Sailing with the new tide
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(From left to right) Bahamian Prime Minister Perry Christie, musician Lenny Kravitz and Baha Mar Chairman & CEO Sarkis Izmirlian meet with artists from the National Art Gallery of the Bahamas. |
One of the most modern Caribbean nations, the Bahamas is back in business
With its turquoise-blue seas, magnificent resorts, signature golf courses and tropical climate, tourists flock to the Bahamas in droves every year, but as savvy investors know, there is much more to this archipelago than whitesand beaches.
As well as being close to major North American and Latin American financial centers, and only 50 miles from the US coastline, the Bahamas has enjoyed a stable democracy since 1729. It is in the same time zone as New York and boasts a highly trained, English-speaking workforce. Celebrated as a low-tax jurisdiction, it has a sophisticated infrastructure and proactive incentives for investment.
Having emerged from the global financial crisis intact, the Bahamas is keen to be the partner of choice for Chinese investors looking for Caribbean opportunities. Diplomatic ties have been developing between the two countries since 1997, with 2012 marking a poignant 15-year anniversary. Bilateral agreements have been signed on a wealth of issues, including the economy, trade, maritime transactions and the protection of mutual investments, and there are memorandums of understanding on the implementation of Chinese tourism groups to the Bahamas and agricultural collaborations.
Chinese enterprises have invested $150 million in the country to date and provided $2.45 billion in commercial loans. For its part, the Bahamas has invested in almost 200 projects in China, amounting to around $190 million. The Chinese have donated a $30 million national stadium to the Caribbean country, and are heavily involved in a number of mega projects, including a highway connecting Lynden Pindling International Airport to Nassau's Thompon Boulevard, and the mind-blowing Baha Mar resort.
In September 2012, Bahamas Prime Minister Perry Gladstone Christie opened the new Chinese Chancery in the Bahamas in the presence of Chinese Ambassador Hu Shan. "The opening of this new Chancery introduced a new chapter in Sino-Bahamian relations. With this physically permanent diplomatic presence, we trust that the roots of our friendly relations and work in the international arena will only grow deeper," he said.
Baha Mar raises the game
One of the most exciting mega projects that China is involved in is the $3.4 billion Baha Mar resort. Funded principally by the Export-Import Bank of China, or China Exim Bank for short, with an additional $150 million from contractor China State Construction Engineering Corp, the project will give new life to the breathtaking property resort that was abandoned shortly after the global financial crisis. Thanks to Chinese involvement, Baha Mar will now be open for business in 2014, something Chairman and CEO Sarkis D. Izmirlian is delighted about.
"From the moment we started brainstorming this project, we said we were going to create something for the Bahamas. We are taking the beauty and history of this country and celebrating it. It will have an impact on the culture of the country. We are embracing the people of the Bahamas, training them and creating a better opportunity for them and their children."
The resort is certainly one of a kind. Spanning 400 hectares, the resort, gaming and entertainment complex will boast some of the world's most famous luxury hotel brands, including Rosewood Hotels & Resorts, Mondrian, and Hyatt Hotels and Resorts, as well as the dazzling new Baha Mar Casino & Hotel, creating more than 2,200 new rooms. Within the hotels, Baha Mar plans to develop 307 highly exclusive, ultra-luxurious residential condominiums and villas available for private ownership.
Baha Mar's stunning, new 9,000-square-meter casino will be the largest in the Caribbean and comparable only to the best in Las Vegas. The whole project will create around 8,000 jobs on completion.
Baha Mar will also feature one of the most advanced and versatile convention facilities in the region, with a combined 19,000 square meters of space, portions of which can also double as an entertainment and sports venue. Other amenities will include 19,000 square meters of retail and entertainment experiences, combining upscale shopping boutiques with authentic Bahamian arts and crafts galleries, chef-branded restaurants and exciting nightclub and entertainment offerings.
An Eco Water Park, extraordinary pools and two unique spas will be set along a kilometer of one of the most pristine beaches in the world. The planned 18-hole Jack Nicklaus Signature Golf Course will be one of a select few such top-tier Nicklaus courses, bringing a new, true championship course to the Bahamas.
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Morning scenery of local residences in Hongcun, China's Anhui |
