent on the airstrip.
Mr Davis, the MP for Cat Island, San Salvador and Rum Cay, said the project is expected to be completed in two years. SEE PAGE TWO
FULL STORY - SEE BUSINESS
OPPOSITION EXPECTED ON POSSIBLE SIN TAX By RASHAD ROLLE Tribune News Editor rrolle@tribunemedia.net HEALTH Minister Dr Michael Darville said likely opposition from local producers of sugary beverages is a key obstacle preventing the government from racing to introduce a sin tax. His comment came after Prime Minister Philip “Brave” Davis said his administration is exploring “different tax structures for fruits and vegetables versus
HEALTH Minister Dr. Michael Darville sugary and processed foods.” Mr Davis made the comment at an event launching a new wellness unit in
the Ministry of Health & Wellness. “I am pushing (for a tax),” Dr Darville told The Tribune, “but I have to push from the health perspective. I am only the Ministry of Health. The Ministry of Finance has to ultimately make the decision and it has to be a discussion with the wholesale food distributors as well as the local beverage manufacturers in the country. You take,
Nassau & Bahama Islands’ Leading Newspaper
SEE PAGE THREE
DIANE PHILLIPS: CURING PMH’S ILLS ONE BLAKET AT A TIME
SEE PAGE NINE