04202026 BUSINESS

Hospital ‘repurpose’ plan amid ‘poison pill’ concern

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Opposition’s chairman says the party will likely have to “repurpose” the second $268m New Providence hospital if elected to government amid fears the Chinese loan and construction contracts contain a “poison pill” that will “make it extremely difficult, if not impossible”, to exit them.

Dr Duane Sands, speaking to Tribune Business after the Government staged Friday’s official ground-breaking for the Perpall Tract facility, told Tribune Business that the Free National Movement (FNM) had “constrained ourselves not to say we will kill the deal” given expectations that the loan agreement with Beijing-owned China Export-Import Bank contains clauses that are prohibitively expensive to break.

Opposition chair: Exit from China loan likely ‘impossible’

Pledges FNM will ensure PMH remains ‘premier facility’

Challenges new construction given Critical Care woes

ourselves to not say we will kill the deal. What we do know is there are extensive problems at the Princess Margaret Hospital (PMH) where the majority of the difficult problems being faced by Bahamians are dealt with. The management of heart disease, cancers, strokesnone of those are going to be addressed at this new facility.”

Both parties hail injunction verdict over Rosewood Exuma dredging

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BOTH sides in the battle over the $200m Rosewood Exuma project are claiming victory after the Supreme Court imposed a limited injunction preventing work on “the most objectionable” aspect of the development - planned dredging and associated works in Sampson Cay’s North Bay.

a bond lodged by a Bahamas-based financial institution - to cover any damages suffered by Yntegra from the injunction-related delay should the substantive Judicial Review challenge to its project ultimately fail.

And Justice Farquharson also left the door open for Yntegra and its principal, Felipe MacLean, to seek an increase in the Turtlegrass guarantee if the injunction remains in effect for a protracted period. The Rosewood Exuma developer, at the injunction hearing, had demanded that its main opponent be ordered to provide a $30m undertaking, but the judge ultimately opted for just 10 percent of that sum.

After recently signalling the Opposition would not proceed with the new hospital if it wins the May 12 general election, Dr Sands now gave a more nuanced response by suggesting a Pintard-led administration will put the facility and its financing to alternative uses - although he did not specify what.

to be no reasonable exit clause. If we have to pay $200m to get out of the deal, the real question is what are we going to repurpose that facility for?

“What we need to know is to see the details of the loan agreement, and where that poison pill puts it,” he told this newspaper. “More than likely there’s going

Bahamas can ‘lead’ AI-driven $1.3bn healthcare cost slash

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamas is “uniquely positioned to lead” on the adoption of AI-driven “health intelligence” that can improve health outcomes, detect life-threatening events before they occur and slash this nation’s annual $1.3bn healthcare costs, a local provider is arguing.

Corlette Deveaux, the Bahamian co-founder and chief executive of Nassau-based Remember2.ai, told the North Eleuthera Business Outlook conference that the technology and personal health data capturing and analytical

system being developed by the company is a “game changer” that can move The Bahamas from reactive healthcare to proactive prevention. She added that a 2025 study conducted with the Ministry of Health, the findings for which were unveiled at the Medical Association of The Bahamas (MAB) conference two weeks’ ago, had shown that the technology - a wrist-band device which measures a person’s heart beat, temperature and blood pressure every five minutes - reduces both hospitalisations and healthcare spending.

Resort chief ‘put through ringer’ on tax incentives

BY NEIL HARTNELL Tribune Business Editor

nhartnell@tribunemedia.net

A BAHAMIAN resort owner is asserting he was “put through the ringer” by the Government in trying to access tax and investment incentives that were not approved on a timely basis with the property still having to pay “north of $300,000” in Customs duties.

Henry Rolle, managing partner and general manager of Harbour Island’s The Rock House, told the North Eleuthera Business

Outlook conference that the resort “worked months” to try and obtain VAT credits and other breaks as the current ownership and management team moved to celebrate their fifth anniversary in charge. Calling on the Government to “make it make sense” for Bahamian entrepreneurs over the access and type of investment incentives available, he added that “it’s not been easy as a business owner” and said: “What it means for us, in order to get

“I am certain that they have put in this contract clauses which make it extremely difficult, if not impossible, and that’s why we have constrained

The FNM chairman’s “poison pill” concerns may be well-founded, because clause 5.5 of the December 30, 2025, loan agreement signed between the Government and China Export-Import Bank appears to commit The Bahamas to not withdrawing from either the

Yntegra Group, the Miami-based developer, and its leading opponent, the neighbouring Turtlegrass Resort & Island Club, each pronounced themselves satisfied with Friday’s ruling by Justice Leif Farquharson on the latter’s bid for an injunction that would have halted all construction and related works on the Rosewood Exuma project if fully granted.

The judge, in only imposing the North Bay dredging bar, made this conditional on Turtlegrass and its principal, Bob Coughlin, providing a $3m guarantee or “undertaking” - via

Justice Farquharson’s ruling disclosed Mr MacLean’s assertion that granting the comprehensive injunction sought by Turtlegrass would have resulted in the Miamibased developer incurring $46,000 worth of losses per day. And he also voiced fears that himself

Freeport’s moment of truth has arrived

By Kevin Seymour Ex-Grand Bahama Chamber of Commerce president

FOR more than two decades, Grand Bahama has endured a cycle of false starts, empty promises and stalled recovery. Successive

administrations have proclaimed imminent revival, only for progress to falter. This time must be different and, critically, it can be. Grand Bahama, and particularly Freeport, now stands at a genuine inflection point. The difference

today is not political rhetoric, but legal clarity. The recent partial award by the arbitration tribunal, and concomitant reasoning for the same, has fundamentally reset the balance of power and responsibility between the Government of The

Bahamas and the Grand Bahama Port Authority (GBPA).

The excuses have run out. What remains is either action, or continued decline. The structural problem we can no longer ignore

The Hawksbill Creek Agreement (HCA), once the engine of Grand Bahama’s transformation, has for years functioned as both shield and constraint. Designed as a mutually beneficial partnership, it granted the GBPA extraordinary tax concessions and regulatory authority in exchange for infrastructure development and economic stewardship.

That balance has long been compromised.

The reality, now widely acknowledged, is that the GBPA’s financial capacity appears misaligned with the scale of its obligations. Decades after the transfer of key revenue-generating assets away from the GBPA, the institution has been left with limited resources relative to its mandate. The visible consequences are difficult to dispute: Aging infrastructure, environmental concerns and a city that has not kept pace with its potential.

At the same time, successive governments have operated within a cloud of legal ambiguity, uncertain of the extent to which they could intervene without breaching the HCA.

That ambiguity is now gone.

The Tribunal has spoken and it changes everything

The Tribunal’s partial award of February 27, 2026, is a watershed moment. It has clarified that:

* The Government retains enforceable rights to be reimbursed for eligible administrative costs under the established 1994 mechanism.

* The GBPA cannot credibly claim exclusive governance of the Port area after decades of shared administrative practice.

* The long-standing ambiguity surrounding authority in Freeport has been materially resolved. In short, the ruling dismantles the narrative that meaningful intervention is legally constrained. It confirms that both parties have obligations, and that those obligations must now be met.

No more drift: The time for decisive action

This is the moment that demands leadership. The Government must now move beyond cautious engagement and assert its rights firmly, lawfully and without delay. At a minimum, this requires:

* Demanding full compliance by the GBPA with its obligations under the HCA.

* Enforcing accountability mechanisms where performance falls short.

* Actively utilising legislative tools, including provisions under the Grand Bahama (Port Area) Investment Incentives Act.

* Driving a co-ordinated redevelopment strategy focused on infrastructure, investment facilitation and regulatory efficiency.

Equally, the GBPA must confront a hard reality: The status quo is no longer tenable. A recalibration of its role, resources

and responsibilities is not optional; it is essential.

A narrow window of opportunity

Grand Bahama has reached this point before, on the cusp of renewal, only to retreat into inertia.

What makes this moment different is that the structural fog has lifted. The legal framework is clearer than it has been in decades. The responsibilities are defined. The constraints are known.

What happens next will not be determined by external forces, but by the willingness of stakeholders to act decisively.

The bottom line

Grand Bahama does not suffer from a lack of potential. It suffers from a lack of execution. If the Government and the GBPA act with urgency, discipline and accountability, Freeport can once again become a hub of industry, investment and opportunity.

If they do not, this moment will join the long list of missed opportunities that have defined the past 20 years. The choice is stark and the time to choose is now.

Middle East conflict boost for Bahamian real estate

BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net

THE Bahamian real estate market is “strong” with the Middle East conflict helping to strengthen this country’s position as a prime destination for wealthy investors, HG Christie’s president and managing broker has revealed.

John Christie told the Bahamas Real Estate Exchange (BRX) conference that the Bahamian

real estate market is the strongest it has ever been throughout the islands with few exceptions. He noted the market is slower on islands such as Cat Island, which does not have much airlift and therefore has limited vacation rental capabilities.

While he described 2021 and 2022 as “incredible years”, Mr Christie said that, currently, the supply of available properties is limited which means demand is high. He added that Dubai has been a huge competitor for The Bahamas in attracting wealthy expatriate investors, but the Iran war now has many persons looking elsewhere.

“There's limited supply, so demand is quite high,” Mr Christie said. “And then also now, we have further to that, we have a new event which has happened in the Middle East, which is called that Iran war.

“And with the Iran war, one of our competitors for expats moving away from... places like Britain or anywhere in Europe was Dubai. It was a huge destination;one of our competitors. They would either decide, ‘I can go to

Switzerland. I can go to Monaco. I can go to Dubai. I can go to the Caribbean, maybe The Bahamas’.

“And now, if you go to Dubai or anywhere in the Middle East, they realise that bombs can just drop on your head, literally... And people have changed their minds. We see people go, ‘Dubai is no longer on their list’, and The Bahamas is shining much brighter,” Mr Christie added.

“And I think we can take advantage of this, because this will not  just be while the war is going on. This will linger in people's minds, and when is the next time this will be a flashpoint? When is the next time that Iran is going to start lobbing bombs over into Dubai? So that's a really important thing. So that's going to stay there.

“What's important for us in The Bahamas now is to keep the jurisdiction the way it is, and our tax neutral status, because we're going to see more and more people here, and we want to keep driving them in. The more people that come here, the more money the

PURCHASE - See Page B8

$260m resort project to generate over 500 jobs

BY FAY SIMMONS Tribune Business Editor nhartnell@tribunemedia.net

A $260m high-end resort development in Exuma is set to generate more than 500 jobs and “exponential economic impact” across the island chain, Cabinet ministers asserted at the Amancaya project’s ground-breaking.

Prime Minister Philip Davis KC said the development, which will span Children’s Bay Cay, Williams Cay and Madam Daus Cay, represents more than just a high-end tourism investment but a project that will “shape the story of this island” while creating new opportunities for Bahamians.

“This development creates opportunities for small business owners, for local suppliers, for farmers and fishermen, and for Bahamian artisans whose work carries the richness of our culture. It means greater demand for all things Bahamian,” said Mr Davis. “It means that the culture of this island will be preserved and celebrated, and that matters, because true development must never come at the expense of identity.”

The Amancaya project will feature a 36-pavilion hotel along with a limited collection of residences, supported by amenities

including a marina, beach club, spa and dining offerings.

Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, said the development aligns with The Bahamas’ strategy to attract high-value, low-density tourism investments.

“We are shaping a modern tourism industry, an economy that attracts the best in the world while creating real, tangible benefits for Bahamians,” said Mr Cooper.

He added that the project is designed to complement Exuma’s natural environment rather than compete with it, emphasising its sustainability focus and alignment with global standards. “This is not mass development...this is environmentally-conscious stewardship,” said Mr Cooper.

He added that the project’s impact will extend beyond direct employment, with economic activity expected to reach surrounding communities. “This will be money being spent in the communities, in ‘mom-andpop’ shops and restaurants, for entertainment, for ferry services, for garbage collection services,” said Mr Cooper.

He added that communities such as Barraterre will

be significantly impacted due to their proximity to the development, with opportunities for contractors, sub-contractors and entrepreneurs during the construction phase.

“The opportunities here really are extensive,” said Mr Cooper.  “Hundreds of millions of dollars in investment, $260m precisely, will go a long way and have exponential economic impact for the entire Exuma chain, as well as the mainland of Exuma.”

Sarah Morley, the Amancaya project director, said the development is also delivering community-focused investments alongside the resort.

“To date, the project has contributed over $450,000 to community initiatives across the island,” said Ms Morley. “This year, we’re committing $1m to improve the water infrastructure in Exuma.”

She added that a police station and medical clinic will be delivered for the Barraterre community, while more than 550 jobs will be available to Bahamians during construction. “From the pre-development phase, we have already worked with over 22 Bahamian consultant firms, along with local businesses and professionals,” said Ms Morley.

Low savings and high costs price Bahamians out of owning homes

BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

BAHAMIANS are being priced out of home ownership by a combination of rising costs, tight lending conditions and inadequate savings, the head of a BISXlisted mortgage lender has warned.

Dwight Burrows, RBC FINCO’s managing director, told the Bahamas Real Estate Exchange conference that the scale of the affordability challenge is being driven by multiple structural pressures hitting the housing market at once.

“Between 2012 and 2022, housing costs have increased by roughly 14 percent, while wage growth has increased by just 2 percent,” said Mr Burrows. “Now, in simple terms, this means that housing cost has risen at least seven times faster than incomes, and this creates a clear affordability issue.”

He added that demand is being pushed higher by population growth, particularly in New Providence.

“Between 2010 and 2022, population growth has increased by 13 percent across The Bahamas and 20 percent in New Providence alone,” said Mr Burrows, adding that, at the same

time, supply has moved in the opposite direction.

“Residential construction completions in 2023 were just over 600 units compared to more than 1,700 units at its peak in 2006,” said Mr Burrows. But beyond supply and income pressures, he pointed to financing as a major bottleneck.

“Mortgage applications reported the lowest approval rate of all credit categories in 2024 at just 54 percent, often due to low credit scores, underemployment, history of delinquency on prior loans, high debt service ratios or insufficient savings for down payment and closing costs,” said Mr Burrows. He said demand-side pressures created by the short-term vacatiobn rental sector are also locking first-time buyers out of the market. “Short-term rentals and rising rents erode affordability for first-time buyers simply because the more they pay in rent, the less they have to save towards future home ownership,” said Mr Burrows.

“Increased demand from second-home ownership has driven the prices in neighbourhoods that were once attainable for firsttime buyers.” The combined effect, the RBC FINCO chief said, is showing up in real ways for households.

“It looks like capable, hard-working Bahamians may be managing monthly rental payments, but they struggle to accumulate the necessary down payment and closing costs,” said Mr Burrows. “It means applications that stall because savings are not enough, credit profiles are stretched and individuals have not prepared themselves sufficiently.”

He warned that waiting until buyers are ready to purchase is too late to solve the problem. “One of the most powerful opportunities we have is earlier engagement, because as responsible partners we cannot wait until individuals are ready to buy,” said Mr Burrows.

“The decisions we are making today about savings, about debt, about credit, those will matter, and those will compound over the next five, 10, 15 years.” Mr Burrows said the solution lies in changing behaviour early, particularly around savings and financial preparation.

“We must move from telling persons that they need to save to showing them how to save,” said Mr Burrows. He added that savings remains the biggest hurdle for many would-be homeowners.

“For many, a material hurdle to home ownership

She added that the pro-

ject is intended to create long-term value for both Exuma and the wider Bahamas. “This is what real opportunity looks like,” Ms Morley said.

Aman executive, Olivier Lordonnois, said the project marks the brand’s first development in The Bahamas and its third in the Caribbean.

“The vision for Amancaya is a low-density, ultra-luxury sanctuary that integrates seamlessly into the unparalleled natural beauty of the Exuma Cays,” said Mr Lordonnois.

He said sustainability is central to the development approach, including alignment with international environmental standards and responsible resource management.

“Our intention is to protect and preserve the natural environment that makes Exuma so exceptional for generations to come,” said Mr Lordonnois.

Aman currently owns, brands and operates 35 hotels, resorts, branded residences and private clubs in more than 20 destinations, 15 of which are within or close to UNESCO Heritage Sites.

is the down payment and closing costs,” said Mr Burrows. “Households and individuals with stronger savings positions enter the housing market with better leverage, greater resilience and better approval outcomes.”

He urged more structured approaches, including automated savings and clearer financial planning. “This ensures that we

make savings a system, not another decision,” Mr Burrows said.

However, he stressed that savings alone is not enough and improving access to home ownership will require co-ordination across multiple stakeholders, not just mortgage lenders.

“The strongest outcomes come when savings is bundled with credit clean-up, budgeting and cash flow

coaching, and a clear understanding of affordability so that when someone enters the market, they don’t just qualify — they are able to succeed,” said Mr Burrows. “We’re not here today to talk just about knowledge. We’re here to build home owners. When we invest in housing, we invest in the very foundation that our country is built on.”

Contractor chief: 50% of builders know nothing about construction

BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

THE Bahamas is “in an unregulated construction environment”, the Bahamian Contractors Association (BCA) president has warned, as he urged residents to act now as the cost of building is continuously rising.

Leonard Sands told the Bahamas Real Estate Exchange conference that 50 percent of persons in the construction industry do not truly know about construction. He noted that not much evidence is needed in order to apply for and receive a contractor’s Business Licence.

“We are in an unregulated construction environment,” he said. “I'm president of the Bahamian Contractors Association and I say that very sternly. We are in an unregulated construction environment, which means when you take on a building project, it can be hit or

miss. It could go right. Most often it goes wrong.

“So I say this all the time when I talk to people in the banking industry and in the insurance industry. You are taking a chance that the guy who stands in front of you, or a lady who stands in front of you and presents themselves as contractor, knows something about construction.

“I will give you the statistics. Fifty percent of everybody who's in construction doesn't know anything about construction...One of two persons who present themselves to you about construction, doesn't know anything about construction.”

To obtain a Business Licence in the industry, he added: “You go to the Business Licence department at the Department of Inland Revenue. You fill out a one-page form that says, ‘name the type of contracting business that you would like to have’, and you put on there ‘X’ construction. You pay a $100 registration fee. You get a reference letter

from your brother and your cousin, and the next day they give you a Business Licence for construction.

“You are entering into a contractual relationship with somebody who determined that they are going to be a contractor yesterday when they find that you could make a lot of money in this. That should scare you. That should frighten people. It should frighten developers.”

Mr Sands encouraged persons who are looking to build their own property to ensure that the contractor demonstrates a dossier of past work that can be verified. This, he added, is important  to protect investment, especially as the cost of construction is rising.

“The cost of construction is not going to go down,” he said. “The best time to build is now. It will cost more next year. It will cost more the year after that, it will cost more... Block started at $1.89. It's $3.06 now. It will probably be at $3.10 at some point in time this year. Next year, it may be $3.15.

“So you don't wait to build. You don't wait to buy land, because again, the minute another person buys land, what happen to it? There's one less piece of land left. Guess what happened to land? So the conversation is now. The conversation on when to do it? Now. When to build? Now. When to invest? Now. But in that now don't be hasty. One out of two people doesn't know anything about construction. One of two people doesn't mind if they screw up your entire life investment.”

Besides the increasing cost of materials, Mr Sands noted that work being completed in various areas will have different costs applied. “I can't go in Sandyport and work today,” he said. “I would like to work today. It's a Saturday. So I could only work five days a week. I can work from 8am to 4pm. If I work in Yellow Elder, I could work from 7am in the morning until 7pm that night. I can get a lot more things done.

“So it's changing the way I operate the business in certain areas. So the cost to me is less, because I could get more done in a day, and the value to me as the business owner, because I get more done in a day, when it comes to the areas that control who goes in, what goes in, to kind of manage that.”

Mr Sands also spoke to bank financing for the construction industry, noting that it was too rigid. He said materials can be bought from key international markets at a cheaper price but persons must be able to work with the bank to make that happen.

“We've now starting to see people, if they could get the relationship right with the financing, I can buy everything outside of the United States. When I go to India, when I go China, where I go to Africa for about 30 percent of what it costs in North America,” he said.

“The challenge is, I can't go to the bank and say, 'Hey, give me out of my $500,000 project, give me

Minister pledges cultural site at the Glass Window Bridge

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BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net

THE new Glass Window Bridge will include a cultural site, a Cabinet minister has revealed, as he addressed a number of key projects for North Eleuthera, Harbour Island and Spanish Wells including docks, airports, roads and a hospital.

Clay Sweeting, minister of works and Family Island affairs, told the North Eleuthera Business Outlook conference that the Glass Window Bridge

project will include a new dock in Hatchet Bay for the contractors to bring in equipment as well as a cultural site for vendors and artisans to showcase theor works to visitors.

“So part of the bridge package would be a new dock in Hatchet Bay, because you need a new dock to bring all the equipment to build a new bridge. You also have to reinforce the current bridge, because that might collapse as they carry all the heavy equipment to the northern part to start to build the new Glass Window Bridge,” Mr Sweeting said.

“But what's also exciting is the bridge will also have a cultural site where persons in the ‘orange economy’ can

sell their straw work or restaurants or different things. So it'll be almost like a mini-market. So you’ll have persons singing and tourism, I'm sure, will help lead the role in this to ensure that it becomes an environment where people want to gather.

“So it'll be more than persons just coming and to look at the Caribbean side or the Ocean side for a minute. It'll be somewhere where they can experience the Glass Window Bridge. So this here helps to propel development and provide opportunities for people in Eleuthera.”

Mr Sweeting said that, within the next two weeks, a ribbon-cutting will be held for the new dock in Tarpum

LEONARD SANDS

a quarter of a million dollars. I'm going to buy all my materials. And only the local stuff, I'm going to buy my block cement, sand and what's not here.'

“If you could get that, you're probably going to save about 30 to 40 percent on cost. Now that's where I believe the banking relationship has an opportunity to readjust how they do it, because right now, with the cost of construction rising, we can't continue to do the same thing and get the same product,” Mr Sands said./

“So what I could buy with $200,000 in China, I could build something which could give me $500,000 value. But I got to be able to walk into China with the $200,000 or walk into India with $200,000.”

Bay. He said work on the dock in Spanish Wells has already begun, and the contract has been signed for the dock in Harbour Island, noting persons should see the sheet piling and dredging for the Briland dock shortly.

“In Harbour Island, last year to the Business Outlook, we promised that we would sign the contract for Harbour Island in a few months,” he said. “I must be honest, government sometimes takes longer to move than you would in the private sector.

“But at least I have some good news today. So the contract was signed within three to four months after the Business Outlook last year. The mobilisation has been paid to the contractor

CONSTRUCT - See Page B8

DPM says $15bn investment pipeline

‘coming to fruition’

BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

THE deputy prime min-

ister says The Bahamas is now seeing projects

“come to fruition” out of what he described as its $15bn investment pipeline featuring a mix of resort projects, cruise infrastructure upgrades and tourism expansions.

Chester Cooper, also minister of tourism, investments and aviation, said the so-called pipeline is now entering a delivery phase with several major projects progressing simultaneously across New Providence, Grand Bahama and the Family Islands.

“We’ve talked a lot about the $15bn of investments in the pipeline, and we’re now seeing them come to fruition,” Mr Cooper said.

Among the latest developments is the planned return of a Hilton-branded resort to New Providence on an 11-storey West Bay Street resort in the area of The Caves and Sapodilla.

“We are delighted to welcome back the Hilton resort. This is going to be a new build on West Bay Street,” Mr Cooper said. He added that the project is expected to strengthen The Bahamas’ tourism product by enhancing international branding, improving airlift opportunities and leveraging Hilton’s global network.

“This is important for overall branding, for airlift, for our reputation abroad, the network that we will be able to access, Hilton being one of the largest brands in the world,” said Mr Cooper.

The deputy prime minister added that the West Bay Street is in the final stages of approvals, including

environmental and planning reviews, with construction anticipated to begin later this year. “We anticipate that it will begin later on this year. Final stages of approvals are being done,” said Mr Cooper.

Beyond New Providence, Mr Cooper pointed to a wide range of investments across the country, particularly in the cruise sector, which he said continues to generate strong economic returns.

“We have a myriad of investments in the pipeline. Carnival is building, making new investments. Disney Lookout Point in South Eleuthera has advanced and completed during our term,” said Mr Cooper.

He also highlighted ongoing developments in Grand Bahama, including a new port investment by Mediterranean Shipping Company (MSC) Freeport

Data absence hurting Bahamas commercial real estate market

BY FAY SIMMONS

jsimmons@tribunemedia.net

A LACK of reliable and accessible market data is emerging as a key constraint on the growth of The Bahamas’ commercial real estate sector, limiting investment activity and complicating financing decisions.

Dylan Christie, of HG Christie Real Estate, said the absence of transparent data on property sales, returns and refinancing is forcing investors, appraisers and lenders to operate with limited visibility compared to more developed markets.

“So the biggest thing in the States in commercial real estate is not comparing the property,” said Mr Christie. “You do have a retail store that sold for $2m, but your property is performing exponentially better, so people say $3m.”

He said that while comparable sales are often used in residential real estate, commercial property valuation relies more heavily on income performance and return metrics, particularly capitalisation rates, or “cap rates”.

“In terms strictly for commercial real estate, you need to have some

sort of platform, like in the States, where all the data on sales, on refinances, it’s all public,” said Mr Christie. Such systems, he explained, allow market participants to determine appropriate pricing and returns by analysing recent transactions.

“They can go and say, okay, this property here sold for $1m at a 10 percent cap rate, and another one at 3 percent, so the underwriters and appraisers can actually derive the cap rate,” said Mr Christie. Without that level of transparency, he said, pricing and lending decisions become less precise.

NOTICE

Harbour Company, as well as rapid progress on an MSC Beach Club that is intended to support cruise growth.

“We’re seeing already an MSC Beach Club being advanced very quickly in Grand Bahama to support that growth, and the growth of other cruise lines investing there,” said Mr Cooper.

He said expansions at MSC’s Ocean Cay, and private island developments by cruise operators, are also expected to roll out in the

“And I don’t know where people have been able to go and find what cap rate — they really don’t know the rate of return this cost should be sold for,” Mr Christie said. He warned that the lack of data ultimately affects how banks approach lending.

“Without that, the banks are going to be ‘okay, maybe I’m happy with an 8 percent return or 6 percent return’,” Mr Christie said, suggesting that financing decisions are often based on broad assumptions rather than market-backed benchmarks. He said the implications extend beyond pricing into the broader development of the sector, particularly in how projects are financed and scaled.

near term, contributing to increased visitor numbers and economic activity.

“Cruise tourism has produced significant tax revenues for the country. It’s produced significant economic impact,” said Mr Cooper. While highlighting the scale of visitor arrivals, he highlighted the importance of increasing Bahamian participation and ownership within the sector.

“There’s opportunity for Bahamians to seize and participate, and own the

“When you do commercial real estate loans, it’s never a fully amortised loan. It’s usually a 10-year term, 30-year amortisation schedule, and once it’s time to refinance, you do a cashout,” said Mr Christie. He noted that in more mature markets such as the US, investors are able to leverage financing and refinancing to expand their portfolios more aggressively. “Imagine all the investors in the States; they leverage themselves, they’ll get like 60 percent to 70 percent on the real estate. That allows you to have 10 properties,” Mr Christie said.

overall industry, and that’s what we are looking forward to,” said Mr Cooper. He added that the Government’s focus is not only on attracting investment and increasing visitor numbers, but also on ensuring long-term benefits for Bahamians. “All of these new projects are not being done for the sake of development themselves, but for the benefit of the Bahamian people,” said Mr Cooper.

He added that this cycle of leveraging and reinvestment is more difficult to replicate in an environment where data is limited and lending is more conservative. “So there needs to be either private sector or government sector data available, because commercial real estate is all about data,” said Mr Christie. Despite these challenges, he said the market is moving in the right direction, with ongoing development activity suggesting potential for growth. “I think we are in the right direction for development, but I do think we need to have some resources so it really facilitates the next step,” he added.

The Public Worker’s Co-operative Credit Union Limited announces that its 46th Annual General Meeting will be held on Friday, May 29th, 2026, at the National Training Agency beginning at 5 pm.

Applications are invited from members in good standing who may wish to run for the following vacant positions: Board of Directors (2 vacancies); Supervisory Committee (1 vacancy) and Credit Committee (1 vacancy).

Nominations forms are available at our Nassau and Freeport offices or by emailing sthompson@pwccul.com & edavis@pwccul.com

Completed Nomination forms, along with a cover letter and resume must be submitted by 5 pm on Friday, May 1st, 2026, either by delivering to any of our offices or via the emails listed.

No nominations will be allowed from the floor.

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Experienced and highly skilled plumber required with exceptional knowledge spanning residential, commercial, and large-scale development projects. Expertise should span new construction plumbing, mechanical and engineering systems, and fullsystem maintenance with proven ability to manage projects from ground-up installation through completion, ensuring compliance with all standards and client satisfaction.

Perpall Tract hospital ‘will not tackle Bahamians’ top threats’

Dr Sands, meanwhile, asserted that the new hospital project will do nothing to improve conditions at PMH as it “falls apart”. He added:

“The reality on the ground is that things are horrible in the public healthcare sector and no promise of a wonderful new edifice is going to change people’s perceptions right now.

“We want to make sure that the premier hospital facility in the country (PMH) is the premier hospital facility in the country. We have basically thrown away many years and many millions of dollars of careful planning.” The FNM’s argument is that the Bahamian people would receive better value for money from public healthcare improvements by upgrading the existing PMH site using long-laid plans formed under both prior PLP and FNM administrations.

The Minnis administration had obtained $115m in financing for its planned PMH upgrades from Banco Santander, which was guaranteed and underwritten by the World Bank’s Multilateral Investment Guarantee Agency (MIGA). This carried just a 1.8 percent interest rate that was lower than the 2 percent now-offered by the China Export-Import Bank for the second New Providence hospital project.

However, this financing was ultimately rejected by the Davis administration and returned to the lender. Dr

Michael Darville, minister of health and wellness, previously explained that the Government was uncomfortable that a $20m portion of the World Bank-guaranteed funding had been allocated to funding the start-up and expansion of micro, small and medium-sized enterprises (MSMEs).

Dr Hubert Minnis, though, previously told this newspaper that the $115m financing would have constructed at PMH what the Davis administration is now seeking to develop at Perpall Tract. He said it would have funded a “four-storey wing for exactly what they are trying to do now - maternal and child care, and additional wards, while some monies were for repairs and equipment for the hospital.

“That would have been far better than what they are doing now,” the ex-prime minister added. “The recommendation from the professionals was that should be done at the PMH site where all the infrastructure was already as opposed to a new site where they would have to put that infrastructure in and double the price. If they had done that, none of this [the Chinese loan] would be an issue.”

Dr Sands, meanwhile, challenged why the Government believed “new construction” is the answer when PMH’s critical care block, which represents the single-largest investment in Bahamian public healthcare to-date, is “falling apart” just ten years into what was

Briland ‘victims of own success’ since now ‘incredibly expensive’

BREAKS - from page B1

everything we needed, we were put through the ringer by the Government, right…

“We worked months to try to reclaim this. It still didn’t happen. It happened after a certain deadline was reached, and still aren’t able to collect in terms of a credit and the duty we paid was north of $300,000. That’s money we would have invested in our employees because we have a programme to invest in them. We provide free education from Cornel, we provide mental health services for the employees; we have a therapist on retainer…

projected to be a useful lifespan of 30-50 years.

“Here we are, ten years into the life cycle, and it’s falling apart,” he told Tribune Business. “If that’s the case, why do you believe new construction will solve the problem if new construction is now dilapidated and a mess? It’s nonsensical.” Dr Sands added that the two greatest killers of Bahamians, violence and non-communicable diseases such as heart disease and diabetes, will not be addressed by the new hospital which focuses on paediatrics and maternal/child care.

Dr Sands spoke as the second New Providence hospital’s ground-breaking triggered renewed diplomatic controversy with the US embassy in Nassau, and ambassador to The Bahamas, Herschel Walker, arguing that the Chinese financing has “implications for Bahamian sovereignty” amid numerous “unresolved questions” about its terms.

“We are disappointed to see this project move forward so quickly when fundamental concerns about the terms of the deal remain unaddressed,” said Mr Walker. “I question the decision to rush forward with a deal that places the hospital financing under Chinese law and jurisdiction on Bahamian soil.

“The United States remains committed to supporting healthcare infrastructure that truly serves Bahamian interests, under terms that respect Bahamian sovereignty, adhere

“All that money we spent that we gave the Government we could have used to help develop the island itself. These are the things we need to focus on.” Mr Rolle added that, within the next three years, Harbour Island is expected to enjoy “a phenomenal amount of growth” with “entries” forecast to double compared to estimates made before the current Middle East conflict.

“We are realising, based on the numbers, that the projections we made in

to international norms and mitigate project risks for The Bahamas. The United States’ offer to help The Bahamas secure better financing options, whether from public or private sources, remains on the table.”

The Government, via the Ministry of Foreign Affairs, quickly hit back by describing this as an “unusual intervention” by the US government in The Bahamas’ internal affairs and pledged to seek clarity on the matter. It added that no questions surrounding the Chinese financing remain unresolved or unaddressed as all relevant documents were previously tabled in the House of Assembly.

It reiterated that, prior to securing the China Export-Import Bank financing, The Bahamas had reached out to the US equivalent, the US Export-Import Bank, and other US government agencies seeking financing for the hospital project but these yielded “no response that matched the urgency, scale and certainty” that was required to “strengthen and modernise the public health care system”.

The Ministry of Foreign Affairs statement added that to entertain alternative financing offers at this stage would only cause further delay that Bahamians can “ill afford”, and pledged that equipment for the new Perpall Tract facility will be supplied by US vendors on “the usual commercial and transparent terms”.

terms of growth, our esti-

mates have doubled in terms of entries, not the numbers coming through Harbour Island because that luxury market, they need a place to go to. Are we going to be prepared to take care of that market is the real question. In order for us to get through, we need to take care of it.”

Besides Bahamian access to investment incentives, Mr Rolle also voiced concern for Harbour Island’s workforce. Suggesting that the island is “a victim of our own success, he added that locals are having to pay the same property, goods and utilities costs as some of the world’s wealthiest persons who have all been attracted to invest, vacation and purchase homes in the destination.

The Rock House chief added that, based on conversations with his employees, the benefits of Briland’s tourism economy are not being felt or are filtering down to local Bahamians.

“For Harbour Island, I think we’re a victim of our own success because obviously, year-after-year, there’s more revenue being generated by Harbour Island for the Government.

Prime Minister Philip Davis KC, speaking at Friday’s ground-breaking for the second New Providence hospital, justified the move by saying of PMH: “A modern country cannot depend indefinitely on a health system designed for another age.

“Princess Margaret Hospital was built in 1952 and opened in 1953. It served a smaller population, a different disease burden and a very different era of medicine.  Seventy-four years later, the demands placed on that institution are far greater than what it was originally built to carry….

“Our aim is larger than a single building. We are seeking to move the country from a system under constant pressure to one that is modern in design, fair in access, stronger in prevention and better able to support the people who depend on it.”

The feasibility study for the second New Providence hospital, tabled in the House of Assembly yesterday and dated March 2025, said just 3.7 percent, or an average of $2.545m, of the second New Providence hospital’s annual $68.651m operating costs are forecast to be generated from the facility’s own sources such as user fees and other charges.

Without reform, this means that the Public Hospitals Authority’s (PHA) annual taxpayer subsidy, currently pegged at $247.855m for the 2025-2026 fiscal year, will need to increase by - on average - just over $66m per

“The unfortunate thing is the focus on the framework, which is the foundation, needs to be amplified and the framework is the people. This island is incredibly expensive to live on, right? We have people working two to three jobs, and the reason for that is they either have to but they are ambitious, they have businesses and they want to elevate themselves a lot quicker.

“The third factor is essentially we have a brain drain problem on Harbour Island. Extremely qualified and skilled individuals, unfortunately, we are lacking them. The reason for that is because, even though the business grows, and year after year gets more revenue, the unfortunate thing is that trickle isn’t visible, isn’t noticeable,” Mr Rolle said.

“I converse with my staff on a daily basis, and because Harbour Island is so small we are able to understand the impact on locals better than people in Nassau because there’s less segregation. You have the extremely wealthy area where the business owners live and we have everyone else. “

Mr Rolle added that it was “obvious there wasn’t any real plan” to ensure Harbour Island’s infrastructure,

year, taking it to more than $300m, due to the need to cover the second New Providence hospital’s costs.

“The analysis measured that the average annual revenue of the project - including PHA’s subsidy revenue - is $76.1086m, and the financial net present value of the entire investment in the project is -$163.24m,” the feasibility study said. It added that the project it is forecast to generate a negative net financial value of -$163.24m.

“The project is in a loss position for the entire (33year) calculation period, and the net profit of the project is $0 after considering the PHA subsidy loss,” it added.

“The project’s overall financial internal return rate (IRR) is 0 percent, with a pre-tax financial net present value of -$163.24m, making the project unprofitable from an economic standpoint. The static cumulative net cash flow in year 33 is -$14.8m.

“From a dynamic perspective, the cumulative net present value of the project at year 33 is -$163.24m. This indicates that the investment will not be fully recovered during operation, both from a static and dynamic perspective.”

However, the Government’s priority for the second New Providence hospital is the Bahamian people’s health and welfare, and saving lives - especially those of mothers and unborn/newborn babies.

including utilities such as electricity and water, kept up with its growth. “All of that, unfortunately, places the local community side by side with the 1 percent of 1 percent of 1 percent,” he said, explaining that locals “being in such close proximity” to the world’s wealthiest “helps to enforce the illusion” of a totally “luxury” destination.

“All of that comes at a cost,” the Rock House chief explained. “So essentially, if someone is from the 1 percent, they are fine with spending $1,000 on a utility bill. That same cost is going to be transferred to the locals next to them because there’s no separation in terms of pricing.

“What we are able to get away with charging people visiting and foreigners who live here, it’s like it’s almost automatically expected for the locals to do the same thing. It’s an unfortunate situation we find ourselves in….. Once that market that usually goes to Dubai, once they start coming here, that’s another elevation that’s going to happen. Prices are going to go up because that market can afford it. We’re still going to be stuck with the problem? How’s it going to be solved?”

Supreme Court’s narrow bar on ‘most objectionable’ fight

and Yntegra could suffer further “potential losses” exceeding $270m if their resort brand partner, Rosewood Hotels and Resorts, withdrew from the project due to the constant legal battles.

Mr Coughlin and Turtlegrass’s Judicial Review challenge is centred on arguments that the process for granting Rosewood Exuma’s environmental permits was “procedurally flawed”, stemming from alleged inadequate disclosure, the purported failure to disclose key materials in a timely fashion, and an absence of reasons to justify key decisions.

However, Justice Farquharson, in what could be interpreted as a boost for Yntegra, found that while Turtlegrass has established there are serious questions worthy of being tried at a full Judicial Review hearing, its case was “not particularly strong” at present.

And, while agreeing that there are “a number of compelling factors” that “favour” granting some form of injunction, especially since Yntegra had failed to pledge it would not undertake any dredging while Judicial Review proceedings remain live, the judge narrowly limited it to just this activity - and did not include all the activities included under certificate of environmental clearance (CEC) 2894.

“I would not be prepared to restrain all of the works contemplated by CEC 2894, and would confine any order to dredging activity and the works contemplated to be done within North Bay, which appears to be the most objectionable aspect of the project from the applicant’s [Turtlegrass] standpoint,” Justice Farquharson ruled.

Both combatants seized on the verdict as supporting their respective cases.

However, Turtlegrass and its parent entity, Sampson Cay Retreat Ltd, in its statement, appeared to adopt a much wider interpretation of what the injunction applies to.

It signalled its belief that this covers all the works described in CEC 2894’s paragraph one which, apart from dredging, also includes the construction of two marinas; back of house facilities; a roll-on/rolloff dock; the resort itself; two restaurants; beach club; wellness centre; and employee housing.

“This certificate of environmental clearance is required for the works associated with construction activities, including land clearing, excavation, dredging, land reclamation/filing, land grading and installation of infrastructure,” CEC 2894 states. However, a close reading of Justice Farquharson’s verdict indicates it covers solely the North Bay dredging and

associated works, and nothing else.

Yntegra, in its own separate response, hailed the ruling as a “positive step forward” that allows it to proceed with all other aspects of the development bar the North Bay dredging. As a result, it asserted that the Supreme Court has allowed the development’s geotechnical studies, other preparatory work and the overall project “to continue progressing” ahead of the scheduled July hearings on the substantive Judicial Review’s merits.

The Miami-based developer also asserted the injunction will not be a handicap as no dredging has begun since it is still awaiting the relevant permits from the Government’s regulatory agencies. It added that the Supreme Court “expressly declined to restrain all of the works”, and said: “The ruling confirms that efforts to completely halt the Rosewood Exuma project have failed.”

Both have clashed over the amount of dredging required in North Bay. Yntegra says it has narrowed planned dredging activity to only a small area around its service dock, and no longer needs this to create a channel for vessels to access this - something that is disputed by Turtlegrass.

The latter wants Yntegra to move its service dock and seawall, plus back of house facilities such as fuel storage, waste collection and back-up generators, to the southern side of Sampson Cay and away from its project on the island’s northern end. Turtlegrass is arguing that deep waters off the island’s southern end will eliminate the need for dredging Yntegra uses that location, but the latter is arguing that Sampson Cay’s terrain makes the north a more suitable ‘back of house’ site.

Justice Farquharson, in his verdict, noted that the Rosewood Exuma project has “generated strong opposition in some quarters” with Yonder Holdings, the Over Yonder Cay developer, joining Mr Coughlin and Turtlegrass in filing a separate Judicial Review challenge to Yntegra’s plans. Those actions have now been merged into one that seeks to challenge and overturn the CECs granted to Yntegra and its affiliate, Sampson Cay Bahamas, by the Department of Environmental Planning and Protection (DEPP).

The judge acknowledged that the dispute “has had a somewhat tortuous history”, and described Yntegra’s withdrawal of the initial preliminary site plan approval it obtained from the Town Planning Committee - while this was being appealed by Turtlegrass and others - as “an interesting turn of events”. Turtlegrass, too, had “filed a massive volume” of evidence to support its injunction bid with material being submitted

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“right up until days before” his ruling.

Reviewing the evidence, Justice Farquharson noted that Jeffrey Clark, Turtlegrass’s chief financial officer, had asserted that the Rosewood Exuma project “will devastate the ecosystems and habitats of the cay and its surrounding waters”, and especially the corals, seagrass beds and biodiversity in North Bay. He voiced concern over the size and scale of Yntegra’s development, and especially the construction of the service doc, accompanying seawall and service basin.

“Finally, Mr Clark discusses the effect of the proposed development on [Turtlegrass’s] own plans for the completion of Turtlegrass. He notes that the projected expenditure to complete Turtlegrass is in excess of $70m,” Justice Farquharson wrote.

“He observes that the Government never formally informed Sampson Cay Retreat Ltd of its decision to grant Crown Land immediately adjacent to the west, and to lease Crown Land immediately to the east of Turtlegrass to another developer. According to him, work on the Turtlegrass project is now on an indefinite hold due to concerns over the encroachment and potential environmental impact of the proposed development.

“The resulting delays have allegedly created significant adverse financial impacts for Sampson Cay Retreat Ltd. He says that the dredging of North Bay will force Sampson Cay Retreat to cease all construction of Phase one of Turtlegrass. This will also serve to jeopardise the employment of the Turtlegrass construction crew, which is currently made up of 30 Bahamians primarily from the Exuma region.”

Darla Toleffson, president and director of Yonder Holdings, alleged the developer has invested more than $148m in developing Over Yonder Cay into an environmentally-sustainable destination using renewable energy since acquiring a Crown Land lease for the destination in 2007.

“She confirms Over Yonder Cay is only approximately 1,700 feet away from the challenged development. She notes that the developers’ [first] EIA identified numerous adverse impacts associated with the proposed development, such as destruction of wetlands and seagrass meadows, dredging impacts and habitat loss,” Justice Farquharson wrote.

This, though, was countered by Mr MacLean, who “seemingly endeavours to show that the proposed project went through a

multi-stage and rigorous approvals process, and that the developers actually modified aspects of the project specifically in response to concerns raised by Sampson Cay Retreat Ltd and other members of the public.

“This included changes to the marina location and configuration. He mentions that alternative locations for the service dock were also reviewed in light of concerns expressed by Mr Coughlin and it was determined that this be moved further from Turtlegrass, with reduced dredging requirements and reduced direct impact on the seagrass habitat,” Justice Farquharson wrote.

“In his second affidavit, Mr MacLean emphasises the prejudice likely to be caused to the developers if an injunction is granted. He asserts ongoing daily losses conservatively estimated to exceed $46,000, which is supported by a cost spread sheet that breaks down those losses into lease payments, operational costs, non-cash amounts and outside consultant costs.

“He also refers to commercial risk in the event of the developers’ partner, Rosewood Hotels and Resorts LLC, exercising its right to terminate their agreement. He states that loss of the Rosewood brand could materially affect the proposed project’s value and sales, which he suggests would entail estimated potential losses in excess of $270m.”

Fred Smith KC, the Callenders & Co attorney and partner who is the lead counsel for Turtlegrass, argued before the Supreme Court that “there is plainly a serious issue to be tried as to the lawfulness of the decisions to grant the CECs. He also noted that leave to challenge the CECs was granted unopposed” and asserted that, if no injunction was granted, Yntegra could begin construction and dredging before their “lawfulness” is determined.

This, though, was “vigorously” opposed by Robert Adams KC, the Delaney Partners attorney, acting for Yntegra. “Mr. Adams also argued that the primary motive of both applicants, and in particular, Sampson Cay Retreat Ltd, was simply to stifle commercial competition from the developers,” Justice Farquharson noted.

“He said that this was revealed in Mr Clark’s first affidavit, where he lamented that the Bahamian government never formally informed Sampson Cay Retreat Ltd of its decision to convey land on either side of the Turtlegrass property to another developer and ‘did not approach [Sampson Cay Retreat Ltd]

with an opportunity to use this property’….

“Mr Adams also submitted that the substantive challenges of both Sampson Cay Retreat Ltd and Yonder were ‘patently weak’. He observed that Yonder’s case was based solely on alleged failures by public authorities to prosecute or take other coercive action against the developers. He also stressed that the substantive proceedings were scheduled to take place a mere three months away.”

Edward Fitzgerald KC, the London-based attorney representing the Government and its regulatory agencies, asserted that the “substantive Judicial Reviews are of no real merit”. Justice Farquharson noted: “Mr Fitzgerald strenuously disputed Sampson Cay Retreat Ltd’s contention that the developers’ revisions to the ElA necessitated the entire consultation process starting afresh, arguing that such a result would be unworkable and is not required by the governing legislation.

“He also argued that Sampson Cay Retreat’s claims that it, personally, should have been the beneficiary of greater consultation were misplaced and ignored its own significant involvement in the consultation process.”

Justice Farquharson, in his verdict, ruled: “I would not be prepared to dismiss… Sampson Cay Retreat Ltd’s challenge as fanciful or as having no realistic prospect of success. I am therefore satisfied that the threshold of establishing a serious question to be tried is met by Sampson Cay Retreat Ltd, specifically as it relates to the adequacy of the consultation process carried out with respect to CECs 2884 and 2894.

However, he found “the substantive merits of Yonder’s challenge” were found by the judge to be “less compelling”, and he also noted its failureunlike Turtlegrass - to offer an undertaking to cover Yntegra’s damages should its Judicial Review challenge fail. “Mr Adams also referred to possible competitive concerns.,” Justice Farquharson said. “Mr Smith downplayed the suggestion, indicating that Turtlegrass was intended to be operated as a small, eco-resort targeted at a different segment of the market.

“On the limited information before me, I would not be prepared to accept that Sampson Cay Retreat’s and Yonder’s opposition to the project is driven purely by commercial concerns. I have nevertheless taken this possibility into account. I have also considered Mr Adams’

observation that Sampson Cay Retreat Ltd seemingly commenced construction of Turtlegrass without site plan approval.

“This appeared to be an appeal to equitable considerations to further justify refusing injunctive relief. Since the point was raised, however, Samson Cay Retreat has disclosed on a voluntary basis a number of permits and approvals relating to the construction of Turtlegrass, including site plan approvals. It also provided an explanation of the administrative processes leading to the issuance of its site plan approvals.

“In any event, I am mindful that the issues to be determined in the current proceedings relate to the lawfulness of the developers’ CECs, not Sampson Cay Retreat Ltd’s site plan approval. I would not, therefore, attach much weight to this particular point,” Justice Farquharson added.

“I have also considered the relative strength of the parties’ cases. Although established to the standard of a ‘serious question to be tried,’ I do not regard the applicants’ case at present to be particularly strong.”

However, the possibility that Yntegra would carry out dredging work in the absence of an injunction, coupled with Turtlegrass’ willingness to provide a financial guarantee for the developer’s losses, ensured for Justice Farquharson that there “are a number of compelling factors which in my view tilt the balance in favour of the grant of relief”. He added: “I have also considered the potential duration of any injunction and the time before the hearing. The trial of the substantive Judicial Review proceedings is now to be held in July of this year, and I would certainly not wish for any injunction to last much longer than this without safeguards in place to further protect the interests of the developers.

“In the interim, however, significant damage could be suffered to the environment should the developers obtain other permits and proceed with construction, especially dredging. The refusal of relief may also result in further legal proceedings being taken by the applicants to challenge subsequent permits, essentially with a view to preserving their challenge to the CECs. I do not regard this as desirable.

“Taking all of these factors into account, and giving them appropriate weight, I consider that the balance of convenience favours the grant of some form of interlocutory injunctive relief in favour of Sampson Cay Retreat Ltd.”

Developer: Buyers seek turnkey homes

PURCHASE

Government makes. So we want to keep focused on that.”

Developer Candy Chan, speaking on a panel at BRX, said The Bahamas is now seeing a trend of persons preferring turnkey homes. She said global geopolitical events are also resulting in international returnees.

“Everyone knows here already inventory is low, and so as a developer, we’re basically more in tune with what buyers are now seeking,” she said. “Since COVID, like John mentioned, we’ve kind of had a shift in what buyers are asking for. Previously, you’d have people that would purchase homes that could use a bit of fixing up, maybe even purchase land to develop themselves. These days, people are more interested in turnkey homes.

Something that they can buy and start generating income on immediately.

“And so that’s kind of been great for us as developers, because that’s kind of somewhere where we can seize an opportunity and, you know, have a wealth of different range of buyers. You have the uber, ultra luxury set of people, but you also have the middle and working class. And so as a developer, we’re kind of strategically placed where we can kind of answer both calls where we’re catering to the working class, catering to young professionals, first-time home buyers, but also answering the call for luxury real estate.

“...I mentioned briefly just now the demand has shifted to more turnkey homes. Apart from that, as John mentioned, with the global geopolitical aspect, we do have a lot of high net worth individuals that previously were considering places like Dubai, or actually, we’ve had buyers that have moved to Dubai

from The Bahamas and are now coming back and seeking us out and saying, ‘Hey guys, I made a terrible mistake. Please save me. I need something now’,” Chan added.

“So because the real estate industry is so in tune with the geopolitical industry and global events that are happening, it’s a good readout for where we are globally. And I think, as John mentioned, we’re in a good position, and we anticipate that demand is just going to keep going higher.”

HG Christie realtors said they are seeing activity with prices ranging from $500,000 to $50m. On Grand Bahama, they continue to see an interest from both locals and international persons, with the bulk looking for waterfront homes and beach front condominiums.

In Exuma, the market is also “strong and steady” with interest from both local and international buyers. They said inventory on the island is limited and properties “priced right” are getting attention quickly, especially those near the water.

“Many are looking for a vacation home that can also bring in some rental income, or a piece of land to hang on to as a long-term investment,” Krystle Rodgers, an HG Christie realtor in Exuma, said. “It’s not just international buyers, though. Locals are actively buying as well, looking for primary homes and smaller investment properties, which really helps keep the entire market healthy. “All in all, prices are holding firm, and the outlook for summer is incredibly positive. If you’re thinking about selling, the buyers are definitely here. And if you’re looking to buy, Exuma offers that perfect mix of lifestyle and investment potential in one of the best spots in the entire region.”

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Technology ‘game changer’ saved a life on February 3

DATA - from page B1

Describing artificial intelligence (AI) led healthcare as “an economic strategy”, Ms Deveaux argued that it will enable the Public Hospitals Authority (PHA) to reduce care costs and allocate resources more efficiently while also giving health insurers “better risk visibility”, thus helping them to set premium rates more efficiently as they can see “inside the body” of the insured and better detect any ailments they may be suffering from.

And she asserted that it will also aid Bahamian employers by boosting workforce productivity and helping to end “presenteeism”, which she defined as staff reporting to work but not performing at their best because they are suffering from an illness and “just trying to make it through the day”.

Pledging that Remember2.ai’s technology and data handling/management complies with all relevant security and private requirements, Ms Deveaux told Outlook attendees that its product had already saved a life on February 3, 2026, when an aircraft passenger on a flight to Fort Lauderdale suffered a stroke. Data on his health vitals helped to show doctors he needed blood thinners to combat a suspected blocked artery to the heart.

“We are at the pivot point. We can decide to make that shift,” she added, arguing that AI-driven health intelligence can move The Bahamas from more costly care caused by reacting to an event to predicting and preventing these from ever occurring. Ms Deveaux said The Bahamas spends $1.3bn on healthcare per year, spread across both the private and public sectors, with 90 percent of that sum allocated to the problems caused by chronic non-communicable diseases such as heart attacks and diabetes.

“The next major opportunity in healthcare is not

treatment. It’s actually prevention,” she argued. “Prevention is better than the cure. Why did we get away from that? When, how, why? Prevention is better than the cure, and prevention saves lives. It also saves significant healthcare dollars. Reacting after an event is not a good thing, but recognising the signals before the crisis… Now that’s a game changer.

“This is where health intelligence comes in. It’s a new way of thinking that moves is from retroactive to predictive, from treatment to prevention, and from delayed response to awareness. Health intelligence changes everything because it shifts us from what we see, how we see things to how we respond to our health… We all know AI is here; not tomorrow, not next week. It’s here today and it’s going to continue to evolve.”

Ms Deveaux said Remember2.ai’s system and technology captures real-time data on what is happening inside a person’s body - especially vital signs such as heart beat and blood pressure. “It’s a complete transformation of how we protect health, how we manage outcomes and how we see our health,” she added, explaining that the company’s product was built on “four critical layers”.

Following the data capture, she said the second layer involves “live bio intelligence” that transforms this information into “a clear, continuous view on what is happening on the inside with your health at any given moment”. Then there is the “risk signal detection”, which analyses and finds potential irregularities and concerning trends that may require further medical attention, and the final stage is the “action” that patients and doctors take now they can “see the train coming”. Pledging that all data is secured on a protected server that can only be accessed by patient clients and their doctors, Ms Deveaux said: “You can take

action to protect the lives and health of Bahamians… The Bahamas is uniquely positioned to lead this transformation. We have a manageable population, we have a strong tourism and wellness sector, expanding digital infrastructure and a commitment to improving healthcare access.

“The foundation is already here. This is not a country that is trying to catch up. The Bahamas is a country positioned to lead and we are. Health intelligence is not just a healthcare advancement. It’s an economic strategy… For insurance companies it means better risk visibility. Your premiums are based on risk. Now they have better rsk visibility.

“For employers, they can have a productive workforce. How many of you go to work not feeling great and because you don’t feel great you don’t perform great? You’re doing it OK because you’re just trying to make it through the day,” Ms Deveaux added. “That is called presenteeism. Presenteeism is ‘I’m present but I’m not feeling good today. I’m going to do my work but I’m not going to do the best I can do because I’m trying to get through the day’.

“It actually hurts the workforce. It hurts the output. It hurts the quality of what you are doing in your job, and it hurts employees. So employers, you have to be sure that your employees come to work healthy. They have to feel good. For investors it’s entry into the high-growth global sector. Health is not separate from the economy. Health drives the economy.”

Ms Deveaux argued that the greatest healthcare cost drivers are “events that we did not prevent”. She added: “The cost of reaction results in 80 percent of healthcare costs coming from 20 percent of events. Trends: If we can see it may be a stroke or heart attack, we may be better off contacting our primary care physician rather than waiting later and going

Briland dock now being mobilised

CONSTRUCT - from page B4

already, and he has already ordered the sheet piling or the materials needed to start the construction of the dock here in Harbour Island.

“So the contract is signed. The contractor has the mobilisation in hand. The sheet piling was ordered. I think he ordered it around February, and he said two to three months before it’s imported in. I know there’s some challenges with the war, but I will say that the commitment I made last year, even though it’s delayed…  it ain’t denied.”

Mr Sweeting also spoke about the airports in Eleuthera, stating that airside works have begun at

Rock Sound which will have a new runway allowing for larger aircraft and, as a result, direct travel.

He added: “I must confess, driving past North Eleuthera airport this morning, I was so happy to see that, finally, after decades of promises North Eleuthera will get a $55m redevelopment upgrade, brand new airport, which is state of the art. North Eleuthera, for years, has outgrown the current airport space and for some time.”

Mr Sweeting spoke to the $100m Eleuthera road improvement project, noting that the separate contract for North Eleuthera roads has also been signed with Quick Fix Construction.

to the emergency room and staying five days’ there.

“That is the difference. You see what is coming, and you go and it’s a significant amount of savings. To go to Doctor’s Hospital, that’s $20,000 before you went to hospital. If we prevent just a small amount, just a small percentage of the most expensive events, we can significantly reduce costs and prevent outcomes.”

Ms Deveaux said the Remember2.ai solution is already being implemented and rolled-out, with a number of Bahamian doctors involved in the clinical trials and studies that produced the results unveiled at the recent MAB conference. The study with the Ministry of Health and Public Hospitals Authority (PHA), she added, was also approved by the University of West Indies’ (UWI) ethics committee.

“It is among us,” the Remember2.ai chief said.

“We signed up a couple of folks yesterday. We are rolling this out and our focus is on trying to build an infrastructure; an AI intelligence infrastructure. We are speaking to insurance companies, employers and we are also, if you like it and you have a family member, we can sign you up to….

“We saved an individual’s life this February 3. It was recognised that this individual had a fit on February 3…. Twenty-four hours later they had a stroke on a plane coming from Nassau. They had to be taken off the plane and went to hospital in Fort Lauderdale. They showed the doctor all the data from the previous day. The doctor said; ‘Oh, wow, thanks for sharing this with me. I know how to treat you’.

“Initially he was being treated for high blood pressure. They now stopped the blood pressure medication and gave them blood thinners. It showed irregularities of the heart. What that means is you have a potential blood clot in your arteries, so they have to give you blood thinners to get it through. That’s how it saved his life.”

Mr Sweeting added:

“I would also like to say that the contract for North Eleuthera roads has also been signed... Quick Fix Construction has signed a contract to pave new roads in North Eleuthera so communities such as Bluff, Bogue, Upper Bogue and some other areas that have dire needs for new roads…. that is a separate contract, separate from the one that has been paved in Central and South Eleuthera,” he said.

“As far as I’m aware, they have all of the equipment and shortly you should see some work being done, I think in Bluff, because Bluff is one of the worst road networks. We have in North Eleuthera currently.”

“We’ve seen times where persons might not come to the islands because they’re of age and they’re concerned that if something happens, that they can’t get on an emergency flight, or they’re concerned about their health.

“So in Palmetto Point, an $8.5m investment built by the Eleutheran, John Carey and his team, real Bahamians, and this facility that they’re constructing includes emergency services, modern treatment spaces and the infrastructure needed to support a growing population.

“More than that, it represents a shift in thinking that quality health care should not depend on the island that you live on. Whether you live in Nassau or Eleuthera, you deserve the same standard of care.”

Trump wants to stop states from regulating AI. This Utah Republican isn’t listening

By NICHOLAS RICCARDI Associated Press

WHEN a dozen Republican activists gathered on a back deck in the Salt Lake City suburbs to talk about this year’s elections, the conversation cycled through all the staples of conservative chatter in Utah such as dwindling water supplies, illegal immigrant fraud and chemtrail conspiracy theories.

But Doug Fiefia, a state representative running to be a state senator, wanted to start with something else — artificial intelligence. Fiefia used to work at Google and, like several other tech employees who have gone into politics, he has made regulating the industry a centerpiece of his campaign.

“I know it sounds like ‘Doug, this is all you talk about,”’ Fiefia said. “That’s because it’s coming, it’s here and it’s going to be our biggest fight.”

Fiefia’s focus has put him on a collision course with President Donald Trump’s administration, which this year helped block his state proposal requiring companies to include child safety protocols. The White House wants a single national standard for artificial intelligence, arguing that a patchwork of excessive regulation could handicap American innovation in a global competition with China.

But with no progress in Congress, it has been state lawmakers struggling to address concerns about a technology that is poised to reshape the economy. In Florida, Republican Gov. Ron DeSantis added the issue to a special legislative session that he is convening later this month. Democratic-controlled New York last year required major AI developers to report dangerous incidents to the state.

All told, there are more than 1,000 state legislative proposals addressing AI, a reflection of the uneasiness that has seeped through the country.

“None of us are really sure,” said Brett Young, a structural engineer who attended the backyard

event with Fiefia. “Is this something we should be scared about, or is it no so big a deal and it’ll enhance our lives?”

Pressure in the states

Trump has routinely tried to stamp out state-level AI policies, and he issued an executive order that included legal threats and funding penalties to deter new regulations.

The White House recently released a framework for potential congressional legislation that calls for preempting state laws considered “too burdensome” but would allow some rules to protect children and copyright material.

None of these steps has eased the number of proposals in state capitals.

Popular ideas include forcing chatbots to remind users they are not human and barring the use of AI to make nonconsensual pornography, which includes replacing or removing clothing from photos that are posted online.

“There’s a lot of state

The most significant regulations have passed in California and New York, solidly Democratic states. The provisions focus on disclosure of catastrophic risk, such as the AI-controlled meltdown of nuclear plants or AI models refusing to heed human direction.

But there is pressure in Republican-led states, too.

DeSantis pushed a bill to implement parental controls for minors using AI and to prohibit systems from using anyone’s likeness without permission. It fell short in the state House after overwhelmingly passing the state Senate. AI bills in Republican-controlled Louisiana and Missouri have stalled out because of Trump administration resistance.

‘An army of full-time lobbyists’

Fiefia is part of a loose network of former tech employees turned state lawmakers trying to meet the demand for stronger regulations. He co-chairs the AI task force of the Future Caucus, a network

“None of us are really sure. Is this something we should be scared about, or is it no so big a deal and it’ll enhance our lives?”

Brett

Young

firm Palantir who quit after it signed a deal to help the first Trump administration with immigration enforcement, is also a member of the AI task force. A Democrat, Bores wrote the New York bill that was signed into law last year.

Now Bores is competing in the crowded Democratic primary to replace retiring U.S. Rep. Jerrold Nadler representing the east side of Manhattan and parts of Queen and Brooklyn in Congress, and he is facing payback from the industry. A pro-AI campaign committee has spent $2.3 million against his candidacy.

Bores said tech companies are trying to make an example of him to scare off more regulation at the state and federal level.

Utah’s jagged mountain ranges and the cul de sacs are crammed with children on bikes and scooters.

The son of Tongan immigrants, Fiefia grew up in Utah but moved to Silicon Valley, where he worked as a salesperson for Google.

Fiefia rose to manage a team working with companies on the implementation of Google’s early AI model and was disturbed by what he saw.

“What I realized is Big Tech cares about their bottom line, and they were worried about making money, not doing right for the human race,” said Fiefia, who now works at a Utahbased cloud computing and AI company.

he thinks that was a good thing.

“I’ve been around long enough to recognize the invention of fire, the wheel, cars and the internet did not ruin society and I’m very skeptical of anyone trying to scare society into regulations,” McCay said in an interview.

He noted that the bill went beyond child safety, including whistleblower protection for AI workers and public disclosure of risks.

lawmakers looking at what the federal government is doing and saying, ‘We want to take action because we’re not satisfied,’” said Craig Albright, senior vice president for government relations for the Business Software Alliance, which represents software companies.

About 8 in 10 people in the United States said they were “concerned” or “very concerned” about AI in a Quinnipiac poll last month, with about three-quarters saying government is not doing enough to regulate the technology. Roughly 9 in 10 Democrats and 6 in 10 Republicans wanted more government involvement.

of Blue Hill South, 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

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.

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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.

of younger state lawmakers, with Monique Priestley, a Vermont Democrat who also has worked in tech.

Priestley said the group uses video conferences and group chats to share ideas for new proposals and deal with lobbyists who oppose their bills. She said that 166 of her state’s 482 registered lobbyists weighed in on her data privacy bill last year, which was ultimately vetoed by the governor.

“It’s like you’re running around against an army of full-time lobbyists,” said Priestley. Like many state lawmakers, she works a separate, full-time job.

Alex Bores, a former data scientist at the tech

“It’s one reasons it’s so important for me to win this race is because, if I don’t, that intimidation they’re trying on Congress will be successful,” he said. Bores’ competitors in the June 23 primary include Jack Schlossberg, the grandson of former President John F. Kennedy, and George Conway, a former Republican who has become one of Trump’s chief antagonists on social media.

From Google to politics

Fiefia has not attracted the sort of attention as Bores as he tries to move to the state Senate after a single session in the House. The subdivisions and shopping centers of his district are sandwiched between

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.

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NOTICE is hereby given that I IVAN JAMES ALISTAIR COOKE of Winton Terrace, 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 20th day of April, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

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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.

Fiefia’s legislation was unanimously passed by a House committee this year, but the Trump administration sent a letter to the Senate saying that the measure was “unfixable.” The measure quickly died.

Daniel McCay, the state senator who Fiefia is challenging in the primary, said

“It would have driven Utah out of the AI innovation business,” McCay said. At the cottage meeting — the Utah term for a small gathering at someone’s home to discuss important issues — Fiefia faced several tech-related questions from the crowd.

Asked about defying the Trump administration, Fiefia said it was especially important to stand up for states’ rights when a fellow Republican was in power to demonstrate the principles involved.

NOTICE

NOTICE is hereby given that I BRUNITH

of, Lilly of the Valley

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.

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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.

NOTICE

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.

Trump says US negotiators will head to Pakistan on Monday for talks with Iran

By MICHELLE L. PRICE, SAMY MAGDY and SAM METZ Associated Press

PRESIDENT Donald Trump said U.S. negotiators will head to Pakistan on Monday for another round of talks with Iran, raising hopes of extending a fragile ceasefire set to expire by Wednesday even as Washington and Tehran remain in a standoff over the Strait of Hormuz.

Iran did not immediately confirm the talks but its chief negotiator, parliament speaker Mohammed Bagher Qalibaf, said in an interview aired on state television late Saturday that “there will be no retreat in the field of diplomacy,” while acknowledging a wide gap remained between the sides.

The White House said Vice President JD Vance, who led the first round of historic face-to-face talks last weekend, would lead the delegation to Pakistan with envoys Steve Witkoff and Jared Kushner. Pakistani authorities began tightening security in Islamabad. A regional official involved in the efforts said mediators were

finalizing preparations and U.S. advance security teams were already on the ground. The official spoke on condition of anonymity because they weren’t authorized to discuss preparations with the media.

Iran on Saturday said it had received new proposals from the United States. It was unclear whether either side had shifted stances on issues that derailed the last round of negotiations, including Iran’s nuclear enrichment program, its regional proxies and control over the Strait of Hormuz.

Trump’s announcement repeated his threats against Iranian infrastructure that have drawn widespread criticism and warnings of war crimes. If Iran doesn’t agree to the U.S.-proposed deal, “the United States is going to knock out every single Power Plant, and every single Bridge, in Iran,” he wrote.

Iran says transits of the Strait of Hormuz are ‘impossible’

Ships remained unable to transit the critical waterway amid threats from Iran and a U.S. blockade on ships heading to and from Iranian ports. Roughly one-fifth of

the world’s oil trade normally passes through the strait, and the global energy crisis threatened to deepen as the war is now in its eighth week.

Iranian officials earlier on Sunday held firm that ships wouldn’t pass while the U.S. blockade remained in effect. “It is impossible for others to pass through the Strait of Hormuz while we cannot,” Qalibaf said.

In his post about talks, Trump accused Iran of violating the ceasefire by firing at ships transiting the strait. Iran has called the U.S.

blockade a violation, and foreign ministry spokesperson Esmaeil Baqaei on Sunday called it an “act of aggression.”

Iran had announced the strait’s reopening after a 10-day truce between Israel and the Iranian-backed Hezbollah militant group in Lebanon took hold on Friday. But Iran said it would continue enforcing its restrictions there after Trump said the U.S. blockade “will remain in full force” until Tehran reaches a deal with the United States.

A humanoid robot sprints to victory in Beijing, beating the human half-marathon world record

BEIJING Associated

Press

A HUMANOID robot that won a half-marathon race for robots in Beijing on Sunday ran faster than the human world record in a show of China’s technological leaps.

The winner from Honor, a Chinese smartphone maker, completed the 21-kilometer (13-mile) race in 50 minutes and 26 seconds, according to a WeChat post by the Beijing Economic-Technological Development

Area, also known as Beijing E-Town, where the race kicked off. That was faster than the human world record holder, Uganda’s Jacob Kiplimo, who finished the same distance in about 57 minutes in March at the Lisbon road race. The performance by the robot marked a significant step forward from last year’s inaugural race, during which the winning robot finished in 2 hours, 40 minutes and 42 seconds. But the competition, which was held

alongside a race for humans, wasn’t without hiccups — one robot fell flat at the start line, another bumped into a barrier.

Du Xiaodi, Honor’s test development engineer, said his team was happy with the results. Du said its robot design was modeled on outstanding human athletes, with long legs of about 95 cm (around 37 inches), and was equipped with what he called a powerful liquid-cooling system, which was largely developed in-house.

“Looking ahead, some of these technologies might be transferred to other areas. For example, structural reliability and liquid-cooling technology could be applied in future industrial scenarios,” he said. While it will still take time to achieve widespread commercialization of humanoid robots, spectators were already impressed by the robots. Sun Zhigang, who had been in the audience last year, watched Sunday’s race with his son.

After a brief uptick in transit attempts on Saturday, Iran fired on two India-flagged merchant ships that were forced to turn around, leading India to summon Iran’s ambassador over the “serious incident.” India noted that Iran earlier let several India-bound ships through.

For the Islamic Republic, the strait’s closure — imposed after the U.S. and Israel launched the Iran war on Feb. 28 during talks over Tehran’s nuclear program — is perhaps its most powerful weapon, inflicting political pain on Trump.

For the United States, the blockade squeezes Iran’s already weakened economy by denying it long-term cash flow.

The war has killed at least 3,000 people in Iran, more than 2,290 in Lebanon, 23 in Israel and more than a dozen in Gulf Arab states. Fifteen Israeli soldiers in Lebanon and 13 U.S. service members throughout the region have been killed.

Since most supplies to U.S. military bases in the Gulf region come through the strait, “Iran is determined to maintain oversight and control over traffic through the strait until the

“I feel enormous changes this year,” Sun said. “It’s the first time robots have surpassed humans, and that’s something I never imagined.”

Wang Wen, who came with his family, said robots seemed to have stolen much of the spotlight from human runners in the event.

“The robots’ speed far exceeds that of humans,” he said. “This may signal the arrival of sort of a new era.”

Beijing E-Town said about 40% of the robots navigated the course autonomously, while the others were remotely controlled.

State media outlet Global Times reported that a separate, remotely-controlled robot from Honor was the first to cross the finish line in 48 minutes and 19 seconds. But it said the winning one used autonomous navigation and received the championship under the event’s weighted scoring rules.

State broadcaster CCTV reported that the runners-up, which were also from Honor and used autonomous navigation, finished the race in about

war fully ends,” Iran’s Supreme National Security Council said late Saturday. That means Iran-designated routes, payment of fees and issuance of transit certificates.

The council has recently acted as Iran’s de facto top decision-making body. Pakistan presses on diplomacy and Iran issues a warning Pakistani Foreign Minister Ishaq Dar, who spoke by phone with Iran’s Foreign Minister Abbas Araghchi on Sunday, has said his country was working to “bridge” differences between the U.S. and Iran. Iranian Deputy Foreign Minister Saeed Khatibzadeh on Saturday told The Associated Press that the U.S. is “risking the whole ceasefire package” with its blockade.

Khatibzadeh said Iran won’t hand over its stock of 970 pounds (440 kilograms) of enriched uranium to the United States, calling the idea “a nonstarter.” The deputy minister didn’t address other proposals for the enriched uranium, saying only that “we are ready to address any concerns.”

51 minutes and 53 minutes respectively. A robot served as a traffic officer to direct the participants with its arm gestures and voice, CCTV added.

In China, technology has evolved into an area of competition with the U.S. with national security implications. Beijing’s latest five-year plan vows to “target the frontiers of science and technology.” Speeding up the development of products like humanoid robots and their applications is part of the 2026-2030 plan for the world’s second-largest economy.

London-based technology research and advisory group Omdia recently ranked three Chinese companies — AGIBOT, Unitree Robotics and UBTech Robotics Corp. — as the only first-tier vendors in its global assessment for shipment numbers for general-purpose embodied intelligent robots. They all shipped more than 1,000 units of the robots last year, with the first two companies shipping more than 5,000 units, the report said.

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FBO LTD.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration number 211911 B (In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on the 16th day of April A.D. 2026.

Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mr. Francisco Bittencourt, whose address is Rua Madeira 180 CO, Alphaville Lagoa Dos Ingleses, CEP: 34018-146, Nova Lima, MG, Brazil. Any Persons having a Claim against the above-named Company are required on or before the 16th day of May A.D. 2026 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is proved.

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