08102018 business

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FRIDAY, AUGUST 10, 2018

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Family Island airport upgrades need $200m By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

T

OURISM and Aviation Minister Dionisio D’Aguilar yesterday lamented the “woefully inadequate” state of many of this nation’s Family Island airports, noting that government is now eying roughly $80m upgrades to two of their busiest airports. Mr D’Aguilar estimated close to $200m is needed now to bring all Family Island airports “up to speed”. Speaking with Tribune Business, Mr D’Aguilar acknowledged that government lacks the necessary

resources to carry out the needed upgrades and will have to get “creative”. He noted the current model of government-owned and operated Family Island airports was “no longer viable”. Mr D’Aguilar noted a 2014 survey by the Stantec consultancy group had identified the Moss Town airport in Exuma and the North Eleuthera airport as the next two busiest airports after New Providence and Abaco. The government is now eying upgrades to those two gateways. “The Stantec report looked at every single airport and identified those airports as the next two busiest airports in terms of passengers and airport

movement after Marsh Harbour,” he said. “In 2014, Stantec said an investment of $160m was needed to bring all of the airports up to speed. We think that number is up to $200m. Clearly there isn’t sufficient funding in the treasury to do that. “What was in a deplorable state then is in an even worst state now. Funding for the aviation sector has to be holistically looked at. How are we going to upgrade all these airports when the government doesn’t have the resources?” Of the 28 Family Island airports, 16 cater to international traffic and must meet International Civil Aviation Organisation

(ICAO) safety and security requirements for air travel - something he described as an extremely costly undertaking. Mr D’Aguilar stated: “Exuma and North Eleuthera will likely cost in the region of $40m each. Right off the top, you’re talking $80m. If you go to those islands today the terminal buildings they are woefully inadequate. The government really needs to upgrade the airport infrastructure.” Mr D’Aguilar suggested this could be achieved via public private partnership. “You could grant concessions to a private company to operate the airport. They would have to fix up the airport and in return they

DIONISIO D’AGUILAR

get to charge a fee to make a return on investment,” Mr D’Aguilar suggested. “We’re going to have to be a little creative. These airports are screaming for investment now and we’re going to be coming to Bahamians to say invest in this infrastructure and become owners with the government.” In order to maintain these upgraded facilities

Mr D’Aguilar said a passenger facility charge will likely have to be introduced in the family islands, similar to the Lynden Pindling International Airport (LPIA). “If you’re going to put $40m into an airport and want it to be maintained, the customary way to do that is for every one who uses it to pay a fee just as is done with LPIA,” he said.

Cannabis group argues for New funding sources vital clearer path forwards for fishing and farming By NATARIO MCKENZIE

By NATARIO MCKENZIE

nmckenzie@tribunemedia.net

nmckenzie@tribunemedia.net

Tribune Business Reporter

A GROUP advocating for the development of a marijuana industry in The Bahamas is calling on the government to develop a “regulatory pathway” to a clearly defined approach to its development. According to Terry Miller, chairman of the non-profit Bahamas Cannabis Research Institute (BACARI) due to rapid developments in the industry - which he said has substantial growth potential - BACARI is suggesting to the government

Tribune Business Reporter

“there needs to be a regulatory pathway to a clearly defined Bahamian cannabis approach”. “One of our primary objectives is to mount a Cannabis Awareness Campaign that will reach out to a large cross-section of

CIBC says - make that a double FOR the second year running CIBC FirstCaribbean has been named “Best Wealth Management Provider” in The Bahamas by World Finance magazine. “We’re absolutely thrilled,” said Brent Haines, centre manager, private wealth management. He stressed that client service was the real secret to their success. “The thing that differentiates us from most other people is our service to our clients. “We’ve got some of the best software currently

available. The clients that are using it are thrilled. It allows online access, so they can log in and see their account whenever they please from wherever they are on the planet as long as they have internet access. The experience is very transparent for clients - they see their portfolios, prices and net worth updated in real-time as the market moves. So, they love the software, but they also love my guys – our

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Getting around made easy - in Kroozzy control By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net A NEW ride-share application aiming to “revolutionize Bahamian transportation” and provide ease of transport for locals and visitors alike is set to launch in New Providence in October, with its president telling Tribune Business the company already has its sights set on expansion throughout The Bahamas and the Caribbean. According to Vincent Wallace, president of

Kroozzy, the new ride-share service set to launch on October 1, already has over 50 licenced independent drivers. “We are excited to announce our ride-sharing application. Every month there are millions of people looking for a reliable and safe ride. Kroozzy operates similarly to other ride share applications. Our drivers are local, qualified, independent drivers. All drivers undergo an extensive background and screening process before

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constituents including the Bahamas Christian Council, the umbrella unions, doctor associations, the Bahamas Chamber of Commerce and their members, the judiciary, police, various government

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THE government over the next fiscal year will be “extremely aggressive” in seeking to help fisherman and farmers access funding opportunities, Agriculture and Marine Resources Minister Michael Pintard said yesterday describing the effort as a “major plank in our thrust going forward”. In an interview with Tribune Business Mr Pintard noted agriculture and marine resources are key areas where there

MICHAEL PINTARD is economic leakage. “The government is committed to growing the economy and reducing the amount of funds that go

out of the country in order to purchase those items we consume on a regular basis,” he said. “Agriculture and marine resources is one of the primary areas where there is economic leakage. We are importing 80 percent of what we consume. In terms of the food bill that is approximately $1.4bn annually. Our commitment is to dramatically reduce the amount we are spending for what is a necessity not just for the local population but the more than $5m tourists

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