04132026 BUSINESS

‘Balkanisation’ fear on Grand Lucayan plans

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Grand Lucayan’s former chairman yesterday voiced fears over the resort’s “gradual Balkanisation” and whether it will become another “all-inclusive” destination where thousands of cruise passengers have little to no interaction with Bahamian-owned businesses and tourism vendors.

Michael Scott KC, who under the Minnis administration headed the Lucayan Renewal Holdings special purpose vehicle (SPV) that held the property, told Tribune Business that while he welcomed Mediterranean Shipping Company’s (MSC) involvement in its revival there were genuine concerns - in the absence of more details - over whether the reliance on cruise tourism could “replicate the decline of Bay Street” in Freeport.

Describing the Grand Lucayan as “held in trust” for the Bahamian people by the Government, he challenged whether the proposal by Concord

Wilshire, the Miami-headquartered developer, to divide the property into different development zones represents “fragmentation” of the resort and its true worth or a “coherent redevelopment strategy” where all parts will work together to deliver increased value.

In particular, Mr Scott called for Bahamians to be provided with the full terms of the deal between Concord Wilshire and CTL Maritime, the MSC subsidiary involved in the Beach Club deal unveiled last Thursday, plus information on whether “a

Demand all politicians ‘commit’ to early Planning Institute pass

BY NEIL HARTNELL Tribune Business Editor

nhartnell@tribunemedia.net

BAHAMIANS must demand that all political parties and election candidates “commit” to passing the National Development Planning Institute Bill 2026 through Parliament and into law before MPs break for the summer, the initiative’s vice-chairman is urging.

Gowon Bowe, also Fidelity Bank (Bahamas) chief executive, told Tribune Business that all Bahamians should insist on this “if we are serious about national progress” as it means development targets will be enshrined

in statute law - and their attainment measured and benchmarked - rather than relying on political party campaign and manifesto pledges that can equally be “fact or fiction”.

Sebas pledges affordable housing investment fund

NEIL HARTNELL

nhartnell@tribunemedia.net

A PROGRESSIVE Liberal Party (PLP) election candidate has disclosed that the party plans to create an investment fund that will allow Bahamians to generate “higher returns” from investing in affordable housing developments if returned to office.

Sebas Bastian, the Island Luck co-founder and now PLP candidate for Fort Charlotte in the upcoming general election, teased the creation of what he called the Affordable Housing

Investment Fund to “give Bahamians an opportunity to earn” a return by pooling capital to invest in housing developments throughout The Bahamas. He provided no detail on how the fund would be structured, the level of independence or autonomy it would have from the Government, and if it would have a separate, private sector-led Board of Directors, investment manager and fund administrator, but signalled it would form part of what he lauded as a re-elected Davis

comprehensive master development plan” for the Grand Lucayan exists, who will govern and ultimately control the project, and how the various components are to be integrated and work together.

Ex-resort chair says dividing resort could ‘fragment value’ Voices concerns over ‘replicating Bay Street’ in Freeport

Ex-minister: ‘Kind of ironic’ deal models Royal Caribbean

Concord Wilshire last week unveiled a masterplan showing that the Grand Lucayan is being divided into four different development zones, with a mega yacht marina now included.

One of those zones, known as ‘site two’, is reserved for the MSC Beach Club, while another - ‘site three’ - has been allocated for the second “cruise resort” under the strategy created by Concord Wilshire’s

Gov’t PPP deal bust-up on $25m financing default

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Government has failed to extract itself from a furious legal battle sparked by accusations that its failure to make due rental payments on the Eight Mile Rock administrative complex has caused one of its first-ever public-private partnership (PPP) deals to default on a $25m bond.

The bust-up has emerged due to Leno Corporate Services, the Bahamian financial services provider that structured and issued the bond, launching Supreme Court legal action against both PPP Investments & Construction Company, the private sector partner that built the Grand Bahama property, and the Ministry of Finance following the former’s failure to meet its repayment obligations. PPP Investments & Construction Company, which has “admitted to the majority” of Leno’s accusations and is only disputing the amount owed, has now joined the financial services

Ministry of Finance accused of not paying rent

provider in blaming the bond default on “the Ministry of Finance’s failure to pay” it the rent due on the administrative complex named after the late Cabinet minister and MP, Obie Wilchcombe. The deal was signed-off by the last Christie administration just one day before the May 10, 2017, general election.

The financial mess is detailed in an April 10, 2026, Supreme Court ruling by Adrienne Bellot, its acting assistant registrar, who rejected the arguments by the Government for the Ministry of Finance and Attorney General’s Office to be removed as defendants to Leno’s action. She ruled that the financial services provider’s claim must move forward to be heard by a judge.

Strategy loses value when companies cannot execute

Strategy carries authority in most companies. It sets direction, signals intent and defines success. Yet that authority is conditional. It holds only as long as the firm can execute against it. Once operations fracture, strategy no longer guides the organisation. Instead, it becomes disconnected from it. This is where many companies misread the problem. Attention shifts to refining the strategy when the underlying issue sits within the operating structure.

This article examines why execution failure renders strategy ineffective, how informal accountability masks deeper structural issues, and what leaders must stabilise before pursuing further expansion.

Execution makes or breaks strategy

Strategy assumes consistency. It assumes that decisions made at the top can be translated into repeatable outcomes across the company. When

By

Derek Smith

operations weaken, that assumption no longer holds. Breakdowns are rarely immediate. They begin with small inconsistencies. Processes are followed in some areas but bypassed in others. Decision rights become unclear. Teams begin to interpret the strategy rather than execute it. Over time, the company fragments. What presents itself as an execution issue is, in

practice, a control failure. When process ownership is unclear, accountability is diffused and feedback loops fail, resulting in a company losing its ability to translate intent into consistent outcomes. Recent research published in McKinsey & Company’s ‘State of Organisations 2026’ report indicates that most companies are not equipped to manage the level of change they are pursuing. As complexity increases, operating models struggle to keep pace, creating a widening gap between strategic intent and actual delivery. At that point, the strategy has not failed. It has become irrelevant. It remains intact on paper, but no longer operates within the business.

Informal accountability risk

When execution breaks down, companies rarely pause to stabilise. They compensate. Experienced staff bypass formal processes to

maintain delivery. Escalations occur outside defined channels. Work continues, but through informal intervention rather than structured control. This creates a false sense of stability. Consider a common scenario. A firm expands into a new product line while maintaining existing volumes. Operational processes are not fully adapted, but delivery continues through manual intervention. Senior staff review exceptions individually, and issues are resolved through direct escalation rather than system controls. Performance appears intact, but only because individuals absorb the strain. The company appears to be coping but, in reality, it relies on substitution.

This pattern is consistent with Deloitte’s Global Human Capital Trends 2026, which highlights a widening gap between the pace of organisational change and the structures required to support it. Where decision

Water Corp’s Nassau system losses cut 61% over 13 years

LOSSES from the Water & Sewerage Corporation’s New Providence network infrastructure have been slashed by 61.2 percent through the state-owned utility’s 13-year partnership with a third-party contractor, both sides have revealed.

The Water and Sewerage Corporation, in a joint statement, said its customers have saved millions of dollars through the tie-up with Miya significantly reducing water loss and leaks in New Providence. Their partnership started in 2013 in a bid to cut the Corporation’s losses from such leaks, which are called non-revenue water (NRW) - meaning that customers do not pay for such supply because the water is lost from the system prior to reaching the end-user.

“At the time, NRW was estimated at approximately

6.7m gallons per day, representing around 56 percent of the total water supplied to New Providence,” said Miya Bahamas’ project manager, Emerciano Lopes. “This level of water loss placed considerable strain on the Corporation, as the cost of producing and distributing water remained high while a substantial portion generated no revenue. Operationally, the system’s inefficiencies, particularly leakage and lack of system control, limited the Water & Sewerage Corporation’s ability to provide continuous 24-hour service to customers, resulting in intermittent and unreliable supply.

“In this context, the partnership with Miya was both necessary and timely, as it aimed not only to systematically reduce NRW to sustainable levels, but also to modernise the

network, improve service continuity and strengthen the overall financial and operational viability of the Corporation.”

Compared to 2013 levels, non-revenue water has been reduced by approximately 4.2m gallons per day, with results as of February 2026 bringing it down to around 2.6m gallons per day representing a 61.2 percent decrease.

The Water & Sewerage Corporation has worked with Miya in 91 major thoroughfares in New Providence, including Bay Street, Palmdale West, Fox Hill, Wulff Road, Prince Charles Drive, Soldier Road, Joe Farrington Road, Pinewood, Fort Fincastle, South Beach and Gladstone Road.

The two sides said the NRW reduction is not only a technical achievement, but also a reflection of a comprehensive approach

that combines continuous monitoring, active leakage control, pressure management and targeted infrastructure improvements.

Robert Deal, the Water & Sewerage Corporation’s general manager, said: “Through our partnership with Miya, we are taking decisive, data-driven steps to reduce water loss across New Providence.

“This collaboration is not just about fixing leaks - it’s about strengthening our infrastructure, improving efficiency and delivering a more reliable and sustainable water supply for every resident we serve. Together, we are building a smarter, more resilient system for the future.”

Mr Deal added: “The next phase of this transformative process is the full transfer of technological expertise from

rights and accountability are not clearly defined, execution becomes inconsistent and control weakens.

Stabilisation must come first

The instinct to respond to execution strain with strategic adjustment is misplaced. When operations break, the priority is not to refine direction. It is to restore control. This requires deliberate intervention. Decision rights must be re-established. Processes must be standardised. Capacity must align with demand. Informal escalation must be replaced with consistent mechanisms. More importantly, leaders must acknowledge a difficult reality. If delivery depends on individual intervention, the company is operating beyond its structural limits.

Stabilisation may require slowing expansion or withdrawing from initiatives that cannot be supported. These decisions are rarely attractive, but they are necessary to restore

Miya to Bahamian leadership and direction. This transition is already well underway, and as the contract with Miya concludes at the end of December 2026, our all-Bahamian team will assume full responsibility for the long-term design, operations and maintenance of the New Providence non-revenue water programme.”

Mr. Lopes said a key priority is ensuring that the gains achieved over the past decade are preserved and built upon.  This includes continuing to optimise network performance, improving operational efficiency and strengthening resilience across the system.

“Equally important is the continued transfer of knowledge to the Water & Sewerage Corporation team, ensuring they are fully equipped to independently manage all activities related to non-revenue water reduction. Over the course of the project, Water & Sewerage

coherence between strategy and execution.

In short, strategy loses its value when the company cannot execute it consistently. Before pursuing further growth, assess whether operations can deliver without reliance on informal intervention. Strategy carries authority only until it is executed. When operations fail, that authority disappears.

• NB: About Derek Smith Jr

Derek Smith Jr has been a governance, risk and compliance professional for more than 20 years with a leadership, innovation and mentorship record. He is the author of ‘The Compliance Blueprint’. Mr Smith is a certified anti-money laundering specialist (CAMS) and holds multiple governance credentials. He can be contacted at hello@pineapplebusinessconsultancy.com

Corporation has undergone a significant internal transformation, evolving from a largely reactive operational approach to a more strategic, proactive and data-driven management model,” he said.

“Through ongoing, hands-on training and daily collaboration, Miya has supported the development of stronger internal capabilities, enabling Water & Sewerage teams to become more autonomous, skilled and effective in managing the water network. Looking ahead, the focus remains on continuous improvement, long-term sustainability and ensuring that Water & Sewerage Corporation is fully empowered to sustain and further advance the progress achieved.”

Year-end inflation still high but tapers slightly to 2.3%

THE Bahamas’ annual inflation rate tapered slightly to 2.3 percent for December 2025 but still remained elevated compared to 2024 following a late year spike.

The Bahamas National Statistical Institute (BNSI), unveiling the latest data measuring changes in the consumer price index (CPI), attributed the 2.3 percent jump in the price

of goods and services compared to December 2024 to double-digit increases in restaurant and hotel costs plus furnishings and household equipment.

“The primary drivers of the year-over-year increase were the restaurants and hotels category, which rose 20 percent, and furnishings, household equipment and routine household maintenance, which increased by

Insurance regulator hosts 50 students in mentorship move

THE Insurance Commission of The Bahamas (ICB) has hosted 50 students through the Occupy Mentorship Programme as part of its Leadership Day initiatives.

The event featured a presentation by Dana L. Munnings-Gray, superintendent of insurance, entitled ‘The difference is me’, which encouraged participants to embrace personal responsibility, purpose-driven leadership and the power of intentional impact. The session focused on empowering young people to recognise their ability to create positive change in their school and communities.

Rodney D. Bain Jnr, deputy superintendent of insurance, also supported the programme, reinforcing the Commission’s commitment to youth engagement and education. Together, the Insurance Commisison executives emphasised the importance of equipping Bahamian youth with an understanding of leadership fundamentals as part of their personal and professional development. Ricardo Clarke and Dr Tanya McCartney, the programme organisers, facilitatied the Occupy Mentorship Programme’s interaction with the Insurance Commission.

14.4 percent. In contrast, food and non-alcoholic beverages decreased by 2.6 percent over the same period,” the Institute said.

“It should also be noted that, between December 2025 and November 2025, petroleum prices increased by 0.7 percent, while diesel prices decreased by 0.2 percent. However, when compared to the same period in 2024, both diesel

Real

and petroleum prices increased by 0.2 percent and 1.4 percent, respectively.”

The 2.3 percent annual inflation rate for December 2025 was slightly down on November’s 2.8 percent year-over-year increase and September 2025’s 2.4 percent rise, but up on October’s 2 percent CPI jump. It thus remained very much in line with late 2025’s surge in inflation and price

estate conference set to give ‘clarity and access’

A BAHAMIAN real estate firm is hoping that this weekend’s upcoming conference will provide both locals and international investors with “clarity and access” on how they can participate in this nation’s property market.

HG Christie, in a statement, said its ambition is for the Bahamas Real Estate Exchange (BRX) 2026 conference, which will be held at the British Colonial Hotel this Saturday, to help shape the future of real estate.

The conference will feature a line-up of speakers from real estate, development, finance and the legal profession.

Panellists include Madeline Archer, John Berdanis, Dwight Burrows, Shamon Campbell, Tyrese Campbell, Dylan Christie, Alistair Chisnall, John Christie, Peter Anthoni Carey, Aaron Davis, Petrocelli Edwards, Lionel Haven, Corey McBride, Leonard Sands, Donald Thomson and Phylicia Woods-Hanna.

Daren Seymour, an HG Christie realtor and BRX’s founder and chairman, will open the conference. “The lasting impact we want BRX to have is really about bringing clarity and access across the board for everyday Bahamians entering the market, and also for global investors engaging with The Bahamas,” he said.

increases, which had been contained at no higher than 1.3 percent for the first eight months of 2025.

The Bahamas had also enjoyed year-over-year deflationary CPI decreases for much of the 2024 second half but, with the global oil and fuel price shock from the Middle East conflict set to feed into the supply chain and economy over the coming months, the inflation rate and cost of living pricing pressures seem set to increase as the 2026 midpoint approaches.

Speaking to the monthover-month change in inflation for the 2025 yearend, the Institute said: “The monthly inflation rate in

The Bahamas increased by 0.02 percent in December 2025 compared to November 2025, reflecting changes in the average prices of goods and services purchased by consumers during the period.

“This follows a 0.11 percent increase recorded between October and November 2025. On a month-to-month basis - December 2025 compared to November 2025 - the largest increases were recorded in education (0.3 percent) and transport (0.3 percent). In contrast, food and non-alcoholic beverages decreased by 0.1 percent.

“Many Bahamians are asking where to start and how to move from interest to ownership, while international investors are navigating processes and timelines. BRX is designed to bring both of those conversations into one space.”

This year’s conference will focus on land adjudication and registered land reform following the two Acts passed into law by Parliament last year. HG Christie said this area is gaining increased attention as The Bahamas works toward modernising its property systems.

A panel will bring together legal, surveying and regulatory specialists to address ongoing developments, including the establishment of a land registry framework and the introduction of new processes designed to improve clarity of title and streamline transactions.In addition to policy and regulatory discussions, the conference will explore development trends, construction challenges and pathways to home ownership.

John Christie, HG Christie’s president and managing broker, will present a market overview alongside his team, offering a perspective on current conditions including demand, evolving buyer trends, and the increasing importance of transparency and efficiency within the transaction process.

The event is also supported by Doctor’s Hospital, which will also be introducing a wellness component through on-site health checks and enrollment in its LAMP Programme.

“We look forward to attending this event to expand our knowledge of real estate transactions and the

said Cherise J. Archer, district manager, personal, platinum and business banking at CIBC Caribbean Bank (Bahamas). “We also believe it will be a valuable opportunity to connect and network with industry professionals.” To attend BRX 2027 visit HGC.com, call 357-9093 or visit seemorebahamasrealestate.com.

Ex-minister: Everyone has Grand Lucayan ‘exhaustion’

Grand Lucayan is being divided into four different development zones, with a mega yacht marina now included. One of those zones, known as ‘site two’, is reserved for the MSC Beach Club, while another - ‘site three’ - has been allocated for the second “cruise resort” under the strategy created by Concord Wilshire’s subsidiary, Ancient Waters Bahamas.

Plans for two other components, the beach resort that will be developed by Ancient Waters Bahamas and the Reef golf course’s redevelopment under the Greg Norman brand, are to be released shortly. But Mr Scott expressed misgivings that the Grand Lucayan is being divided “piecemeal” with no overarching strategy for increasing the asset’s net value, and reiterated that creating an all-inclusive cruise destination in the heart of Freeport could repeat the mistakes behind downtown Nassau’s decline.

However, Tribune Business was last week told that the two “cruise resorts” will provide the redeveloped Grand Lucayan with instant critical mass - a combined one million visitors per year - and the guest volume necessary to sustain the property financially until Grand Bahama’s stopover leisure tourism marketcurrently at rock bottom “zero” - is rebuilt and Grand Bahama International Airport’s redevelopment is completed.

Meanwhile, Dionisio D’Aguilar, ex-minister of tourism and aviation, told this newspaper “it was kind of ironic” that the Davis administration is now relying on the same cruise line-led model and philosophy to rescue the Grand Lucayan given how it blasted himself and the former Minnis administration over their deal to sell

the property to the Royal Caribbean/ITM Group consortium.

He also suggested that most Freeport and Grand Bahama residents have “Grand Lucayan exhaustion”, given that so many previously-announced deals for the resort’s sale have collapsed or foundered, and added that many will only believe something is happening when they see it - especially with the imminent general election only adding to the “scepticism”.

MSC’s deep financial pockets, and history of delivering on its stated investments and projects, provide extra comfort and confidence that Thursday’s confirmation of its partnership with Concord Wilshire is for real and that the project will proceed.

Mr Scott conceded that the shipping and cruise giant’s involvement “introduces the prospect of significant investment”, but quickly added that this “alone is not the measure of a sound transaction”.

“The proposed disposition and redevelopment of the Grand Lucayan property raises serious and interconnected concerns of national importance, chief among them transparency, strategic coherence and the real risk of fragmentation,”

Mr Scott said in response to Tribune Business inquiries, noting Concord Wilshire’s plan to divide and partition the resort into separate development zones.

“The Grand Lucayan is not an ordinary commercial asset,” he added, referencing its $65m acquisition in September 2018 by the Minnis administration to prevent its closure by Cheung Kong (CK) Property Holdings, Hutchison Whampoa’s real estate arm.

“It is a strategic national holding, acquired and maintained at public expense, and held in trust for the people of The Bahamas. Its value lies not merely in its individual components, but

Bill’s fate will show if ‘we’re ‘serious on national progress’

ELECTION - from page B1

Noting that incoming administrations throughout the world frequently give “100-day promises” stating what priorities and goals they plan to achieve within the first three months of taking office, he added that - in the Bahamian context - “it’s critical” that all the political parties as well as their candidates give pre-election commitments to passing a Bill that would give the proposed Planning Institute and National Development Plan (NDP) a solid legal footing.

“If we are serious about national progress, we should be insisting that all candidates are committed to bringing forward that NDP Planning Institute legislation within the first 100 days of the new Parliament,” Mr Bowe told this newspaper.

He acknowledged that the May 12 general election’s timing means that whoever is elected as the new administration will first have to focus on the May 27 presentation of the 20262027 Budget, with June being largely consumed by the Budget debate in the House of Assembly and Senate, but argued that the Planning Institute and National Development Plan-related legislation are too important to place on the backburner and ignore.

in its unity as an integrated resort property capable of functioning as a world-class destination…. The central question is whether what is being advanced is a coherent redevelopment strategy or the gradual Balkanisation of a national asset.”

Mr Scott argued that Concord Wilshire’s joint venture with MSC’s CTL Maritime, which involves the latter’s acquisition and development of the 20-acre Reef Village property into a beach club for its cruise passengers, as well as separating the Grand Lucayan property into distinct zones, “raises immediate and serious concerns”.

“The piecemeal allocation of critical components of the property, particularly its beachfront, which is among its most valuable and defining assets, points directly to the risk of fragmentation,” he added.

This, Mr Scott said, creates risks “that the integrated value of the resort will be diluted” and, in the absence of an integrated and “cohesive vision” for the Grand Lucayan, “multiple actors with competing interests will replace unified strategic control”.

“This is not development; this is disassembly,” he argued, adding that, in this worst-case scenario, “the long-term potential of Freeport as a premier tourism and investment destination will be permanently impaired”.

Mr Scott questioned to Tribune Business how Concord Wilshire’s plans will “interact” with those of MSC and other partners. “All we are doing is piecing up and dividing an asset in which we have invested a lot of money,” he added. “I don’t see how it makes sense. It’s not just a supportive asset. We [the Bahamian taxpayer] probably paid $200m on that. My information is that all they [MSC] want is beachfront for their cruise passengers in line with what Royal

a National Development Plan have the weight of law behind them, and cannot be set aside or neglected if they become inconvenient for a particular administration.

“Before they break, before the summer recess, there should be commitments by all the political parties and the candidates themselves that the NDP Institute Bill be on the agenda prior to the recess,” Mr Bowe reiterated. “The objective has to be talking about long-term strategy, not at the end of a political term, but from inception and also continuing to measure true progress as opposed to relying on public relations.”

Felix Stubbs, who heads the National Development Plan’s steering committee, previously told Tribune Business that failing to give the National Development Plan legal effect ahead of the upcoming general election would be “another setback we have to climb over”, adding: “We don’t want to repeat the mistakes of the past.”

He said at the time that he had received “assurances” that the Bahamas National Development Planning Institute Bill 2026, which was released for public consultation in January 2026, would be passed by Parliament prior to the election being called by Prime Minister Philip Davis KC but his has not happened.

Mr Bowe, meanwhile, said that - unlike election campaign promises and manifestos - the targets, goals and commitments in

NOTICE

NOTICE is hereby given that LOVEMIKA ROSALIE DORCEUS of Armbrister Street, Fox Hill Road, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 13th day of April, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Caribbean has done on Paradise Island.” Tribune Business sources last week suggested there was a possibility that MSC’s cruise arm may construct a condo hotel on its portion of the Grand Lucayan property, although that has not been confirmed. And they added that the Government may be mulling a policy where resort development must be part of any future beach break experiences that they approve.

Mr Scott’s $200m reference includes not only the Grand Lucayan’s taxpayer-funded purchase price but the annual subsidies required to cover its operational costs as well as staff severance. He also voiced concern yesterday that The Bahamas’ over-reliance on cruise tourism, as opposed to higher spending and yielding stopover visitors, could led to a repeat of what has happened in downtown Nassau in Freeport.

“There is, moreover, a broader and deeply instructive national experience which must not be ignored,” the ex-Grand Lucayan chairman told Tribune Business. “The increasing deployment of the country’s tourism resources in service of the cruise ship industry, particularly in Nassau, has had unintended but undeniable consequences.

“The effective diversion of visitor spending into all-inclusive cruise ecosystems has occurred at the direct expense of the local economy, most visibly in the decline of Bay Street. What was once a vibrant commercial corridor has, over time, suffered a loss of first-class retail operations; a visible deterioration in its physical and commercial character; reduced footfall translating into diminished revenue for local merchants; and the displacement of traditional business activity.”

Mr Scott said this has resulted in “a contraction in the broader economic participation of Bahamian

entrepreneurs in the tourism sector”, leading to what he described as “economic displacement”. He added: Revenue that might otherwise circulate within the domestic economy is instead captured upstream within vertically integrated cruise structures….

“Are we about to replicate in Freeport the very model that has contributed to the decline of downtown Nassau? If the Grand Lucayan is to be reconfigured, in whole or in part, to service cruise-based, all-inclusive visitor flows - particularly through the allocation of its beachfront and core amenities - then the risk is not hypothetical.”

Mr Scott further told Tribune Business: “Is the end result a comparison between Freeport and what Bay Street looks like now? What does that do for the domestic tourism product? What is that doing for it? All these cruise ships are all-inclusive. These are questions worth posing.”

Warning that Bahamian tourism operators will not invest in job-creating expansions if they see no prospect of earning the necessary returns, he added: “Freeport does not need fragmentation. It needs focus, scale and strategic coherence. It needs a model that drives visitor spend into the local economy, supports Bahamian enterprise, and restores the city as a destination - not merely a stopover….

“If the deal is sound, it will withstand scrutiny. If it cannot withstand scrutiny, it should not proceed.”

Mr D’Aguilar, meanwhile, told Tribune Business that the Concord Wilshire partnership with MSC is “very similar” - and has the same concept - to the Minnis administration’s bid to sell the Grand Lucayan to Royal Caribbean and ITM Group, which was sunk by the COVID-19 pandemic.

“I look at it this way; distinguishing between what I call fact and fiction: What is conceptual and promised versus what is concrete policy and actual action to bring it to fruition,” he told Tribune Business. “Why I say fact or fiction is: Is this an election promise set out in party paraphernalia as opposed to set out in a factual document like a National Development Plan which has legislation behind it so it comes to pass?

“Persons ask when the Government will start to listen to rationale thought? The answer is when they are being held to account. Elections draw some of that out when people expect to hear plans for the future. What disappoints me is if we have fallen back into the trap of the blueprint and manifesto. They are conceptual ideas versus a concrete plan like the National Development Plan.

“We need to get to where the political parties debate who is best to execute the national strategy [the NDP] as opposed to luring the public with promises they are unable to achieve in any single term.”

Mr Bowe was backed by Dr Anthony Hamilton, president of Civil Society Bahamas, who told Tribune Business that the National Development Plan is “absolutely necessary” to ensure

all elements - every public sector agency, the private sector and citizens - have “complete alignment” on this country’s path forward to achieving its economic, social and environmental goals.

“We may be exposed to unsustainable losses because we don’t have complete alignment of all the sectors,” he said. “If we have alignment, we can get proper economies of scale and everyone benefits from it.

“When we have disjointed and jagged systems, we pay the price for that in terms of the cost of doing business. That’s something that must be a priority for us. Our greatest accomplishment would be in light of achieving the National Development Plan. With the sectors properly aligned, we can maximise the efficiency of all of them and bring greater yields and benefits to all of us.”

The National Development Planning Institute Bill has been described as as “a huge step forward” in the decades-long effort to institutionalise national planning, and create a development ‘road map’ that is non-partisan and immune to politically-motivated change.

It would create The Bahamas National Development Planning Institute that will “initiate and co-ordinate” all national planning, and have oversight responsibility for its governance and implementation, while being held accountable by its own Board of Directors

NOTICE

NOTICE is hereby given that I MARIE-NICOLE LAFLEUR of, Union Village, New Providence, Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 13th day of April, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

“It was important in our project to maintain the hotel component. It’s kind of ironic this project has come full circle… It’s almost as if they are giving up on the hotel and moving more to creating a beach experience for cruise passengers; basically another private island excursion experience.”

Mr D’Aguilar, adding that the Concord Wilshire partnership with MSC has been announced at “the 11th hour” just prior to the May 12 general election, said: “It’s been a property in stress for probably the last 15 years, and I guess people are just simply tired of governments of The Bahamas pronouncing some solution to the problem, then there’s a grand signing and nothing happens.

“Anything that’s announced this close to a general election will be met with a certain amount of scepticism, and everyone is like ‘we’ll believe it when we see it’. We’ve all got Grand Lucayan fatigue right now. No one believes anything so close to an election just 29 days out. This is the third iteration of a deal or transaction. Naturally the residents of Grand Bahama are so tired of hearing about a deal. Don’t announce it, just do what you’ve got to do, get on with it, let’s see some boost on the ground and some movement, and we’ll start to believe it.”

“It seems in construct that the philosophy is the same,” he added. “We were intent to maintain the hotel component, but enhance that property by making it a substantial beach excursion where passengers would be transported from Freeport Harbour to the resort, create some buzz. Thousands of passengers being there would have helped the vendors; not everyone wants a beach experience, and that would be a muchneeded add-on to the hotel component which, for some reason, has always struggled.

and possessing “some autonomy” that will prevent the Government from being able to “dictate” to it.

The National Development Plan, which was conceived and put together during the last Christie administration, was intended to be a cross-party, non-partisan and non-political effort to develop a ‘road map’ that would guide the country’s direction and progress The Bahamas towards the kind of nation its citizens desire.

It represented the first ever co-ordinated effort to plan the Bahamas’ development in a systematic manner using empirical data and analyses, and input was sought and obtained from multiple stakeholders including the private sector, civil society groups, non-profits and the general public.

Labelled ‘Vision 2040’, it aimed to break with

The Bahamas’ past ad hoc approach to national growth by setting a clear path towards a more sustainable future. Its ‘road map’ was designed to feature measurable goals and objectives for the Bahamas to attain, so that its progress towards achieving its development targets can be judged according to set timelines.

Vision 2040 focused on four main policy pillarsthe economy, governance, social policy and the environment, both natural and built - in its first 400-page draft. However, despite seeking to be non-partisan, the National Development Plan appeared to be shelved under the Minnis administration, with little to no progress made as first Hurricane Dorian, and then the COVID-19 pandemic, dominated its tenure in office.

NOTICE

NOTICE is hereby given that NICOLE ALEXANDRIA BURGUETE of P. O. Box N-8300, Warwick Street, Mackey Street, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 13th day of April, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 13th day of April, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Complex named after late Obie Wilchcombe central to court fight

The Government had argued that the Ministry of Finance could not be sued by Leno because the latter’s agreement over the $25m bond was solely with PPP Investments & Construction Company - meaning that there were no contractual ties binding the ministry to the Eight Mile Rock financing deal.

However, Devard Francis and Alecia Bowe, the respective attorneys for Leno and PPP Investments & Construction Company, successfully argued that the law is much more flexible than allowed by the Government.

They asserted that the Ministry of Finance “is directly and substantially” involved in the bond agreement and structure, not least because it had at one stage made direct rent payments to Leno, and that its failure to make timely and full payments to PPP Investments & Construction Company was the root cause of the default.

Leno, in its February 20, 2025, statement of claim, alleged that PPP Investments & Construction Company had “breached the financial bond agreement” the two sides entered into some seven years before on February 12, 2025. Tribune Business records show the bond, which was issued to raise most of the necessary financing to construct the Eight Mile Rock complex, carried an 8 per cent interest coupon and 10-year maturity meaning that investors are due to be repaid all principal in early 2028.

The Bahamian financial service provider also claimed that “the Ministry of Finance was responsible for paying rent to PPP Ltd, but alleged breach of such obligation by reason of PPP Ltd’s failure to make timely payments”. PPP Investments & Construction Company, in its defence, “admitting the majority of the assertions… but disputed the sums owing to Leno”.

The Attorney General’s Office, acting as the Ministry of Finance’s legal representative, then made an application under the Supreme Court’s civil

procedure rules for the ministry to be removed as a defendant on the basis that it did not have a contractual relationship with Leno.

“In support of its privity of contract argument, Ministry of Finance submitted that Leno’s claim is for breach of the financial bond agreement between Leno and PPP Ltd. Since the Ministry of Finance is not party to this contract or any other contract with Leno directly, Leno cannot sue Ministry of Finance on the financial bond agreement,” the Supreme Court said of the Government’s position.

“In response thereto, Mrs Bowe and Mr Francis contended that the doctrine of privity of contract is no longer applied inflexibly.

The Ministry of Finance participated in the performance of the financial bond agreement, which was part of the overarching public-private partnership between the Ministry of Finance and PPP Ltd. The claim on the financial bond agreement arose due to Ministry of Finance’s failure to pay PPP Ltd, which then caused PPP Ltd to default on its obligations to Leno.

“They assert that the Ministry of Finance is directly and substantially involved in the operation of the contractual structure - the financial bond agreement - that underpins the public-private partnership, which was made under the mechanisms provided in the financial bond agreement,” the Supreme Court added.

“In particular, Mrs Bowe asserts that the Ministry of Finance made direct payment to Leno, which she regards as clear evidence of contractual performance and demonstrates acceptance of the obligations arising under the financial bond agreement, including unmistakable intention to satisfy the outstanding debt.”

Leno’s accusations surrounding the Eight Mile Rock administrative complex are likely to raise fresh questions about the Government’s cash flow pressures, and whether it has sufficient liquidity to meet all its obligations in a timely manner despite forecasting a $75.5m Budget surplus for the

2025-2026 fiscal year, as well as the nature and structure of many ‘PPP’ arrangements that it has entered into.

The Supreme Court, while conceding that Leno’s initial pleadings and claim were “noticeably vague”, found that the merits of the financial provider’s claim and the Government’s bid to remove the Ministry of Finance were “now somewhat inseparable” given that the dispute over whether the latter is part of the bond contract lies at the heart of the case.

And, noting that PPP Investments & Construction Company has applied to change its defence to make its own claim against the Ministry of Finance, Ms Bellot ruled that “it would not be appropriate for me to grant the removal application”.

Tribune Business records show that, just over three months after Leno launched legal proceedings on the Eight Mile Rock administrative complex bond, the arrangement suddenly appeared in the Government’s 2025-2026 Budget - not as a rental payment but, rather, a loan debt.

The deal appeared under the ‘public debt servicinginterest and other charges’ heading, noting a $33.93m, ten-year loan due to PPP Investments & Construction Company even though this debt was supposed to have been serviced by rental payments. The PPP had initially been billed as a lease-toown structure where the Government would pay back the company and its lenders via rental payments.

Besides the $25m bond, the balance of the $34m Eight Mile Rock complex’s funding - some $9m - was obtained from Sygnus Capital, the Jamaican investment and alternative financing house. However, it has now appeared in the Government’s books as a “loan” that has to be repaid by Bahamian taxpayers. Some $2.308m is due to be paid in 2025-2026, with payments of $2.094m and $1.874m due in 2026-2027 and 2027-2028, respectively.

One source, familiar with the Eight Mile Rock complex deal and speaking on condition of anonymity, told

Tribune Business: “It was fraught with challenges - any number of challenges. If that is supposed to be paid by rent, why is it showing up on the Government’s books as a loan. The Government has to explain why we are seeing rental payments as a debt. The answer is to avoid counting it as recurrent expenditure. It should be in the recurrent items.”

The $25m bond default will likely have caused Leno difficulties with the investors who bought into the debt security, which is effectively an ‘IOU’ committing the borrower to make scheduled interest and principal payments to them on time. The bond offering documents asserted that the Government will pay a fixed quarterly rent of $852,224, or $3.409m per year, to PPP Investments & Construction Company throughout the duration of the initial 10-year ‘rent-to-own’ lease.

Once the debt is fully paid off, the two buildings comprising the Eight Mile Rock complex were to be conveyed to the Government for $100. The latter was to pay PPP Investments & Construction Company a $535,000 ‘handover fee’ once construction of the complex, named in honour of the late ex-tourism minister, Obie Wilchcombe, was completed. It opened in 2023.

The first building was to be 33,000 square feet, and feature three floors to be used as a Government administrative building to house NIB (National Insurance Board) and other local government-related offices. Building ‘B’ was to be 13,000 square feet with two floors to be used as a court house, a police station and a fire station.

Among the prospective tenants were the Ministry of Finance, Passport Office, Department of Environmental Health, Urban Renewal, the Registrar General’s Office and the Grand Bahama island administrator.

Tribune Business records show that PPP Investments & Construction Company was formed in late November 2016 as a special purpose vehicle (SPV) specifically designed to

construct and manage the Eight Mile Rock administrative complex. It was 100 per cent-owned by New Providence-based Top Notch Builders, which is located on Adelaide Road. Its principals included Samson Heild as lead contractor; financial consultant Marc Robinson; and building/consulting engineer, Randolph John. Winston Rolle, the former Bahamas Chamber of Commerce president, was listed as a director in the offering documents, and it later emerged that Mrs Bowe, the attorney now defending it in Leno’s action, is also a director.

This newspaper’s archives show that the Minnis administration allowed the Eight Mile Rock project to proceed despite clear misgivings over the last-minute deal it had inherited from its Christie predecessor.

Desmond Bannister, former deputy prime minister and minister of works, had described a $4.4m ‘advance interest payment’ to PPP Investments & Construction for ‘initial funding construction’ as “inconceivable”.

PPPs are typically designed to reduce the financial stress on cash-strapped governments by contracting the private sector to provide the funding, development and expertise to construct much-needed infrastructure or run public services.

The Government’s cash flow pressures are eased by requiring the private sector to finance the up-front capital costs, with the latter

earning a return on investment - and paying back any lender - from the revenue streams generated by infrastructure assets they develop or services provided.

The Opposition has previously argued, though, that several projects touted by the Davis administration as PPPs do not fit this model or meet this criteria and, in reality, are off-the-books loans designed to keep debt off the Government’s balance sheet and prevent it from adding to the annual deficit and $12bn-plus national debt.

Kwasi Thompson, the Opposition’s finance spokesman, said yesterday: “We especially need all the details related to the offbook, undeclared debts that they continue to pretend are public-private partnerships (PPPs), but for which their own Fiscal Responsibility Council has properly characterised as undocumented liabilities on the backs of Bahamian taxpayers.

“These hundreds of millions of dollars in off-book loans must be properly recorded in the pre-election [fiscal] report so that the Bahamian people can see the entire truth and fully appreciate how much the PLP has been hiding from the Bahamian people. It is embarrassing that the Fiscal Responsibility Council, the IMF and now Fitch has commented on the need for transparency with PPP commitments.”

NOTICE

NOTICE is hereby given that I SAMSON JEAN CHARLES of, Crooked Isand Street, New Providence, Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 13th day of April, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that I VENESE BATELOT of, Nassau Village, New Providence, Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 13th day of April, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that I RAFAEL BRITO MONEGRO of, Nassau Village, New Providence, Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 13th day of April, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

HOLDING

(In Voluntary Liquidation)

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act 2000, the abovenamed Company is in dissolution, which commenced on the 10th day of April, 2026. The Liquidator is Windermere Corporate Management Limited, 200 Sterling Commons, East Building, Harbour Drive, Paradise Island, Bahamas, P.O. Box N-7797, Suite A-084, Nassau, Bahamas. WINDERMERE

Banker: Distressed properties still ‘dark cloud hanging over us’

administration’s “build, Baby, build” strategy to solve The Bahamas’ 12,000 home shortage.

Pledging that affordable housing will be “top of the list” for a Davis administration if returned to office on May 12, Mr Bastian said some 200 additional homes were being planned for New Providence’s Pinecrest development in addition to further units in Spring City and Central Pines in Abaco. The Government has already advanced plans to construct 150 new homes in Premier Estates One in the Fort Charlotte constituency.

“We will build smarter, we will build faster and we will partner with the private sector to build at scale,” Mr Bastian promised at an RM Bailey Park campaign rally designed to woo voters with electorate-friendly promises. “When you leave here tonight you can go shopping for your furniture because it’s build baby, build.”

The idea of creating an investment fund to pool Bahamian capital for housing and real estate investments is not new. Gowon Bowe, Fidelity Bank (Bahamas) chief executive, previously called

for the establishment of a real estate investment trust (REIT) to buy distressed properties from Bahamas-based commercial banks at a fraction (cents on the dollar) of what they are valued at on industry balance sheets.

Once acquired, these properties would then be refitted to provide a readymade affordable, low cost housing solution for hundreds of Bahamian families.

Besides selling them at a knock-down price, which would be feasible given the lower purchase price paid by the REIT, the Fidelity Bank (Bahamas) chief said it would also have the freedom to enter more creative housing arrangements such as lease-to-own deals.

Besides easing an ‘affordable’ housing shortage, which Keith Bell, minister of housing and urban renewal, recently estimated at around 12,000 units, Mr Bowe said his proposal would further boost the Bahamian economy by finally removing distressed assets that have clogged bank balance sheets for up to 15 years.

In so doing, he explained that funds previously tied-up in non-performing loans would now be freed for lending to productive

sectors of the Bahamian economy such as business/ commercial ventures as well as qualified borrowers in the housing market.

This would drive both economic growth and job creation, and Mr Bowe suggested his proposal would get more Bahamian families into their homes faster since the properties are already built rather than having to wait for construction to be completed. It would also likely be less costly for the Government, and potentially reduce its risk exposure, while making greater inroads into the ‘affordable’ housing shortage.

Mr Bastian, meanwhile, pledged that a re-elected Davis administration would offer private developers unspecified “incentives and concessions” to encourage them to develop more affordable, low-cost housing but - in so doing - also allow them to maintain and earn desired profit margins.

“The Government alone should not be in the business of building homes,” he argued. “That’s why we’re bringing in the private sector and making sure they have the necessary incentives and concessions to keep the price down.”

Years of drought has major energy port of Corpus Christi, Texas, wrestling with water crisis

By MICHAEL PHILLIS Associated Press

IN parched southern Texas, a yearslong drought has depleted Corpus Christi’s water reserves so gravely that the city is scrambling to prevent a shortage that could force painful cutbacks for residents and hobble the refineries and petrochemical plants in a major energy port.

Experts said the city didn’t expect such a bad drought, and new sources of reliable water didn’t arrive as expected. Those problems arose as the city increased its water sales to big industrial customers.

“We just have not kept up with water supply and water infrastructure like we should have. And it’s decades in the making,” said Peter Zanoni, the city manager since 2019.

Corpus Christi, a city of about 317,000 people that also supplies water to nearby counties, is closely tied to its oil and gas industry. The region makes everyday essentials like fuel and steel and ships them to the world.

Zanoni said it is highly unlikely the city will run out of water, but without significant rainfall or new sources, residents may face forced cutbacks and industry may have to do with less. At a time when the Iran war is already raising gas prices, the shortage is hitting an area that produces 5% of the U.S. gasoline supply.

Droughts are common, but this one has dragged on for most of the past seven years. Key reservoirs are at their lowest point ever. The quickest fix is different weather.

“We are actively praying for a hurricane,” former city council member David Loeb said, half in jest. Loeb doesn’t want anyone injured, but after wrestling with previous droughts in his time on the council, he feels the lack of rain acutely.

The drought isn’t expected to lift by summer, leaving officials scrambling to tap more groundwater to avoid an emergency.

Lessons from last time

After the last drought in the early 2010s, the city approved a pipeline extension to bring in more water from the Colorado River and promoted conservation. In the years that followed, water use actually fell. The city, seeing opportunity, added a petrochemical plant and steel mill to its long list of industrial customers.

City officials had allowed for drought in their calculations — just not this kind of drought, Zanoni said. It has hit especially hard because reservoirs never fully recharged after the last one.

And it’s come at a bad time.

After many years, the pipeline extension finally delivered its full capacity only last year. Meanwhile, discussion of building a desalination plant that would remove salt from seawater — a potentially drought-proof solution recommended in 2016 — bogged down over concerns about costs as high as $1.3 billion and environmental impact.

“If the then-city council had followed through on that, we would have had that plant up and running by now,” Zanoni said.

It’s an industry town Corpus Christi has followed its long-established plan for reducing water use. Stage 1 seeks voluntary actions from citizens like taking shorter showers and limiting how often they can water. Currently, the city is in Stage 3, which means pauses on many outdoor water uses.

Many residents are angry that they can’t water their lawns, that their bills are set to rise sharply and that they may face fines, said Isabel Araiza, co-founder of a grassroots group active on water issues. Some don’t feel industry will be asked to share in the pain, she said. The city’s drought plan allows for charging residents and businesses extra if they use lots of water. But

water for essential cooling needs and they are looking for alternative water sources, he said.

The city hasn’t imposed extra costs on anyone yet.

But Zanoni said water rates may eventually double as the city invests roughly $1 billion on infrastructure — costs that some argue will disproportionately benefit industry and make life for residents more expensive.

What’s the way out?

The city is in a water emergency when it has 180 days before water supply can’t keep up with demand. Officials have run through different scenarios for getting new water and the drought easing, and have said an emergency could come as early as May, as late as October, or not at all.

The city has tapped into millions of gallons of new groundwater, and it hopes to get even more.

The biggest unknown is the Evangeline Groundwater Project, which involves a pipeline and about two dozen wells that could add enough water to head off an emergency. It still needs state approval but the city hopes water could be flowing as soon as November. New sources come with drawbacks – some have raised water quality concerns, and there are worries too much pumping could deplete groundwater.

“We just have not kept up with water supply and water infrastructure like we should have. And it’s decades in the making.”

Peter Zanoni

Signalling that a Davis administration would seek to provide any tax breaks and other incentives deemed necessary via the Hotels Encouragement Act, Mr Bastian said: “We know the Hotels Encouragement Act, which incentivises the development of hotels, we’re looking to expand that Act and make it broader to encourage things in the national interest, housing being one of them.

“You’ll see legislation coming forward with concessions to incentivise the private sector developers to build homes, scale affordability, make it profitable for developers as well as pricing affordably.”

Mr Bastian argued that the proposal to create a Residential Tenancy Authority, with inspection and enforcement powers to crackdown on rogue landlords, was no different to the measures other countries have implemented, as he promised: “We will be coming for you.”

The PLP’s plan to build more homes addresses only one aspect of the affordable housing market, supply, and does not tackle other problems associated with buyers gaining access to mortgage financing; borrowers unable to qualify for

funding because they have too much consumer debt or unstable incomes and jobs; and high closing costs that include taxes, attorney fees and realtor commissions.

Mr Bowe, meanwhile, argued that both the PLP and Free National Movement (FNM) are guilty of “naivety” and “not addressing the dark cloud hanging over us, which is the significant inventory of distressed properties”. He added that his suggestion of a REIT, as well as being a potential solution, was designed to “break down this nonsensical barrier between us and them - that anything suggested by the private sector may be perceived as profiteering as opposed to the national good”.

The Fidelity chief previously asserted the 25,000-plus vacant residential dwellings identified in the latest Housing Census backs his position that The Bahamas “doesn’t have a housing shortage”. He added that returning to these properties to “productive” use and occupation will deliver far greater benefits for a Bahamian economy and society as opposed to the Government persisting with the construction of more affordable homes.

He spoke out after the Bahamas National Statistical Institute, unveiling the 2022 Census of Population and Housing, revealed that around one in six residential dwellings was vacant and unoccupied. And they had increased in number by 1,429 compared to the total identified some 12 years earlier, growing from 23,631 in 2010 to 25,060 in 2022.

“According to the latest findings, The Bahamas recorded a total of 144,198 dwelling units in 2022,” the Institute said of the Census findings. Of these, 82.6 percent (119,138) were occupied, while 17.4 percent (25,060) were vacant. This represents an overall increase of 17,705 dwellings (14 percent) compared to 2010, along with a 6 percent rise in vacant units over the same period.

“Vacant dwellings were recorded across all islands, with the highest concentrations found on New Providence (34.8 percent), Grand Bahama (17.2 percent) and Eleuthera (10.4 percent). Collectively, these three islands accounted for more than 62 percent of all vacant dwellings nationwide, while the remaining 37.6 percent were distributed among the other Family Islands.”

big industry, which Zanoni says consumes as much as 60% of the city’s water, can opt to pay a permanent surcharge to avoid the possibility of having a much larger fee added in times of drought.

Araiza calls it a bad system. Once industry pays the surcharge, she said, they have no incentive to conserve water.

The city has defended the system, saying in a statement that industry does not “get a pass on water conservation” or forced curtailment. The statement said the business surcharges have raised $6 million a year.

It is wrong to suggest industry isn’t helping, said Bob Paulison, executive director of the Coastal Bend Industry Association. Companies have stopped landscaping, they recycle

If the city has to declare a water emergency, it would be able to more aggressively curtail water use – mandatory reductions that would apply evenly to all industry and residents. That is a sensitive decision and is likely to be a “knock-down dragout bloodbath,” Loeb said. Because residents on average have already reduced their water use, future mandatory cuts are likely to fall heavier on industry.

“It’ll be an unbelievable disaster,” said Don Roach, former assistant general manager of the San Patricio Municipal Water District that has lots of industrial customers in the area.

“When you cut the cooling water off to most of these industries, they just have to shut down. There’s no other way around it.”

Young Bahamian entrepreneurs are awarded

YOUNG Bahamian entrepreneurs were awarded a collective $345,000 as they competed for prizes ranging from $10,000 to $25,000 at the Tourism Development Corporation’s (TDC) ‘Future Economy Pitch Competition 2026’.

Held on March 30, budding entrepreneurs aged from 18 to 35 years-old within the blue, green and orange economies competed for tiered prizes to help fund their business venture. Participants were asked to submit their business plan and proposed use of funds.

Those that made it to the final round of the competition received the opportunity to pitch their ideas in front of a panel of three judges, their peers and other attendees. What stood out was the foundation for real inter-island collaboration where producers are no longer operating in silos but as part of a national supply network.

Winners of the competition included Aston Symontette, Michael Johnson Jr, Lee Thompson, Lionel Smith, Alex Dean Pearson and Wilbert Dean (blue economy); Ashley Moree, Terrance Roberts, Sanchez Rolle, T’Khya Bain, Nicolas Fox and Marcelas Wilkinson (green economy); and Dwanye and Ja'Nay Deveaux, Brinique Nesbitt, Harold Munnings, Sandrina Williams, Tajae Holder and Alassandro Major (orange economy).

Tafarrah Williams, the TDC’s business development executive, said: “This competition was never just about pitching ideas alone; it was about identifying real, economically innovative

DPM addresses conference for Bahamas entrepreneurs

CHESTER Cooper, deputy prime minister and minister of tourism, investments and aviation, addressed a Tourism Development Corporation (TDC) Entrepreneurial Summit on April 9, 2026, in the New Providence Room at the Baha Mar Convention Centre.  The ‘W.I.N. Entrepreneurial Summit’ was a free event to empower Bahamian entrepreneurs and innovators across the blue, orange and green economies.

solutions that can reshape The Bahamas. “We set out to find businesses, products and concepts that don’t just exist, but solve real problems, generate new dollars and strengthen our national ecosystem. In totality, models like this have the power to significantly

reduce import dependency and capture greater market share within our own country. By focusing on the blue, green and orange economies, we are building a future that is more sustainable, more resilient and more economically independent."