02282023 BUSINESS

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Farmer: ‘Blowing smoke’ of 30 years seems over

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A BAHAMIAN poultry farmer last night voiced optimism that the Government is finally serious about ending three decades of “blowing smoke” on food security as it formally unveiled its $15m egg self-sufficiency ambitions.

Lance Pinder, Abaco Big Bird’s operations manager, told Tribune Business that the Davis administration’s goal of

producing 100 percent of the country’s egg supply locally through the ‘Golden Yoke’ project appeared “realistic” provided politics was eliminated from its management.

Acknowledging that successive administrations “don’t have a good track record” in owning/ operating commercial enterprises, he added that it was vital the right farmers be given total freedom and independence to manage the grow houses and all business-related aspects as they see fit.

As a broiler meat producer, Mr Pinder said the plans disclosed yesterday at a ceremony headed by the Prime Minister would not impact his Abacobased operation directly. “I have mixed feelings about it,” he told this newspaper. “The Government has never been very successful at doing big initiatives like this, but you have to hope they can pull it off.

“I think as long as the process doesn’t get politicised, and it’s not ‘my buddy and your buddy’, it could be a very good thing. It depends on how they’re going to manage that. Previous administrations in the country don’t have a good track record. But I don’t want to knock it, as they say, and they’ve got to keep trying.”

Clay Sweeting, minister of agriculture, marine resources and Family Island

Affairs, revealed to Tribune Business on Monday that the ‘Golden Yoke’ initiative is aiming to take domestic Bahamian egg production from 700,000 per year to 28m when complete and fully operational.

Suggesting that it would slash The Bahamas’ estimated $1bn food imports by around 1 percent, he explained that it will involve the provision of “climate smart grow houses” in both New Providence and the Family Islands to help create a sustainable domestic agriculture niche.

And, while the Government is seeking to provide the “enabling” environment, Mr Sweeting emphasised that it was not seeking to take over domestic egg production itself. Rather, he added that management and operational

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Bahamas goes ‘backwards’ on yachting sector potential

• Realtor

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A BAHAMIAN realtor yesterday voiced optimism his firm will “put up the same numbers if not better this year” following 2022’s 60 percent revenue growth, adding: “We’re on the back end of the spike.”

Tim Rodland, managing partner and broker at Better Homes and Gardens Real Estate MCR Group Bahamas, told Tribune Business the company “will do our best to continue the momentum” from 2021 and 2022 despite an “inventory crunch” that has left fewer properties available for highend buyers.

Despite the potential supplydemand mismatch, he pledged that his team will “keep our foot on the gas” with its Exuma office “exceeding our expectations” after opening in a 2022

$352m Abaco

resort to be ‘hospitality beacon’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

ABACO’S $352m Montage Cay development will be a “beacon of hospitality”, its developer and resort operating partner pledged yesterday.

The Prime Minister, speaking at the project’s ground breaking, said the highend resort being developed by Sterling Global Financial is poised to create a “big stir” around the Caribbean while becoming another “revenue generating avenue” for “sustainable employment” for Bahamians.

Philip Davis KC said: “This 33-acre luxury Island is poised to become a major attraction and elevate The Bahamas’ luxury resort profile. Featuring a world class deep water marina, a 50-suite hotel and exclusive residences, Montage Cay is set to make a big stir in the Caribbean market.

“I’m advised $352.2m is the investment for this project, which includes 50 room keys that will be added to the tourism industry, sic overwater bungalows, 18 villas and 29 residential lots. This bodes well for The Bahamas. It opens up another income-generating avenue and will create long-term sustainable employment for many Bahamians.”

Sterling Global, which is also redeveloping Paradise Island’s Hurricane Hole

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that proved to be a second consecutive “record-breaking year” for most Bahamian realtors following 2021’s post-COVD bounce back.

Mr Rodland told this newspaper that MCR Group’s total 60 percent yearover-year revenue growth covered all business segments including sales, rentals and appraisals. “The previous year was a record-breaking year for most people in real estate, and in 2022 we did even better, which was great,” he said.

“I can tell you this. There’s a lot of people that are saying that the market has corrected itself. I’m not sure I like

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December air arrivals up 13% on pre-COVID

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

STOPOVER visitors for December 2022, which included the peak Christmas and New Year’s tourism period, more than doubled year-over-year to beat the industry’s pre-COVID performance by almost 13 percent.

The Central Bank of The Bahamas, unveiling its January 2023 economic update yesterday, disclosed that higher spending air arrivals exceeded pre-pandemic levels as they increased from 100,000 to 200,000 yearover-year for December 2022.

“Monthly data revealed that the tourism sector sustained its robust growth trajectory in January, with output exceeding pre-pandemic levels amid relaxed COVID-19 conditions and pent-up demand for travel in key source markets,” the Central Bank said. Total visitor arrivals for December 2022, which includes cruise passengers as well as air arrivals, rose by 80 percent year-over-year.

Cruise passenger volumes increased to 700,000 from 400,000 in December 2021, representing a 75 percent gain as the sector continued to rebound

from the COVID restrictions that were in place during the prior year. As a result, 2022’s performance benefited from being up against a relatively weak comparative period.

“Official data provided by the Ministry of Tourism showed that total passenger arrivals expanded to 900,000 in December from 500,000 visitors in the corresponding period of 2021,” the Central Bank said. “Specifically, the dominant sea segment almost doubled to 700,000, vis-à-vis 400,000 visitors in the previous year. In addition, air traffic grew to 200,000 from 100,000 a year earlier, surpassing pre-pandemic levels and representing 112.9 percent of air arrivals recorded in 2019.

“Disaggregated by major ports of entry, total arrivals to New Providence increased to 400,000 from 200,000 in the prior year. Underlying this outcome, the air and sea segments both advanced to 100,000 and 300,000 visitors from 90,000 and 100,000, respectively, in 2022. Further, foreign arrivals to the Family Islands amounted to 400,000 visitors compared to 300,000 in the previous year, as air and

SEE PAGE B6

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamas has unlocked just one-third of the boating/yachting industry’s economic benefits, marina operators argued yesterday, with last week’s exhibition exposing “gaps that Bahamians need to fill.”

Marques Williams, the Association of Bahamas Marinas (ABM) president, told Tribune Business that the first-ever Bahamas Charter Yacht Show “highlighted there is some work to be done” while also helping to forge potential partnerships between foreign and local firms and showcase what this nation has to offer as a boating and yachting destination.

“There are some gaps, spaces in the industry for Bahamians where we now need to look at filling those gaps,” he explained. “Things like getting into services to yachts, the ancillary services they require

- brokerage, charter brokerage, agents, managing yachts. At this point in time, Bahamians are not major players in those areas and we feel those are areas where we need to do more work.”

The potential for establishing a full-fledged yacht registry under the Bahamas Maritime Authority’s (BMA) supervision was also identified at the show. “There are more areas where the Bahamas Maritime Authority (BMA) can shine, get into yacht registration, and be a major player in the industry,” Mr Williams added. “Those are areas of importance that we saw, and are going to work to highlight them to the Bahamas government. It has highlighted there is some work to be done.”

Peter Maury, a past ABM president, told Tribune Business that The Bahamas is “not even close” to realising the full economic potential from its yachting and marina industry. While

‘Back end of the spike’ after 60% revenue rise

TIM RODLAND

FIERCE BIDDING LIKELY FOR $28M PI ESTATE

A 20,000 square foot Paradise Island home valued at $28m-plus is expected to be the subject of fierce competitive bidding when it is put up for auction on March 10.

Elisium, a nine-bedroom, 11-bath residence in Ocean Club Estates is set to be auctioned without reserve on March 10 via Sotheby’s Concierge Auctions. A spokesman for the real estate auction marketplace said it has already seen interest in the never-beforelived-in property.

“It’s extremely encouraging to see so much early interest in a property weeks before the auction even opens for bidding,” said Danny Prell, Sotheby’s vice-president of business

development. “The answer to early interest lies partly in the property itself, but additionally in its premier location.

Christopher ‘CJ’ Ansell, the Bahamian co-operating broker for the sale, added: “The property known as Elisium is a one-of-a-kind offering. The estate, not only beautiful in and of itself with exquisite attention to detail around every turn, is also the only residence in the famed Ocean Club Estates that enjoys both a harbour and ocean view, and the only property with both marina basin dock and private beach. There is absolutely no other property like it.”

The Damianos Sotheby’s International Realty agent

described the property as “a labour of love. The current owners spent four years constructing what was meant to be their forever home. With a keen eye for fine details and personal touches, the owners’ taste for luxury design is sure to benefit the next buyer”.

Outdoors, the property features two swimming pools, one specifically designed with a faux coral climbing area, a private beach and a separate play area for children and their parties.

“From the moment the first lots were sold in the late 1990s to today, almost 25 years later, Ocean Club Estates has not only retained its place in the somewhat rarefied air of

the most desirable places on earth to live, the properties have consistently appreciated in value,” said Mr Prell.

“Access to Four Seasons Ocean Club, Atlantis,

automatic approval for the Ocean Club membership privileges for those who wish to join, and the amenities in the Estates community itself - golf, tennis, restaurants - make

BTC ‘drives’ for better service and reliability

THE BAHAMAS Telecommunications Company (BTC) yesterday said it has added two new mobile towers on New Providence to improve network capacity as it moves to “drive” improved services and reliability during 2023.

The carrier, in a statement, said it has added two new tower sites at Gladstone Road and Venice Bay and is also conducting “proactive maintenance” on its mobile network in New Providence and Grand Bahama.

BTC said it plans to spend 2023 gaining feedback from Family Island communities, accessing the network and making improvements where necessary.

Sameer Bhatti, BTC’s chief executive, said: “We are listening to our customers and a key priority this year is to improve services and drive a culture of reliability and performance in the organisation. Now,more than ever before, customers are making purchases and deciding who they will do

business with based on perceived reliability.

“I’ve had customers tell me: ‘I want my mobile data to be unnoticeable because it’s always working’. We will be investing more time in our networks to ensure that we are providing quality service for all our customers. Our mobile network is critical to our customers’ daily lives, so we are taking the time to ensure that we are providing the best service possible.”

Airline honours Sandals founder

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

AN AIRLINE will honour Sandals Resorts International’s (SRI) founder, the late Gordon “Butch” Stewart, by naming a new aircraft that is set to be delivered this year after him.

Citing his work to strengthen and foster tourism in Jamaica, Frontier

Airlines will name the plane tail ‘Stewart the Red-Billed Streamertai’. This will both honour the Sandals founder and incorporate Jamaica’s national bird, the red-billed streamertail, locally known as the doctor bird, to Frontier’s signature plane tails programme. The new design was unveiled by Frontier Airlines president and chief executive, Barry Biffle, at

a ceremonial event held at Sandals Montego Bay.

“Sharing Jamaica with the world was my father’s joy, and our hearts are filled with immense pride with the introduction of ‘Stewart the Red-Billed Streamertail’ to the Frontier fleet. I know that my dad would be so proud to have our Jamaican doctor bird flying once again,” said Adam Stewart, executive

BTC said businesses, residents and persons commuting through the Gladstone Road and Venice Bay areas will experience improved voice and data services due to the new towers. The carrier is also conducting ‘drive-tests’ to get an in-depth view of its mobile network. Technicians are using mobile phone software to collect real time information about network performance while driving through different areas. Typical voice

and data calls are simulated and provide information reflective of the customer experience. BTC then analyses that information to determine quality-of-service levels and the next steps to make appropriate improvements or adjustments.

Mr Bhatti said: “We are doing ‘drive-tests’ in New Providence and Grand Bahama now, and already the team has identified and acted on areas requiring improvement. The southwestern corridor in New

it the luxury location of choice.”

The bidding officially opens on March 10 and, while listed at $28.8m, the estate is being offered without reserve.

Providence is big on our agenda for improvements, and we’ve already made strides by erecting new cell sites.

“We’ve completed the western end of Grand Bahama and Freeport. The team is now working on the eastern end of the island. In a few weeks, we will make some major announcements relative to improvements in our Family Islands.” Customers experiencing service issues can send a What’s App message to CALL-BTC (225-5282) or to the carrier’s social media channels.

FRONTIER Airlines unveils its plans for the new plane tail, Stewart the Red-Billed Streamertail, in honour of Sandals Resorts founder, Gordon ‘Butch’ Stewart.

chairman of Sandals Resorts International.

“Thank you, Frontier. We are honoured that you have chosen to pay tribute to him in this extraordinary way. His legendary spirit will now continue to soar over his beloved Jamaica.”

“We present this new design in recognition of the work that Mr Stewart, and indeed the entire Stewart family, has done for tourism in Jamaica,” said Mr Biffle.

A fierce champion of Jamaican since entering the tourism industry in 1981, Gordon ‘Butch’ Stewart’s leadership helped resurrect Jamaica’s travel industry at the time. He was elected president of the Private Sector Organisation of Jamaica (PSOJ) in 1989 and was inducted into its ‘Hall of Fame’ in 1995.

He served as a director of the Jamaica Tourist Board for a decade, and as president of the Jamaica Hotel

DPM HEADS SPEAKER LINE UP FOR GB OUTLOOK EVENT

THE DEPUTY prime minister will be the lead speaker at the upcoming Grand Bahama Business Outlook conference that is scheduled to be held on March 16 at the Grand Lucayan resort.

Chester Cooper, also minister of tourism, investments and aviation, will give an address entitled ‘Forward, upward, onward, together: A bold vision for Grand Bahama’. He will be introduced by Ginger Moxey, minister for Grand Bahama, who will speak on ‘Shaping the future for Grand Bahama’

The Grand Bahama conference is part of the 2023 Bahamas Business Outlook Series, which is being held under the same ‘Forward, upward, onward’ together’ theme. It will be held as a hybrid event for both an inperson and virtual audience.

Joan Albury, president of the TCL Group, founder and chief organiser of the Bahamas Business Outlook series, said the session themes will be ‘Forward: Moving ahead with purpose and speed’; ‘Upward: Soaring to economic advancement and diversification’; ‘Onward: Prioritising the sustainable revolution’ and ‘Together: Facilitating stakeholder engagement for success’.

“First, I must say how grateful we are to have the deputy prime minister, Chester Cooper, as keynote, and the minister for Grand Bahama, Ginger Moxey, bringing remarks,” Mrs Albury said. “I can say with a great deal of assurance

that our upcoming Grand Bahama Business Outlook is going to be the most dynamic ever, especially in terms of the highly knowledgeable and current industry leaders contributing.

“As has become our practice, as a major treat, we have put together vibrant panels focused on collaboration as an essential component for advancement.” There will be two panels. The first, themed, ‘Dialogue and collaboration: Shaping a vibrant future’, will feature Dennis Deveaux, chief financial officer, Doctors Hospital Health Systems; Glenette Fowler, president and chief executive, Fowlco Ltd; and Henry Smyth, founder, executive director and chief investment officer, Granville Cooper Gold.

The ‘Way Forward for Grand Bahama’ will feature Ian Rolle, president, Grand Bahama Port Authority; James Carey, president, Grand Bahama Chamber of Commerce; and Thomas Dean, attorney, Dupuch & Turnquest.

Conference moderators are Phylicia Woods-Hanna, director of investments, Bahamas Investment Authority; Dr Kenneth Romer, deputy director-general, Ministry of Tourism, Investments and Aviation; and Barry Malcolm, director/business development, Sun Island Transfers and managing director, Global Fulfillment Services.

Other speakers include Marc Weller, president and founding partner, Weller Development Partners, Six Senses Grand Bahama, who

and Tourist Association in the mid-1980s, balancing government and private sector priorities, reconciling the concerns of large and small Jamaican hotels, and raised public understanding of the tourism industry. Understanding the critical need for consistent lift to his island destination, Mr Stewart in 1994 led a group of investors to take leadership of Air Jamaica, the Caribbean’s largest regionally-based carrier.

will speak on Wellness, community, sustainable design’ Then there is Charnette Thompson, vice-president of business solutions, Cable Bahamas, who will address ‘Staying Connected’. Deverson Warner, managing director, RBC FINCO and assistant vice-president of personal banking, will speak on ‘Embracing the digital future of financial services’; Dr Linda Davis, interim president, Bahamas Technical and Vocational Institute (BTVI), will focus on Looking to ‘New solutions for skilled labour shortages’; Sonia Brown, Principal, Graphite Engineering, will address ‘Environmental, social, and governance reporting readiness: Steps taken to maximise benefits’; and Keith Roye, chief operations officer, Plato Alpha, will speak on ‘Digital transformation and automation’.

“Right now, Grand Bahama is once again a focal point for change, and Grand Bahamians, as we all, are eager to hear from leaders in government and industry as well as investors about what developments are being considered or on the way,” Mrs Albury said.

“So, I’m proud of the quality of participation we have secured. We are most grateful to the communityminded sponsors who assist TCL Group in staging these much-needed informational programmes for public benefit. Those who attend Grand Bahama Business Outlook 2023 can expect upto-date, quality information and honest, expert opinions to aid in strategising for stronger personal, business and national economies.”

For more information and registration, visit tclevents. com website or call TCL Group at 322-1000.

ELISIUM

GOV’T TO CREATE $15M SPV INTERMEDIARY FOR EGG PLAN

THE Government will create an off-balance sheet special purpose vehicle (SPV) to facilitate the $15m project designed to drive The Bahamas to 100 percent self-sufficiency in egg production.

Clay Sweeting, minister of agriculture, marine resources and Family Island Affairs, told the Golden Yoke initiative’s launch that the SPV will contract with farmers who will be responsible for managing the egg-laying chick grow houses and commercial aspects of their operation.

The SPV will also be responsible for making the initial investment in the project, and will purchase the eggs from the farmers and sell

them on to food wholesalers and retailers. Detailing a three-phased project, Mr Sweeting said: “Firstly, the project will see the construction of six grow houses in New Providence that are turnkey operations. The special purpose vehicle will provide the building, the layers, the vet services and other inputs. “The contracted farmer will monitor and care for the investment. Upon production, the contracted farmer will sell all the eggs to the special purpose vehicle who will deduct the costs of the inputs and pay the profits to the farmer. The special purpose vehicle will sell the eggs to the wholesaler for distribution on every food store shelf throughout the country.”

The second and third phases are focused on the

EXCESS BANK LIQUIDITY AT $2.8BN BY END-JANUARY

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BAHAMIAN commercial bank surplus liquidity almost hit the $2.8bn mark at end-January 2023 even though the decline in the industry’s deposit base outpaced the contraction in domestic credit, it was revealed yesterday.

Excess liquidity, which represents assets available for lending if banks can find suitable borrowers and risks, hit a new high as the industry struggled to find new opportunities. “Monetary developments for the month of January were marked by moderated build-up in banking sector liquidity, even though the reduction in the deposit base surpassed the decline in domestic credit,” the Central Bank of The Bahamas said in its January economic update.

“Specifically, excess reserves - a narrow measure of liquidity - grew by $14.1m

to $1.942bn, a slowdown from the $48.3m expansion in the preceding year. Similarly, excess liquid assets - a broad measure of liquidity - increased by $26.4m to $2.799.2bn, exceeding the prior year’s gain of $8.5m.” The regulator added: “During the review month, external reserves reduced by $30m to $2.565bn, albeit lower than the previous year’s decline of $44.1m.

Contributing to this outturn, the Central Bank’s net purchases from commercial banks moderated to $7.1m from $48.2m in the preceding year.

“Further, commercial banks’ transactions with customers shifted to a net sale of $0.7m from a net intake of $73.7m a year earlier. Meanwhile, the Central Bank’s net sales to the public sector narrowed to $47.8m from $91.5m in 2022.” Elsewhere, foreign currency sales for current account transactions jumped by 21.2 percent to

Family Islands and will facilitate the construction of additional poultry houses.

“In phase two of the project we will see 15 grow houses in the south and central Bahamas, and phase three, we will construct 23 grow houses in the northern Bahamas. That’s 38 houses constructed in 12 Family islands, increasing egg production from 700,000 to 28m eggs per year,” Mr Sweeting added.

“A project of this magnitude will ensure that the eggs produced will completely reduce reliance on imports. And the Golden Yolk will have an immediate national economic impact, not just on food security but on growing the economy.”

The project aims to construct poultry houses built to withstand climate change and hurricanes, and also

$674.1m, relative to January 2022.

“Leading this outturn, payments for ‘other’ current items - primarily credit and debit card transactions - grew by $74.4m. Further, outflows for non-oil imports rose by $33.1m, oil imports by $18.9m and travel-related transactions by $4.4m. In contrast, factor income remittances decreased by $12.5m and transfer payments by $0.5m,” the Central Bank said.

“Total Bahamian dollar credit contracted by $5m during the review month, a reversal from a $74.9m growth in 2022. Underpinning this development, net claims on the Government declined by $17.5m, a shift from an $81.9m expansion a year earlier.

“In contrast, private credit grew by $12.6m, a turnaround from a $5.9m reduction in the preceding year. Specifically, the increase in commercial credit extended to $23.4m from $9m in the prior year. Further, the contraction in consumer credit slowed to $6.9m from $23.4m a year earlier,” the regulator added.

involves a new feed mill. A semi-automatic, smart poultry house is slated to be built at the Gladstone Road Agricultural Centre Mr Sweeting said: “The Golden yolk project will also initiate the construction of a farmer-smart poultry house here at the Gladstone Road Agricultural Centre that will be semi- automatic, energy efficient and easy to maintain.”

Speaking at yesterday’s launch event, Prime Minister Philip Davis KC said: “The Golden Yolk project is historic because it represents one of the first steps in a marathon toward a more resilient, self-reliant Bahamas. The Golden Yolk project is an urgent and crucial undertaking, one that promises to move the needle toward greater food security for our country.”

The project is projected to increase Bahamian egg production from about 700,000 per year to 28m via the 38 new poultry houses on the Family Islands and six on New Providence. Mr Davis said he expects the project to inject $2.3m into the Bahamian economy annually.

He added: “Poultry houses are slated for construction across 12 Family Islands with a further eight earmarked for New Providence. These sites will increase local egg production 30-fold, injecting an additional $2.3m into our domestic economy.” Golden Yolk is expected to create 90 jobs, half which will be based in the Family Islands.

“In addition to setting our nation on the path towards food sovereignty, the Golden Yolk project delivers on several commitments outlined in our ‘Blueprint

$352M ABACO RESORT TO BE ‘HOSPITALITY BEACON’

FROM PAGE B1

site into Paradise Landing, has partnered with resort brand, Montage International, for the project on the former Matt Lowe’s Cay. The development has a projected opening date of late 2024.

David Kosoy, Sterling Global Financial’s chairman, said the project will have 200 rooms and the capacity for 500 guests to stay at the resort at any given time. “We have over 50 hotel keys and suites, and about 1,000 square feet for one room…. We will have seven beaches, and the beaches are amazing,” he added.

Alan Feurstman, Montage International’s founder and chief executive, said: “Our commitment is to training, and to working closely to develop and mentor an incredible staff and team that will make this a beacon of hospitality for

not just the region, but for the entire world. This is one of those destinations when you visit, it’s unmatchable.”

This is the first Montage International development to hit the Caribbean. Chester Cooper, deputy prime minister, and minister for tourism, investments and aviation, described airlift as the “oxygen” for tourism and disclosed that there is a “new airline” that will be providing “business class seats” to supplement existing supply from Delta and American Airlines.

Airlift into Abaco and the rest of the Family Islands is expected to “grow”, based on 2022 arrivals that were on par with a recordbreaking 2019. “We are expecting that it will match the growth in tourism as we are forecasting a 16 percent increase over 2019 levels up to the end of June,” Mr Cooper said. “I can tell you that we’ve had a phenomenal January to the tune of

for Change’, namely the creation of jobs, the development of our Family Islands and the empowerment of Bahamians. The project’s three-phase implementation will see the creation of some 90 jobs, over half of which will be based in the Family Islands,” Mr Davis said.

“We are ushering in a new age of agriculture, an age of promise and prosperity, an age where we make the most of what we have in the most sustainable manner possible. This is especially important for low and middle income families who are disproportionately affected by ballooning inflation on imported foods.”

150 percent greater than we saw in 2022.”

Mr Cooper said that along with the Kakona project in South Abaco and Montage Cay, there is another development set to come on stream worth $1bn, but he did not disclose the name or particulars of the investment. “There are several smaller investments to rebuild jobs in Hope Town and the rest of the cays since Hurricane Dorian,” he added. “Abaco has really been a very interesting island for investors. Much of it is restoration as a result of the damage caused by Hurricane Dorian.” With regard to the Grand Lucayan’s potential sale, Mr Cooper said the Government is still working diligently on securing a buyer and an announcement on the matter will be made soon.

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‘Back end of the spike’ after 60% revenue rise

that terminology because a correction to what? The way I see it is that we’re on the back end of the spike at the moment. That’s the best way for me to describe it.”

Demand for high-end Bahamian real estate among international buyers soared in 2021 and 2022 as COVID restrictions eased, both locally and around the world, and while the market may have started to cool interest in this nation remains strong according to multiple realtors.

“Doesn’t mean that we’re going to go back to pre-COVID levels?” Mr Rodland said of his “back end of the spike” analysis. “I don’t think we’re going back to that. I don’t think that’s where we are. My best terminology, and the best way to describe it, is that we’re on the back end of the spike.

We’ve been pretty fortunate and will do our best to continue the momentum.

“Our strategy, and what we do, is as much dependent on the market and where we are and what our goals should be. Our strategy for 2023 will be different from 2022, and will likewise be different for 2024.”

He added, though, that it is too early to predict how the Bahamian real estate market will perform for the 2023 full-year based on just the first two months.

“We’re just kind of hoping for the best. It’s still too early to determine what this year will look like, but we remain optimistic,” Mr Rodland said. “I can tell you that the activity has slowed down because of the inventory crunch. The demand is still high, but not as high as it was during 2021 and 2022. There’s definitely activity in the market and buyers

looking to secure, but again we’re having an inventory crunch.”

The shortage of available properties directly relates to the frequency and pace at which high-end Bahamian real estate was acquired in COVID’s wake, reducing the remaining supply for purchasers arriving now. Mr Rodland said it was difficult to quantify the extent of the shortage in numbers, and added: “It just means that we need to build more product.

“In our business, we’re in the business of selling and promoting. It’s hard to find property for buyers. I do know that’s a struggle. It’s always good to know the demand is high. Obviously there was a big rush, and a lot of things sold. We’re keeping our foot on the gas. We’re on the back end of the spike. There’s still demand for The Bahamas. People

are still coming, still looking for property. “We are optimistic, the way things are right now, we will do as well as last year, and will push to put up the same numbers - if not better- this year.” However, Mr Rodland explained that, depending on their personal circumstances, some potential purchasers are electing to hold-off on real estate buys if they feel the correct property is not immediately available.

“If there are three properties on the market and they don’t like any of them, they may choose to wait three months for something else to come on the market that is better suited,” he explained. “There are some people that are taking that opportunity, saying: ‘We can settle for that but can also continue to wait. There’s things we can buy and make this work - x, y and z - or we can sit down

and find things better suited for ourselves’.”

Mike Lightbourn, Coldwell Banker Lightbourn Realty’s president, backed Mr Rodland’s analysis, telling Tribune Business: “It’s still looking good. Not as brisk as last year, but good still. It’s still there. There were more sales a year ago, but we’re lagging with inventory. That’s it in a nutshell.”

Mr Rodland, meanwhile, said MCR Group Bahamas’ Exuma office had outperformed forecast since it opened around one year.

“We’re doing extremely well, especially in Grand Isle,” he added. “We’ve been seeing a lot of demand, especially in north Exuma. It’s exceeding our expectations at this point, it’s fair to say.

“These are the prime jewels of The Bahamas. The Exuma cays are unmatched in terms of diversity. The Exuma cays are the most

Farmer: ‘Blowing smoke’ of 30 years seems over

responsibility for the units will be “contracted out” to private farmers, who will also oversee egg sales to food distributors, wholesalers and retailers themselves.

Philip Davis KC, speaking at yesterday’s launch, forecast that the initiative will inject some $2.3m into the domestic Bahamian economy in terms of its impact while creating some 90 jobs. He added that it was also designed to slash The Bahamas’ annual food import bill by $12.5m through the roll-out of 38 poultry houses across 12 Family Islands, with a

further eight earmarked for New Providence, in a bid to raise domestic egg production 30-fold.

Mr Pinder, meanwhile, told Tribune Business the ambition of meeting 100 percent of The Bahamas’ egg needs via the project’s local production was “pretty realistic” if managed correctly. “That’s way easier than chicken meat production; much, much easier to accomplish,” he said. “In meat production, you obviously grow the chickens and you have legs, wings, breasts and all this product you have to sell.

“It depends on the demand for different

N O T I C E LOFTY POINT HOLDINGS LIMITED

N O T I C E IS HEREBY GIVEN as follows:

(a) LOFTY POINT HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said company commenced on the 22nd February, 2023 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 28th day of February, 2023

Bukit Merah Limited Liquidator

products in your area. With eggs, all you have is the eggs. It’s a much simpler process than chicken meat production. You’re not competing with chicken leg quarters coming from another place. Egg production is much easier. It’s a much lower hanging fruit than chicken meat production for a whole lot of reasons.”

Mr Pinder said eggs did not necessarily have to be refrigerated, and could be stored “in place” before being washed, depending on the frequency and volume of customer orders. “I don’t see why we couldn’t, especially if world egg prices stay where they are now,” he said

of the egg self-sustainability goal. “I don’t think they will have any problem meeting that goal.

“Obviously you have to have some reliable people coming in to run the facilities, but I don’t see it as an unreasonable target.” Mr Pinder, though, questioned how price controls will “play into” the Golden Yoke initiative as these were “some of the problems” that had stifled local egg production in the past. Wholesalers and importers had sourced foreign eggs, preferring them to local rivals, because the higher costs meant they could get better prices/margins on overseas produce.

Legal Notice NOTICE

DELCHAIN ABSOLUTE RETURN FUND LTD.

NOTICE IS HEREBY GIVEN as follows:

(a) DELCHAIN ABSOLUTE RETURN LTD. has been dissolved on the 23rd day of February, 2023 under the provisions of the International Business Companies Act, 2000.

Shareece Scott Liquidator

NOTICE

KREOL VISIONS INC.

“I don’t know what the Government’s plans are,” Mr Pinder said. “At that point in time, price controls were part of the problem and that’s something they’ve got to look at. I’ve never been in the egg business here, but I did a pilot project in the past year with a friend of mine because I saw an opportunity there and helped them get into the business.

“It’s a completely different ball game and not something I could add to my plate, but they’re going at it full force. That’s free range eggs. The larger market is a bit more in-depth, and I guess that’s what the Government is going after.”

Mr Pinder said he hoped the Government’s attitude towards farming and domestic food production was now finally changing, and it was being treated with the seriousness it deserved postCOVID, after successive administrations had paid lip service to growing the industry without delivering on their promises and lofty objectives.

“They’ve been blowing a lot of smoke over the years about agriculture, 20-30 years, but this time I think they are really trying,” he told Tribune Business. “I’m not picking on any particular administration, but I think they’re really serious about it this time. It seems

gorgeous places in The Bahamas, and are in high demand. It’s a different type of buyer who can afford something in the cays. We’re doing extremely well in that market.”

Mr Rodland, though, said he disagreed with those who argued that rising global interest rates - especially in the US - have little to no impact on international purchasers of Bahamian real estate, many of whom are cash buyers. While it may not directly impact the transaction, he added that such increases affect a buyer’s wealth by impacting the value of their other assets, businesses and investments, while also affecting the exchange rate for Europeans and Canadians.

that way from what we’re seeing.”

Mr Davis yesterday said The Bahamas imports too much food, some 90 percent of all it consumes, and despite past administrations lamenting the issue this percentage has not decreased.

“My friends, that all changes now. Today, I declare that figure destined to fall faster than the walls of Jericho,” he said at the Golden Yoke project’s groundbreaking at the Gladstone Road Agricultural Centre.

“We are ushering in a new age of agriculture. An age of promise and prosperity, an age where we make the most of what we have in the most sustainable manner possible. This is especially important for low and middle income families, who are disproportionately affected by ballooning inflation on imported foodstuffs.”

The Prime Minister said his administration has made headway in the race for greater food security, and is allocating $500,000 in grants to farmers and an additional $1m in funding to secure broilers and to support livestock farming.

“The Golden Yolk project builds on this commitment to ramping up local food production. Indeed, it goes hand in hand with our pledge to ensure every Bahamian has sufficient access to affordable and nutritious food,” the Prime Minister said.

THE COMPANIES ACT (2023 REVISION) OF THE CAYMAN ISLANDS

TAKE NOTICE that the first meeting of creditors and the first meeting of contributories of the Company, registration number 380481 whose registered office is situated at Mourant Governance Services (Cayman) Limited, 94 Solaris Avenue, Camana Bay P O Box 1348 Grand Cayman KY1-1108 Cayman Islands are to be held concurrently on Tuesday, 28 March 2023 at 12:00pm Cayman Islands time (EST) by way of telephone conference call (“Meetings”) The Joint Official Liquidators reserve their rights to hold the Meetings consecutively

The Meetings are being convened for the purpose of electing a liquidation committee and dealing with such other matters or resolutions the Joint Official Liquidators think fit

Creditors wishing to attend and vote at the Meetings will receive the confidential dial-in number and codes for the Meetings once they have done the following:

(1) advised the Joint Official Liquidators in writing, by way of proxy form, of their intention to attend and vote at the Meetings (“Proxy Form”); and

(2) sent the Joint Official Liquidators a completed proof of debt form together with all supporting documentation (“Proof of Debt”), if not done so already

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, KREOL VISIONS INC. is in dissolution as of March 23, 2020 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

N O T I

In Voluntary Liquidation L

C E IS HEREBY GIVEN as follows:

(a) OAKWOOD GLOBAL HOLDINGS LTD. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said company commenced on the 22nd February, 2023 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 28th day of February, 2023 Bukit Merah Limited Liquidator

The Proof of Debt (unless previously submitted) and the Proxy Form are to be submitted to the Joint Official Liquidators by sending them to the address for service detailed below or by emailing them to the email address listed below prior to 12:00pm Cayman Islands time (EST) on Friday, 24 March 2023

Please note that any creditor or contributory who fails to notify one of the Joint Official Liquidators of their intention to participate in the Meetings by way of Proxy Form prior to 12:00pm Cayman Islands time (EST) on Friday, 24 March 2023 may not be granted access to the Meetings

Dated this 15th day of February 2023

James Parkinson, Joint Official Liquidator

Contact for Enquiries: James Parkinson Telephone: +1 345 814 2429

Email: james parkinson@crowe com

Mailing Address for Service: Crowe Cayman Ltd, 94 Solaris Avenue, Camana Bay, Grand

NOTICE Teras Harta Maritime Ltd.

In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, Teras Harta Maritime Ltd. is in dissolution as of February 23, 2023 Goon Fook Wye Paul with address at 72 Sengkang Square #12-49, Singapore 544706 is the Liquidator.

Bahamas goes ‘backwards’ on yachting sector potential

the sector had been “well on our way” to achieving this as recently as 2021 and early 2022, he argued that the nation “seemed to go backwards” by making it more costly and difficult for foreign charters to conduct business in The Bahamas.

He was, of course, referring to the imposition of 10 percent VAT on yacht charter fees in last May’s Budget which, in addition to the 4 percent fee already levied by the Port Department, has more than tripled the sector’s taxation burden to 14 percent.

The Bay Street Marina operator also reiterated that the Government-enforced closure of the SeaZ Pass app, which operated as “a one-stop shop” to allow incoming vessels and their owners/captains to register online, clear Customs and pay for/obtain cruising permits and charter fees, has merely increased the paperwork and bureaucracy facing the sector - thus functioning as a deterrent to coming to The Bahamas.

While the increased taxation has been welcomed by some, who view it as levelling the competitive playing field for Bahamian tour and excursion providers versus their foreign rivals, while also getting the latter to pay for use of this nation’s oceans and natural resources, Mr Maury said: “Everybody has the same complaint. Why is The Bahamas more expensive than anywhere else in the Caribbean?

“The charter fee; they don’t see it as VAT registration. We’re 14 percent total flat out. The rest of the Caribbean is zero. We’re 14 percent. That’s why we see a lot of boats in the Caribbean, why we see a lot of boats not booking charters for The Bahamas this year.

“The brokers attending the show asked about it, and how to make it easier, and why we were doing this to make it more difficult. When are we going to take it online? Is it the captain, the broker, the owner or the customer that does the VAT filing and pays the fee?

Nobody wants to do it. A lot of charters got moved to the Caribbean. We did exactly the opposite of previously, and the year before, during COVID when The Bahamas was so easy to get to.”

Mr Maury, who previously disclosed that demand for Bahamas yacht charters had fallen by 30 percent compared to the rest of the Caribbean following the recent taxation change, added: “We turned around and decided to charge you even more and make it more difficult,” he said.

“Everybody said we’ll go somewhere else until you figure it out. Some people think The Bahamas is the only place to go, but it’s not.” Due to the fall-out from increased taxation and the SeaZ Pass closure, he argued that The Bahamas was now further away from maximising the sector’s economic benefits. “In my opinion, we’re not even close. For anybody that

would have taken the time to notice, I think they would have seen there is a lot of potential to expand the industry,” Mr Maury said.

“When you go to Europe and see what is going on there in Monaco, Italy, France and Greece, what we’re doing on this side of the ocean is like miniscule. Asia is enjoying a 6.8 percent growth rate. They’re building yachts and marinas faster than anybody. It will be an $85bn industry in the next two years.

“You’ve got Cuba trying to get into it, and Bermuda opening up for charter yachts after they did the America’s Cup. They realised how lucrative the market is. You don’t have to spend to get them there. They’ll come provided you don’t run them out with taxes. In Cuba, they’re flying stuff in from Europe on Air France. The whole industry is changing, which is what happens in high-end tourism, and changing very quickly,” he added.

“We’re still - I don’t want to say backwardsbut it seems that we went backwards. We’re not too competitive. Last year I would have said we were well on our way, but this year we’re kind of stagnant. We’re one-third of what we should be doing. We have new marinas getting built right now, but I don’t understand how they’re going to fill those slips that are getting built.”

Pointing to Jamaica’s investment in yacht repair facilities, Mr Maury said: “In my opinion our competition is doing things to make it easier to keep the business, and the Government should seriously consider what is going on in the Caribbean around us. Just increasing the taxes, and not doing anything, or not doing anything to make

it easier doesn’t seem to work in my opinion and has never worked anywhere.

“When we have boats going through The Bahamas to the Caribbean and not staying here, in my opinion that’s a problem. It was our intention in the Association of Bahamas Marinas to fill more of the marinas around The Bahamas and find new itineraries and experiences, but now boats will go elsewhere where there is better value for their customers.”

Mr Maury said the Port Department needs to also change its approach if Mr Williams’ objective of getting more Bahamians into yacht brokerage and related fields is to be realised. He added that the Government agency, in seeking to protect the sector for Bahamian ownership only, is mandating that brokers, agents and surveyors must own the vessel they will use for charters. However, most cannot afford to buy such boats.

“All it does is keep us out of it,” he argued. “Our laws need to be updated to allow Bahamians to solicit charters of foreign flagged vessels. You’d have far more Bahamians in the industry if you did that, but instead they say it’s to protect it for Bahamians. Most of those brokers, agents and even surveyors don’t have a yacht, but the Port Department says you have got to have your own yacht and own the boat. It’s pretty tough.”

Mr Williams, meanwhile, said the ABM was still in discussions with the Government on the yacht charter VAT. “We are still in communication with the Government on that area,” he said. “We’re still working very closely with the Government to hopefully find a solution that is mutually beneficial to everyone.”

JOB OPPORTUNITY

RADIOLOGIST

AccuRad Imaging Consultants is a diagnostic imaging reporting/teleradiology company operating in the Bahamas. AccuRad provides diagnostic imaging reporting services to facilities and doctor’s offices throughout the Bahamas. The imaging modalities reported include, but are not limited to, x-ray, mammography, CT, ultrasound and MRI. AccuRad is seeking a fellowship trained radiologist to join the practice. Fellowship training in oncology imaging and neuroradiology is preferred. On-site work is not required. The candidate is expected to be able to provide coverage on weekends and/or stat holidays. Occasionally, there may be overnight coverage requirements. Competency in reporting all above mentioned modalities is a must. Only candidates who have completed a full radiology residency program and attained board certification by examination will be considered. Fellowship/subspecialty training must have been acquired at an accredited institution in the US, Canada or UK. All applicants must be eligible for specialist licensure in the Bahamas.

Interested applicants can submit their CV and statement of interest via email to admin@accurad.live

ACCURAD IMAGING CONSULTANTS SEEKING

December air arrivals up 13% on pre-COVID

sea visitors rose to 30,000 and 400,000 respectively.

“Similarly, Grand Bahama attracted 60,000 visitors, exceeding the 12,355 registered in the prior year, attributed to gains in both the air and sea segments.” Total tourist arrivals were up 233.3 percent, more than tripling compared to 2021, according to the Central Bank. Air arrivals for the 2022 fullyear rose by 65.8 percent, while their sea counterparts more than quadrupled by 355.6 percent due to the fact that the cruise industry was shut down until mid-2021.

“On an annual basis, total arrivals rebounded to seven million - the first time since 2019 - from 2.1m in 2021, when a 17.1 percent growth

was recorded. Contributing to this outturn, air arrivals advanced to 1.5m, extending the 111.9 percent gain in the prior year, bolstered by increases in all major source markets. Similarly, sea arrivals recovered to 5.5m visitors, following an 11.8 percent decline in 2021. “The positive trend persisted, as the most recent data provided by the Nassau Airport Development Company (NAD) revealed that total departures - net of domestic passengers - grew by two-thirds to 128,165 in January vis-à-vis the comparative period last year. In particular, US departures expanded by two-thirds to 107,237, while non-US departures nearly doubled to 20,928 from the corresponding month of 2022.

NOTICE is hereby given that SHAMOY RANSFORD BARTON of Davis Street, Fox Hill Road, New Providence, The 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 21st day of February, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE is hereby given that DANACHLEY SHIRLEY JEAN of East Avenue, Carmichael Road, New Providence, The 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 21st day of February, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

“In the short-term vacation rental market, data provided by AirDNA further cemented trends. Specifically, for the month of January, total room nights sold rose to 147,633 from 113,559 a year earlier.

Underlying this outturn, the occupancy rates for both entire place and hotel comparable listings increased to 56.6 percent and 55.7 percent, respectively, compared to 50.8 percent and 47.9 percent in the prior year,” the Central Bank added.

“Further, price indicators showed that, year-overyear, the average daily room rate (ADR) for entire place grew by 8.6 percent to $524.73 and hotel comparable listings by 4.9 percent to $186.54.” Elsewhere, the Central Bank said surging

global oil prices and energy costs were responsible for Bahamian inflation, as measured by the All-Bahamas Retail Price Index, near doubling year-overyear to 5.6 percent.

“Average domestic consumer price inflation, as measured by the All Bahamas Retail Price Index, rose to 5.6 percent in 2022 from 2.9 percent in 2021 on account of the passthrough effects of higher global oil prices,” it added. “Specifically, average costs increased for recreation and culture by 12.8 percent after registering a reduction in the previous year.

“Further, average inflation accelerated for food and non-alcoholic beverages (13.5 percent), restaurants and hotels (12.4 percent), transport (12.3

NOTICE

NOTICE is hereby given that DESTINIE DALMOND of Murphy Town, Abaco, The 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 21st day of February, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that ORDLY JEUNES-GENS of Lee Street, New Providence, The 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 twentyeight days from the 21st day of February, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

www.bisxbahamas.com

percent) and communica-

tions (8 percent). Similarly, average cost increases quickened for health (5.7 percent) and housing, water, gas, electricity and other fuels (3.3 percent), while the decline in average prices for miscellaneous goods and services slowed to 0.4 percent from 0.7 percent the previous year.

“Providing some offset, the average inflation moderated for clothing and footwear (2.9 percent), education (1.6 percent) and furnishing, household and equipment (1.2 percent). Further, average costs for alcohol beverages, tobacco and narcotics decreased by 0.5 percent, following a gain of 5.2 percent in 2021.”

PUBLIC NOTICE

The Public is hereby advised that I, RONALD JOSEPH of Cooper’s Town, Abaco, Bahamas, intend to change my name to RONALD PAUL If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE

NOTICE is hereby given that MILES GORDON SAWYERHILL of #7 First Terrace, off Collins Avenue, P.O. Box SS19555, Nassau, The 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 21st day of February, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that JOE JULIEN PIERRE of #42 Cable Beach, New Providence, The 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 28th day of February, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that MOISE MERIZIER of Yellow Elder, New Providence, The 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 28th day of February, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE is hereby given that SHANIQUE BRITNEY STERN of Seagul Close, New Providence, The 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 21st day of February, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.