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FRIDAY, AUGUST 29, 2025
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Local groups criticise Challenger Energy report • Groups warn exploration poses severe environmental risks • Oil drilling bid seen as economic threat By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net CHALLENGER Energy Group is facing renewed criticism from Bahamian environmentalists who say its 2024 Annual Report misrepresents the viability of oil drilling in the country. Taylor Ferguson, communications TAYLOR FERGUSON coordinator at Waterkeepers Bahamas, warned that any renewed push for offshore exploration would come with “severe” environmental risks — a concern echoed by the Our Islands, Our Future (OIOF) coalition, which has accused the company of misleading the public and shareholders about its position in The Bahamas. OIOF — a coalition of Bahamian and international organisations and citizens advocating for a permanent ban on oil exploration — says Challenger Energy Group (CEG), formerly Bahamas Petroleum Company, no longer holds a valid exploration license and should not be presenting oil drilling as an ongoing possibility. Casuarina McKinney-Lambert, Executive Director of the Bahamas Reef Environment Educational Foundation (BREEF), noted that CEG’s license expired in 2021 and there has been no indication from the government that any new licenses will be issued. “As far as we know, Challenger Energy does not currently hold any valid oil exploration licenses in The Bahamas. Their rights expired over four years ago, and as far as we are aware, the Government has not granted
DRILLING - See Page B2
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Bahamians drive sales in under $500k market By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
• Global exposure positions Bahamas for rebound WHILE luxury real estate in The Bahamas has expe- • Realtors see resilience rienced a slight contraction, despite luxury slowdown demand for properties priced under $500,000—primarily purchased by local buyers— • REMAX partnership boosts remains robust, according to Matt Sweeting, CEO of international market reach 1OAK Bahamas. Mr Sweeting, whose firm focuses heavily on the domestic segment, with 95 percent of its listings catering to local buyers, told Tribune Business that appropriately priced properties continue to move rapidly in what remains a clear seller’s market. He said there had been a ‘slight dip’ in luxury real estate but ‘real estate that we sell to locals, usually under $500,000 is still in extremely high demand. “It’s still a seller’s market,” said Mr Sweeting. “Properties still have low days on market, which is indicative that
properties are selling very, very quickly, nearly as soon as they’re listed, if they’re priced appropriately.” In contrast, the luxury segment has softened, though Mr Sweeting expects it to rebound as global economic conditions stabilise. He pointed to external factors—including shifting U.S. tariffs and political uncertainty—that may eventually drive renewed interest from international buyers. “With some speculation as it relates to tariffs and how
the US economy is going right now, we think that as we prepare for a rebound of sorts, or increased interest over the next couple of months, as the US economy and global economies recover and become a little bit more busy, As things kind of settle into this new tariff dynamic, there’s going to be a little bit more interest in Bahamas real estate,” said Mr Miller He added that US residents that have become fed up with the Trump administration may seek alternative
MATT SWEETING jurisdictions to reside in— also increasing the demand for Bahamas real estate. “I think we’ll have a combination of both people who get their footing in this new US economic climate and will be more comfortable making decisions because things have been stabilized. And then the alternative of that is people saying that I don’t want to
HOUSING - See Page B2
Slow start to back-to-school season for Park vendors By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net SOME RM Bailey Park vendors are experiencing less sales as the park’s association president reported a slower than normal back-to-school season. Hoping for a better turnout with the passing of government payday, RM Bailey Park Association president, Karen Brown, said her stall is doing “OK” but not “great.” With vendors normally making their debut for the school season a month
Bahamas looks to boost trade with delegation Algeria-bound By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net THE Bahamas Chamber of Commerce and Employers’ Confederation (BCCEC) will lead a 30 business delegation to Algeria for the IntraAfrican Trade Fair set for September 4 through 10. Having conducted outbound trade missions to India and China, and an inbound mission from Canada, BCCEC, in an effort to further trade diversification, is headed to Algeria for the Intra-African Trade Fair. “So there are a number of members from the chamber, as well as the wider business community that have a keen interest in Africa, not only for export, but also for import,” BCCEC CEO Dr Leo Rolle said. “And so what the chamber did was working with the Afreximbank (African Export-Import Bank) as well as the Caribbean Export Development Agency, early in the year, they advised us of an IntraAfrican Trade Fair, or IAF, which allowed for vendors in a number of industries, whether it be construction, food and beverage, textiles. There are a number of different variables and industries that will be showcasing at this particular fair. And so we thought it fitting to provide an opportunity for our members to further diversify- especially
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DR LEO ROLLE with the looming threat of tariffs and the increased cost of shipping and logistics- where they can import goods and services from.” With participating delegates from a number of industries including, construction, fashion, food and beverage, mineral oils, health and beauty and education, Dr Rolle noted that the missions are “not Nassau centric” and Chamber members from the family Islands are also afforded the opportunity to take part. While offered a showcase booth at the fair which allows for business exposure to the African region and attendees from other parts of the world, Dr Rolle said members were encouraged to travel with business cards and other tools that would assist with business opportunities. “Even beyond having a showcase booth, though, what we’ve encouraged our members who are traveling
TRADE - See Page B2
before its opening, Ms Brown said vendors haven’t experienced much traffic as they are approaching their fourth week on the park. “It’s slow,” she said. “It’s very slow in terms of what we’re used to in terms of people coming out and just buying. It’s just a last minute thing. That’s the biggest problem because everybody waiting until the last minute. And I guess it’s because of the state of the economy. People just don’t have the money. They will come, but they will come last minute. So that’s a challenge, because
if you out here the whole month, and you waiting for that rush of people to come out... It’s pay day and people are still just buying one, one . So that’s the big challenge. Even last year Christmas, we were saying, maybe we have to get together and do some radio ads, or bring in a live remote or something to bring the people here. But if the people don’t have any monies to come, they still won’t come. “People were saying all week they were waiting on payday, so we’re kind of waiting to see what’s going to happen out there. So I
guess sales will start picking up from today. We had a few people come through yesterday, but for the most part, people were waiting on government payday. “The economy and everything else is changing. So I guess, as a vendor, if you could make it, you would make it. If you can’t, you’ll just have to stop. Prices are going up and customers, some of them, are still trying to get items at the same price. We just trying to get through this
VENDORS - See Page B2