‘Paradigm shift’: Doctors in 31% same-site patient surge
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
DOCTORS Hospital is poised to this week launch
a $1.5m upgrade of its main Shirley Street hospital with patient visits to its non-tertiary care locations having surged by almost 31 percent year-over-year during the 2025 financial period.
Dennis Deveaux, the BISXlisted healthcare provider’s chief financial officer, told Tribune Business that it is “using a fine tooth comb” to identify necessary improvements to its 70 year-old main hospital building in a bid to provide patients with “an environment that is aesthetically pleasing” and matches the quality of treatment they receive.
Disclosing that the Shirley Street enhancements will take place over the next 12 to 18 months, he added that they will involve “structural upgrades” to the hospital’s
• Signals Bahamians seeking earlier preventative care
• Main hospital poised for $1.5m capital improvements
• ‘Pushing aggressively’ to finish GB hospital by ‘25 end
exterior plus changing out air conditioning HVACS and improvements to windows.
Mr Deveaux also told this newspaper that non-hospital visits by patients to clinics and other locations, which had been open in 2024, jumped by 30.8 percent year-overyear during the 12 months to end-January 2025. He hailed this as signalling “a paradigm shift” in Bahamians’ attitudes and approaches to healthcare where persons are now seeking treatments and preventative care before ailments become life threatening and need hospital intervention.
Noting that patient visits, or utilisation rates, at Doctors Hospital’s pre-existing locations had significantly exceeded the network’s overall 18 percent growth, which includes facilities open for less than a year, he added that the percentage of persons making repeat visits to the
GB hotel, marina buyers in Port Lucaya Village tie-up
By NEIL HARTNELL Tribune Business Editor
nhartnell@tribunemedia.net
THE Grand Lucayan and Port Lucaya Marina buyers are working together on plans to create a ‘Port Lucaya Village’ destination that aims to be the “first step in reigniting the stopover tourism product” in Grand Bahama.
Dillon Knowles, the Grand Bahama Chamber of Commerce president, confirmed to Tribune Business that Peter Hunt, the Port Lucaya Marketplace owner who is seeking to acquire the marina, Grand Bahama Yacht Club and
other surrounding real estate assets, is “collaborating” with Concord Wilshire, the Grand Lucayan’s purchaser. He confirmed that the two, while each separately owning their respective investments if they close their deals, would effectively combine them to make one overall destination that is “critical to ensuring we get foot traffic” into Freeport and wider Grand Bahama given that Carnival Cruise Line’s passengers are now rarely venturing beyond Celebration Key.
“This transaction is his part of the collaboration
with Concord Wilshire on the Grand Lucayan,” Mr Knowles told this newspaper, which earlier this week exclusively revealed Mr Hunt’s plans to acquire the assets currently owned by New Hope Holdings. “Concord Wilshire has got the hotel and golf course, and Peter will have the Marketplace, two marinas and about 50 acres of canal front property.
“They’re working it together as part of what they’re calling Port Lucaya Village, but they are two different owners with two different products. They’ll come
together to make the overall project they talked about at the Grand Lucayan Heads of Agreement signing they talked about earlier this year.”
Tribune Business reported on Tuesday how Mr Hunt and his business partner, Shmuel Herschkowitz, are “pursuing plans” to acquire the New Hope Holdings assets - including the Port Lucaya Marina and Grand Bahama Yacht Club - currently held by Preben Olsen, the Gonzalez family and Duane Crithfield. “With or without the hotel, this is going to be much better
• Fear ‘monopoly’ that will ‘eliminate’ local exporters
• Environmental activists argue: ‘Just doesn’t add up’
• Say key test of DPM’s recent sustainability pledge
BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
BAHAMIAN fishermen are voicing fears that a $40m stone crab aquaculture investment is “ill-advised” and a “lose-lose” prospect that could monopolise exports and drive locally-owned businesses out of the market.
The National Fisheries Association (NFA), in a statement to Tribune Business, raised concerns that permitting Florida Stone Crabs Inc’s proposed Grand Bahama project to proceed will “effectively eliminate” Bahamian fishermen and local exporters operating in the same sector due to its production capacity and economies of scale.
While not opposed to aquaculture, the Association argued that the developmentproposed for a 1,500-acre site east of Dover Sound on Grand Bahama’s north shore - will not empower Bahamian businesses and also questioned the potential negative environmental impacts if the investment ultimately fails.
Activists yesterday told this newspaper that the Florida Stone Crabs Inc proposal will likely prove an early test of whether the Davis administration will uphold the recent declaration by Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, that only environmentally-sound projects will be approved and given the go-ahead.
Rashema Ingraham, head of the Bonefish & Tarpon Trust’s Bahamas initiative, speaking ahead of the November 11, 2025, public hearing on Florida Stone Crabs Inc’s certificate of environmental clearance (CEC) application, confirmed that “there are definitely concerns” harboured by environmentalists over the project.
The US-based developers are pledging to create 113 full-time jobs, and up to 200300 spin-off posts, once the project reaches full-scale commercial production of native
By FAY SIMMONS Tribune Business
A CABINET minister yesterday argued that 95 percent of the 25,00-plus vacant dwellings identified in a recent national housing survey are unfit “to meet the housing needs of Bahamian families”.
Keith Bell, minister of housing and urban renewal, yesterday pushed back at assertions by Gowon Bowe, Fidelity Bank (Bahamas) chief executive, that such an inventory of available residential dwellings means this nation “doesn’t have a housing shortage” if these properties are repurposed and made fit for occupation.
By ANNELIA NIXON
THE
(BTCU)
yesterday asserted “it’s kind of
that the
ment is seeking to
almost 800
and livery plates when it was responsible for “saturating the market” with new issuances at the start of its term.
Tyrone Butler, speaking after the Ministry of Transport and Energy revealed that the Road Traffic Department plans to recall 783 plates that have been inactive for six months or more come November 30, nevertheless told Tribune Business that the union is open to working with the Government to address the issue as well as the growth of the industry. The 783 inactive plates were identified during an audit of New Providence and Grand Bahama’s taxi and livery plates, and the industry now faces a crackdown to deal with an over-saturated market in which too many drivers are chasing too little business. As of November 30, the Road Traffic comptroller will recall Taxi and livery
NEPOTISM CAN BE FATAL FOR WORKPLACE MORALE
In the realm of workplace environments, the presence of nepotism can be a subtle yet pervasive force, influencing outcomes in ways that are often under-estimated.
This phenomenon, where favouritism is shown and given to relatives or friends, can have a profound impact on employee morale and productivity. It raises questions about fairness, meritocracy and the integrity of company practices.
What is nepotism in the workplace?
In short, workplace nepotism is the practice of giving preferential treatment to family members or friends. This can take the form of hiring, promotion or other preferential opportunities.
At its core, nepotism challenges the principle of meritocracy. When individuals witness positions being
DEIDRE BastiaN By
filled not on the basis of merit but through personal connections, it can lead to a sense of disillusionment and injustice among staff. For instance, a less-qualified individual being promoted
over a more deserving candidate solely due to family ties can erode trust in the system.
Nepotism’s toll on employee morale
When family ties influence the professional environment, the equilibrium within a workplace can be significantly disrupted and affect not only the morale of employees but also the company’s overall productivity.
Perceived Injustice: This perception can lead to a decrease in motivation and reluctance to engage in work beyond narrow job requirements.
Reduced Trust: The belief that management decisions are biased can erode trust in leadership.
Talent Drain: High-performing individuals may seek employment elsewhere if they believe nepotism will
limit their career progression, which is detrimental to the company’s long-term success.
Communication Breakdown: Employees may feel discouraged from voicing concerns or ideas, fearing they will be overlooked or undervalued.
Team Dynamics: Nepotism can create divisions within teams as opposed to professional collaboration. The overlooked employees are likely to feel demoralised, questioning the value of their hard work and dedication.
While it is human nature to want to help those we are close to, in the business world such practices can have far-reaching negative implications. It is crucial for companies to establish clear policies and enforce them consistently to maintain a fair and productive work environment.
By the same token, businesses should have a clear definition within the employee handbook and adhere to detailed job descriptions during the hiring and promotion process. Doing so mitigates potential conflicts and negative consequences and, instead, fosters an environment that promotes fairness for all employees. Company hiring policies and practices must be reviewed to ensure fairness and transparency, and that all candidates are treated equally and the most qualified are hired.
Nepotism is a complex issue that has far-reaching significance, and addressing it requires a multi-faceted approach that includes promoting transparency and a culture of accountability. By working together, a more equitable culture where opportunities are based on merit rather than personal
• NB: Columnist
OPPOSITION MP DEMANDS FREEPORT’S ROADS ARE FIXED
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
THE Opposition’s finance spokesman yesterday demanded that the Grand Bahama Port Authority’s (GBPA) Lucaya Service Company (LUSCO) fix Freeport’s “deteriorated” roads
Speaking in Parliament, Kwasi Thompson, also the MP for East Grand Bahama, urged LUSCO in particular to repair the potholes plaguing residents as they commute to work on the East Sunrise Highway.
“Grand Bahama has always been known for the state of its roads and the good state of its roads. Recently, however, it has deteriorated, and so East Sunrise Highway, if you're going towards passing Chesapeake, going towards the
Casuarina Bridge, now has huge potholes that residents have to navigate around,” said Mr Thompson.
“The responsibility for this rests with LUSCO Service Company, and we are asking for LUSCO to do what they are mandated to do, which is to ensure that the roads are kept in good repair, and that would be on East Sunrise Highway. And there are many roads,
but these ones in particular - East Sunrise Highway, Brinkhill, Canopy Lane, Manton Drive - we want LUSCO to pay closer attention to, and to ensure that they remedy the potholes that are on that road.”
During his contribution, Mr Thompson also raised concerns about overcrowding at the Rand Memorial Hospital.
Recounting a constituent’s experience with a family member who spent four days in the hospital’s emergency room due to a lack of available beds, he said conditions at the Rand have created a desperate situation for many patients and their families.
In response, Dr Michael Darville, minister of health and wellness, acknowledged the challenges in confirming that both the Rand Memorial Hospital and Princess Margaret Hospital have been operating beyond capacity for decades.
He explained that patient surges are cyclical, and while emergency rooms can sometimes cope, there are periods when they are over-subscribed.
“The challenges are real, and as minister I'm not going to stand up and try to create an indication that the hospital has the capacity
Realtor eyes double digit growth in 2026
By ANNELIA NIXON
Business
A BAHAMIAN realtor yesterday said double-digit growth in 2026 is possible for his firm due to increased interest and demand for high-end real estate from Canadian, American and European buyers.
Mack Altidor, Adler Realty’s new managing partner and author of ‘Beyond The Sale: Building a Life and Business on Relationships’, said he sees a bright future for prime Bahamian real estate amid expectations this nation will continue to be “one of the most sought after luxury real estate destinations in the region”.
“I believe the luxury market, which I’ll be leading, is on an incredible upward trajectory,” Mr Altidor said. “We’re seeing growing interest from Canadian, American and European buyers who view The Bahamas as the new frontier for investment and lifestyle living.
“With global uncertainty and rising costs in major cities worldwide, many are turning to our islands for the stability, safety and natural beauty they crave. By 2026, I expect The Bahamas to remain one of the most sought-after luxury real estate destinations in the region.”
Mr Altidor added: “The Bahamian luxury market is evolving rapidly, becoming more sophisticated,
data-driven and lifestyle-oriented. Buyers are no longer just looking for a property; they’re searching for connection, exclusivity and a sense of purpose.
“Developers and agents who adapt to these changing expectations, through sustainability, digital marketing and concierge-style service, will thrive. I see The Bahamas leading this evolution, becoming a symbol of refined island living that competes confidently with markets like Turks & Caicos, Barbados and the Cayman Islands.” Mr Altidor said double-digit growth is possible next year, and said: “We absolutely anticipate a sales increase. With the combination of stronger international demand, new
to really handle the influx. And it's cyclical. Sometimes it's okay, and then sometimes our accident and emergency is over-subscribed, but we have come to the realisation that we must do the best we can,” said Dr Darville.
“Cases that require monitoring and in-hospital care, we have created areas in our accident and emergency and elsewhere, which are classified as virtual ward because it is our responsibility to make the best out of a situation that currently exists for the family and many other families in Grand Bahama. Likewise, in New Providence, we are fully aware of the circumstances.”
Dr Darville highlighted the severity of the issue, stating that the Rand Memorial Hospital is currently operating at roughly twice its intended capacity
personally and professionally,” Mr Altidor said.
partnerships and a refined focus on the luxury segment, I foresee steady double-digit growth within the next year.
“Our approach to marketing, networking and client service will allow us to not just meet the demand, but to elevate the client experience that drives repeat business and referrals.”
Mr Altidor recently partnered with managing broker, Osbourne Stuart, and their tie-up was officially announced on November 3 “marking an exciting new chapter for both of us and for Adler Realty”.
“Managing broker, Osbourne Stuart, and I have always had a very good relationship, both
“When I parted ways with my previous brokerage, which is widely considered one of the top firms on the island, I met with a few of the larger companies.
“But deep down, I felt that my philosophy and approach would be better suited within a smaller, more service-oriented firm. When Osbourne and I sat down to discuss the future of Adler Realty, it became clear that we shared the same sentiments about the level of service our buyers and sellers deserve. I knew then that this partnership was the perfect fit.”
He added: “My goal is to build a team that is deeply service-minded, one that prioritises people over profit and consistently approaches business with integrity. I believe the key to long-term success is having
but the Government remains committed to long-term solutions via the construction of new hospitals.
“We apologise to the population, and this is the reason why this administration made a commitment for the construction of two state-of-the-art hospitals to address these shortages. We are not there quite yet, but the commitment is done, and we are moving to try to resolve the situation,” said Dr Darville.
“And so I do apologise, but the reality is real. The facilities are over-subscribed. We have one hospital in Grand Bahama, the Rand Memorial Hospital, that is operating at probably twice its capacity. And these are real situations that we confront in health care, but this administration is moving, trying to resolve them.”
a ‘customer-first’ mentality, where our focus is on truly understanding the buyer’s or seller’s needs rather than chasing commissions. I want Adler Realty to be known as the firm that listens, cares and delivers excellence through relationships, not just results.
“As managing partner, I hope to expand Adler Realty’s footprint within the Bahamian luxury market while maintaining the personalised touch that makes us unique. My vision is to cultivate a brand that blends professionalism with authenticity, one that’s trusted by locals and international investors alike. I want to see Adler Realty evolve into a benchmark of excellence, mentorship and innovation in Bahamian real estate, while continuing to foster opportunities for the next generation of realtors to thrive.”
KWASI THOMPSON DR MICHAEL DARVILLE
FOOD REGULATOR SET TO LAUNCH PLANT LAB IN ‘26
By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net
THE Bahamas Agricultural Health and Food Safety Authority (BAHFSA) will launch a mobile veterinary laboratory in late 2026, it was revealed, as it unveiled its new head office and mobile plant health laboratory.
The regulator for food safety and quality, public health, animals and plants will launch the first bio security, level three, mobile veterinary laboratory by late next year, according to Jomo Campbell, minister of agriculture and fisheries. He made the announcement at the ribbon cutting for the authority’s new Crawford Street head office.
“We started with a team of eight. We didn't have a home,” the board’s chairman, Dr Patricia Symonette, said. “People were working out of their homes.
And despite the challenges and the obstacles, here we are. So let me just say that through this, what you've seen here, through this strategic investment in human capacity, technology, stakeholder engagement and regulatory advancement, BAHFSA has elevated its role as a trusted national safeguard.” Neil Campbell, the Ministry of Agriculture’s permanent secretary, said
BAHFSA managed to raised $1.5m in 12 months leading to the approval to invest in a head office and a mobile laboratory.
“The other thing is today came about as a great form of leadership from our BAHFSA Board, inspired by our minister,” Neil Campbell said. “Several months ago, they came up with a very good idea in bringing about revenue for the Public Treasury and, by and large, for The Bahamas. BAHFSA raised $1.5m in a 12-month period.
“And so it was very easy for us to sell an idea to the minister to refurbish a building and to purchase a mobile laboratory. And it speaks to his leadership that once we put in the work, we invest the work, we have a vision in what we want to accomplish for the entire Bahamas. We have somebody at the helm who will say, go ahead and do it.”
Jomo Campbell added:
“Today marks a pivotal milestone for The Bahamas as we celebrate the official opening of The Bahamas Agriculture Health and Food Safety Authority, also known as BAHFSA. This occasion transcends the mere inauguration of a facility.
“It encapsulates our shared vision to protect the very foundation of our nation - our food, our plants and our animals. For too long, our systems for
monitoring and protecting these critical sectors have worked in isolation. But with the establishment of BAHFSA, we take a bold, dare I say, brave, step forward by unifying our efforts under one science-driven organisation.
“This new authority is dedicated not only to the health of our people, but also to ensuring the vitality of our agriculture and the reliability of our food supply chain. BAHFSA stands as a vigilant guardian of food safety in The Bahamas. Its mission goes beyond regulation. It embodies our commitment to care, vigilance and responsibility. BAHFSA will co-ordinate food safety activities at every stage of production - from food manufacturing to distribution, as well as animal and plant production. It will enforce the rules and laws of sanitary and phytosanitary agreements,
helping to shield our country from risks associated with food contaminants and harmful pests and diseases that threaten public health.”
BAHFSA also launched its mobile plant health laboratory which, according to Ms Symonette, will enable it to “deploy diagnostics quickly, containing threats faster, protecting yields and livelihoods and keeping our export pathways open”.
“This mobile plant laboratory, and may I add the first mobile plant laboratory in this region... will revolutionise planned health diagnostics, bring essential testing capabilities directly to farmers and stakeholders in the field, especially in the Family Islands, where access to such services has historically been a challenge,”
Jomo Campbell added.
“The mobile lab will significantly decrease response time for pest and disease identification, thereby
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safeguarding our vital crops, such as pineapples, citrus, bananas and coconuts from emerging threats. Furthermore, it will enhance The Bahamas' ability to meet international phytosanitary standards, which will ensure smoother trade and export processes.
“The mobile lab will serve as a crucial tool for nationwide surveillance, enabling swift detection of invasive species and diseases before they can spread. Every test conducted, every inspection performed, and every certification issued by BAHFSA strengthens our Bahamas
into a country that can sustainably and safely feed its own people,” Jomo Campbell said. “This achievement we celebrate today is the result of extensive collaboration amongst various ministries, as well as the contributions of farmers, importers and international partners. BAHFSA will continue to engage with these stakeholders to fortify the systems that protect our borders and markets. Today is just the beginning of BAHFSA's journey.”
BAHAMAS SEEKS TO DEEPEN TOURISM TRADE PARTNERSHIPS
THE Bahamas is seeking to deepen relationships with global tourism partners through its participation in World Travel Market (WTM) London 2025, one of the largest trade shows in the world.
The Ministry of Tourism, Investments & Aviation, in a statement, said the threeday event that closes today at ExCeL London unites tourism leaders, airline partners, tour operators, travel
advisors and media from more than 180 countries. The Bahamian delegation, led by Latia Duncombe, the tourism director-genera, includes senior leaders from the ministry, the Nassau/Paradise Island Promotion Board, the Bahama Out Island Promotion Board and key industry stakeholders. They met with partners from the travel trade, airline and media industries in
a bid to increase stopover visitor growth, strengthen year-round demand and boost relationships that support greater airlift, product diversification and visibility for The Bahamas’ 16 island destinations.
Mrs Duncombe also participated in multiple panel discussions, sharing insights on sustainable tourism, regional collaboration and community-driven destination development.
“World Travel Market brings together the global tourism community; the partners, operators and innovators who drive travel forward,” said Mrs Duncombe. “For The Bahamas, it is a valuable opportunity to engage directly with those who shape how the world travels, while showcasing the creativity, culture and warmth that make our islands truly unique.”
delegation, led by director-general Latia Duncombe,
THE BAHAMAS exhibition booth at World Travel Market 2025.
DIRECTOR-general Latia Duncombe participates in the ICF Tourism Visionaries Circle – Caribbean at World Travel Market 2025.
THE BAHAMAS WTM delegation meets with Paul Truss, head of UK product, Virgin Atlantic.
THE BAHAMAS delegation hosts a meeting with Jeremy Stadler, customer relations executive, Office of the President, Air Canada.
DIRECTOR-general Latia Duncombe represents The Bahamas as a panellist at the Sustainability Summit during World Travel Market 2025.
THE BAHAMAS
attends World Travel Market (WTM) 2025 in London.
Front (L–R): Mikala Moss, Rossano Deal, Ministry of Tourism; Tonya Tynes, Nassau/Paradise Island Promotion Board; Melissa Butler, Ministry of Tourism; Valery Brown-Alce, deputy director-general of tourism; Latia Duncombe, director-general; Joy Jibrilu, executive director, Nassau/Paradise Island Promotion Board; and Andre Miller, Maria Grazia Marino, Ministry of Tourism.
Back (L–R): Ajay Saunders, Majestic Tours; Kim Salter, Nassau/Paradise Island Promotion Board; Pelumi Agboola, FINN Partners; Tina Bernard, Ennismore; Franz Taylor, Ministry of Tourism; Natilia Swinburne, FINN Partners; Alexander Nuttall, Ministry of Tourism; Anthony Adderley, Bahama Out Island Promotion Board; Rissie Demeritte, Ministry of Tourism; L’Oréal Sweeting, Bahama Out Island Promotion Board; Erica Valbuena, AtlantisThe Bahamas exhibition booth at World Travel Market 2025.
Environmentalists voice mangrove revival issues
CONCERN - from page B1
Bahamian stone crabs for export purposes onlymeaning they will not be sold locally.
Florida Stone Crabs Inc is asserting that the project will place this nation “on the forefront” of an aquaculture industry that generates more than 50 percent of the world’s seafood supply, while also creating a new industry and boosting economic diversification.
Carlos Freyre, its principal, told Tribune Business in a recent interview that he will seek ”to provide logical explanations to mitigate” the environmental-related concerns likely to be raised at next Tuesday’s public consultation.
Revealing that he was preparing for concerns and criticisms to be raised, Mr Freyre added that he and Florida Stone Crabs Inc will “try to ameliorate them” and address all issues raised by Grand Bahama residents and others “as much as we possibly can”.
However, the National Fisheries Association (NFA), in its statement, warned: “It is our opinion that while there is little inherently wrong about pursuing aquaculture in general, it is our belief that a project targeting stone crab aquaculture is ill-advised for The Bahamas.”
Citing a supply “glut” in the stone crab export sector globally, and depressed markets and prices, it added: “Aquaculture, while attractive on paper, poses an unnecessary risk to the island of Grand Bahama.”
The Association alleged that such projects are “notoriously liable” to fail due to hurricanes and other vulnerabilities, and challenged who would “clean-up” the 1,500-acre site if this occurred and remediate any environmental impact.
“Assuming everything goes as planned, such an enormous scale of export would effectively eliminate local fisherman-operated export businesses that both harvest, process and export their product directly to market,” the Association asserted.
“The question is: Why would we want a business that effectively ‘cuts out the middleman’ of fishing for a non-Bahamian business operator to have economies of scale over what was previously a thriving industry
where supply was not the issue?
“This is not empowering local businessmen to succeed, many of whom have made enormous investments into harvest, but even still struggle with the export market’s ups and downs. Again, supply to the international market is not the issue.”
Citing what it termed as “quality concerns”, the Association added: “If the crabs produced by the company are inferior to natural crabs caught by Bahamian fishermen, what protections are there in place to distinguish farmed crabs from natural crabs we export?
“For these reasons and uncertainties, it is our belief that such an operation will not be successful. Further, if the project were to be successful as projected, it would destroy the already sustainable wild-caught fishery we have.
“It is a lose-lose situation that is being seriously considered for the mere promise of export tax income and jobs. We as a country should be encouraging commercial stone crab fishing, not trying to make it monopolised by a foreign company on the export market.” Environmental activists, too, are voicing misgivings and doubts. “The northern shore is such a sensitive area, especially for the bonefish migration,” Ms Ingraham said. “Grand Bahama would be the only large island that goes from east to west, and that provides a lot of flats on the northern shore” where Florida Stone Crabs Inc plans to locate its project.
“Dover Sound is an ideal location for mangrove restoration,” she added, “because those flats have been grounds for the bonefish population, and not only bonefish but sea turtles and sharks. Even with an Environmental Impact Assessment (EIA) being submitted, there are still some environmental concerns we’d like to submit. We will be at the public consultation.”
Suggesting there will likely be “run-off” from the proposed facility, Ms Ingraham said: “With the public consultation, the first thing is definitely a better understanding of the project and how it was able to move this far in the place it is in. Then whether or not we are going to speak as Bahamians, the
Government and affected key stakeholders like the guys in the [bonefish] lodges.
“The declaration made by the deputy prime minister recently that developments without a sustainable or environmentally-sensitive approach will not be approved, we’re hoping this project fits that criteria.”.
Casuarina McKinney-Lambert, executive director of The Bahamas Reef Environment Educational Foundation (BREEF), voiced similar fears to Tribune Business.
“People are definitely concerned,” she said. “Near shore aquaculture projects do have a big environmental impact and footprint, and it’s in an area where mangrove restoration activity has been done already, so it doesn’t seem to add up. It just doesn’t seem to add up…
“I wrote to them [Florida Stone Crabs Inc] using the contact information on their website and never got a response back. There’s definitely a lot of concern around the fact people are trying to restore mangroves destroyed by Dorian, so a
project that goes in there and potentially does a lot of damage in the construction phase doesn’t make a lot of sense.”
Florida Stone Crabs Inc, though, specifically stated in its EIA that it is partnering with non-profits involved in mangrove restoration activity. Pledging to produce “a very high-end, high quality product”, its EIA said the proposal will involve cutting two canals to Grand Bahama’s north shore “for the exchange of seawater” with the project divided into two separate phases.
The initial “pilot” stage will cover just 36 acres, and feature a hatchery canal, hatchery and sea water trench system. Some 14 trenches, around 4,000 feet in length and 392 feet wide, will be dug and is intended to produce 168,000 stone crabs over a two-year period.
Should this prove successful, Florida Stone Crabs Inc - a start-up created in 2022 specifically to pursue its Grand Bahama ambitions - will expand to full-scale commercial production with projections for achieving $47m in annual sales revenue in the first year.
Employment will near-triple from 42 for the “pilot” phase to 113, with Bahamians accounting for 90 or almost 80 percent of
the full build-out workforce.
The first commercial-scale harvest is forecast to generate 812 metric tons and around 1.8m pounds of claw meat.
“There are many reasons this investment is so attractive,” Mr Freyre argued in a recent interview. “The product is going to be fresh frozen claw. It’s not a product you will get at the restaurant; it will be a product you can buy at WalMart, Publix and Costco. It will be a Bahamian product, but 100 percent exported. We will not be selling it in The Bahamas.”
Asked how much progress Florida Stone Crabs Inc has made in obtaining all the necessary permits and approvals, Mr Freyre replied: “We started with the Port Authority. They have provided approval provided we get approval from DEPP, the Department of Marine Resources and Forestry.
“We have met with them on numerous occasions. They are all on board subject to the public process on November 11. We couldn’t get this far if they were not on board. I think they see the opportunity here. It’s something that’s unique.
“It will be a trophy for The Bahamas to be honest with you. It doesn’t exist locally. The employment will be significant for Grand
Bahama. It’s not a multi-billion dollar business but it will be very interesting to the local community in terms of training, learning, technology transfer and us be a good corporate citizen. All the things you want from someone coming in to develop this kind of business.”
Pointing out that University of Miami aquaculture specialists are involved in designing the stone crab hatchery and overall project, Mr Freyre added: “If we get this off the ground it will be a phenomenal project to be honest with you. The pilot phase should start in the 2026 first quarter assuming we get the CEC. “That’s what we need. That’s a major hurdle. Once that’s been crossed… it becomes a construction project, building the hatchery and creating trenches and canals. These animals have been grown in captivity but not grown to a scale like this. The aggressiveness of the species has not allowed that to happen.
“We’ll be moving the water in with the tide. It’s a unique system of growth. Water is moved in from the sea and back, and they’ll grow in their natural environment.”
Combination to ‘reignite stopover tourism’ offer
REVIVAL - from page B1
for Freeport,” Mr Knowles said. “My understanding is that he’s [Mr Hunt] is working a mini-miracle to get all the owners to agree to a sale. That in itself is a mini-miracle. Preben’s long been trying to get them to agree to a sale.
“My understanding is that Peter has signed a sale and purchase agreement with all the parties involved, he has government approval but still needs to negotiate a Heads of Agreement and obtain Central Bank approval. Short of that, he’s ploughing on on his side of the project as we understand Concord Wilshire is also ploughing ahead on wrapping up all the outstanding issues on their side of the project.”
Concord Wilshire is understood to be close to obtaining everything it needs from the Government to proceed with the Grand Lucayan deal. There are also suggestions that the Davis administration may have signed with the Saudi Fund for Development to secure the necessary financing for Grand Bahama International Airport’s transformation.
“Getting the Marketplace, the marina that wraps around the Marketplace, which is the Port Lucaya Marina, and the Grand Bahama Yacht Club all in one package that they can market to the boating public in south Florida will be a step in the right direction for us,” Mr Knowles told Tribune Business.
“Obviously we’d like and need to see the hotel deal
$7.5m Village Road project eyes early 2026 completion HEALTH - from page B1
same site was as high as 50-60 percent in some cases. The Doctors Hospital financial chief confirmed that another “priority” is
the construction completion of its Grand Bahama hospital, which it is “aggressively pushing” to achieve before the 2025 year-end. He added that spending on the $25m project is “contained” and
go forward and move forward as well. I think these two projects together will be a good stepping stone for the redevelopment of the tourism brand in Grand Bahama. These are going to be key to the tourism product in Grand Bahama.”
While Carnival will be bringing an estimated six million passengers to the island within a year or two, the Chamber chief described Celebration Key as “a destination unto itself” where visitors will rarely venture outside to patronise local Bahamian businesses. Vendors inside that location, and suppliers, as well as its employees will continue to fare well.
“We still have operators outside Celebration Key depending on walk-up traffic that they are not yet seeing,” Mr Knowles added. “The hotel and marina development, what they’re calling Port Lucaya Village, is critical to ensuring we get the foot traffic into places like
there are no difficulties staying within budget.
Conceding that the company’s legacy Shirley Street hospital is “a little dated”, and that patients have said as much, Mr Deveaux told Tribune Business: “We will initiate plans to make physical and aesthetic upgrades to that facility. It’s a building that’s 70 years-old, and last
Port Lucaya Marketplace and other excursion oper-
ators on Grand Bahama. That’s extremely important to us.
“I see this as the first step in reginiting our overnight tourism product on Grand Bahama. There’s also going to be the Royal Caribbean beach excursion at the Xanadu, and I’m understanding that the Freeport Harbour Company is still very much talking about a cruise port development at Billy Cay. We’ll see how those play out, but Concord Wilshire is furthest along in the process and Grand Bahama needs them to be successful.”
Confirming that the Port Lucaya Marina will likely have to be almost completely rebuilt, the GB Chamber chief added: “I don’t know exactly what plans Peter has for it, but I know most of the dockage there has not been usable since the prior storm. I imagine they’re going to
year we completed the full refitting of the roof to prevent water intrusion.
“This week we’ll begin repairing some of the other areas, some of the issues on the exterior of the building, changing HVACs, a new coat of paint, addressing legacy structural issues. A new elevator will go in later in the year. We are still combing through the building with a fine tooth comb and will give it a full facelift that spans over the next 12-18 months.
“Beyond quality of care patients expect an environment that is aesthetically pleasing and we have work to do there.” Asked about the likely investment required, Mr Deveaux said it will be split between both the capital and expenses side of Doctors Hospital’s budget, and added: “I think the initial cost would likely see investment north of $1.5m…
“Most of that will be spent on windows, HVACs and exterior structural upgrades.” Despite suffering a $2.85m bottom line reversal during the year that closed on January 31, 2025, swinging from a $1.945m profit during the prior 12-month period to a $905,603 loss, Mr Deveaux said patient volumes - as well as the 5.6 percent topline growth enjoyed during the first-half of its 2026 financial year - are cause for Doctors Hospital’s cautious optimism.
“Notwithstanding that, right, we still grew out-patient pre-hospital services,” the finance chief disclosed to this newspaper. “These are services where patients have to see a doctor to have laboratory work or imaging such as scans for breast cancer done.
“Our utilisation rate - we track patient visits - and they grew by 18 percent. These are pre-hospital visits excluding the emergency
have to redo the entire marina at Port Lucaya.” The Central Bank of The Bahamas, unveiling its 2025 third quarter economic update, disclosed Mr Hunt’s project.
“Bahama Land Waterways is pursuing plans to redevelop the Port Lucaya Marketplace and acquire several key properties on Grand Bahama, including the Port Lucaya Marina, the Grand Bahama Yacht Club and surrounding waterfront buildings and properties,” the Central Bank revealed.
“The proposed initiative is valued at approximately $21.8m. The multi-phase development would feature a resort hotel, marina residential units and entertainment facilities.” All parties involved in the deal declined to comment when contacted by Tribune Business, but this newspaper was able to confirm that Bahama Land Waterways is the vehicle for Mr Hunt, the
room at the main hospital. Looking at comparable sites, our activity grew by 30.8 percent for sites we had open in 2024 and that were also open in 2025. They actually grew at almost double the rate of our consolidated position.
“That tells us more more people are coming to the existing sites, and those that come are coming back,” Mr Deveaux said. “We don’t publish that data, but it is in excess of 50 percent - and at some sites, 60 percent - of people coming back. We’re seeing patient return rates as high as 50-60 percent.
“We’re really seeing a paradigm shift in how people are accessing healthcare services, and how they think about health and wellness. We want folks to think about health and wellness before they visit the emergency room. The emergency room visits deal with acute ailments, and is one stop in health and wellness that is over-saturated.
“That 18.2 percent increase in pre-hospital care is where we want people to engage healthcare professionals with a less costly setting and earlier. That allows us to focus on prevention and diagnosis as opposed to acute illnesses.”
As for Doctors Hospital’s biggest ongoing investment project, its much-needed and long-awaited Grand Bahama hospital, Mr Deveaux said the healthcare provider had been forced “to solve” some impediments but is now applying to the Grand Bahama Port Authority (GBPA) for permission to turn-on temporary power to the facility.
“We continue to plough forward,” he added of the $25m project. “I’m spending a day in Grand Bahama every week now. We continue to foreshadow completion in construction within the year. There have been some things
UK-based investor, and Mr Herschkowitz.
Mr Hunt, and his representatives, all said it would be “premature” to comment at present. It is understood that while a sales agreement is in place and has been signed by the relevant parties, the deal has yet to close. However, one source, familiar with developments and speaking on condition of anonymity, said: “They have a deal in place to buy all that property from the Gonzalez family, their trustees, and Preben.
“There’s 30 pieces of property involved including a lot of canal land.” The contact added that the $21.8m figure was close to the proposed purchase price, while another source confirmed that the parties and their attorneys are working through the normal transaction-related issues such as ensuring the vendor can deliver clear and marketable title to all real estate assets.
to solve technically with getting power to the building. We retrofitted an old building (the former First Commercial Centre) and expect to have that behind us imminently “We are making application to the Grand Bahama Port Authority to turn on the power to the building. That will be a milestone. That temporary power will then allow us to turn on other critical systems in that building. We thing it will be all downhill from there. We are aggressively pushing to have it completed this year.” Mr Deveaux said an operational start, or opening, date cannot be given yet because some operations will have to be transferred from Doctors Hospital’s West Mall Drive location once construction is completed. “Spending is appropriately contained,” he added of the Grand Bahama hospital. “We’re not seeing any budget issues. That project is fully leveraged. Spending is contained. We just have to land that project for the people of the northern Bahamas.”
Meanwhile, Doctors Hospital has so far spent $3.3m of its planned $7.5m total investment in its Village Road imaging centre. “The total investment is around $7m; I think it’s at $7.5m in Village Road,” Mr Deveaux confirmed. “Just through period end we had spent roughly $3.3m, just under half-way there. “We’ll look to bring that capacity online some time towards the end of the first quarter next year. We need to work on that. There have been some changes to that project, but it’s not material for accounting purposes. It’s a matter of when we squeeze that project in. Our priority remains Grand Bahama and getting the upgrades to the main plant done.”
DRIVE - from page B1
plates that have been inactive for six months or more due to delinquency or death of the franchise. While both the BTCU and the Bahamas Livery Drivers Union (BLDU) support the Government’s plan to recall inactive plates, Mr Butler asserted this process should have taken place long before.
“And so it’s kind of ironic that they’re now coming to do it after they’ve saturated the market with new plates, only to discover that some of the plates that were being leased - even though individuals got their own plate, those plates continue to be leased,” Mr Butler said. “It really didn’t make much sense giving out all the new plates because some of these plates that
they’re now trying to recall could have been issued in place of some of those new plates.
“So the system would have stayed kind of in line with what is good for the market that’s out there, because right now we’re losing ground. I mean, they not only issued taxi plates a couple of years ago, but they went ahead and issued quite a number of livery plates. It’s again baffling to know that a government would issue a franchise that really has no legal place to work other than from their place of business.
“So this government has been very reckless with these public service plates. This union cannot understand why this government has been so hostile to taxi drivers. They’ve treated this industry as if it’s nothing important to
the country’s economy. As president of the Bahamas Taxicab Union, I’m very disappointed in the way this government has been treating the taxi drivers on this island.”
Mr Butler suggested the Government keep an inventory of plates “and hold the line on issuing new plates right now”. He added that the union would like to speak with relevant Government officials to create a plan to better govern the issuance of taxi and livery plates.
“I believe the vast majority of them should go into inventory,” he said. “We have a lot of issues in this business. First of all we have a lot of plates that are out there that shouldn’t be out there. That’s the ones they are probably looking at. We have a lot of drivers out there that have franchises who, really and truly, shouldn’t have franchise. That’s another thing.
“The union would be comfortable sitting down
Musk the trillionaire? Debate over his Tesla pay package rages
By BERNARD CONDON
AP Business Writer
ELON Musk turned off many potential buyers of his Tesla cars and sent sales plunging with his foray into politics. But the stock has soared anyway and now he wants the company to pay him more — a lot more.
Shareholders gathering Thursday for Tesla’s annual meeting in Austin, Texas, will decide in a proxy vote whether to grant Musk, the company’s CEO and already the richest person in the world, enough stock to potentially make him history’s first trillionaire.
It’s a vote that has sparked heated debate on both sides of the issue, even drawing
the pope’s comments on it as an example of income inequality.
Several pension funds have come out against the package, arguing that the board of directors is too beholden to Musk, his behavior too reckless lately and the riches offered too much.
Supporters say Musk is a genius who is the only person capable of ushering in a Tesla-dominated future in which hundreds of thousands of self-driving Tesla cars — many without steering wheels — will ferry people and humanoid Tesla robots will march around factories and homes, picking up boxes and watering plants. The pay is necessary
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, SERENITY ARIELLE LEWIS of P.O. Box SS-6738 C/o Ian D. Cargill & Co. #39 East Street North & Sands Lane, Nassau, The Bahamas, intend to change my name to SERENITY ARIELLE
CARGILL 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 LENDSKY JUSTIN of Williams Lane, off Kemp Road, 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 30th day of October 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
with the Government and coming up with a more strategic plan on when plates are going to be issued; how many are going to be issued? But, more importantly, we’d like to start the dialogue with the Government on some more prominent programmes that are going to help the industry grow. Because right now, the industry is just loaded up with a bunch of misfit degenerates.
“I mean, people who really shouldn’t have gotten plates and franchises in the beginning got some, and it’s causing some hardship on the industry because we’ve seen any number of bad acts happening in the taxi industry. And that’s because there’s no scrutiny, there’s no vetting. They’re giving them out like candies.”
Mr Butler added: “The union should be made aware of that number. And whenever there’s a process to issue plates, the union should always be advised so that we can properly advise
from a majority of the company’s voting shareholders. Improving the odds, Musk gets to vote his own shares, worth 15% of the company.
to incentivize him, they say, and keep him focused.
Musk has threatened to walk away from the company if he doesn’t get what he wants and has blasted some of the package’s critics as “corporate terrorists.”
To get his Tesla shares, Musk has to secure approval
Shareholders first heard about the pay package in September when the board of directors proposed it in a detailed filing to federal securities regulators. The document, running 200 pages, also contains other proposals up for a vote at the meeting, including whether to allow Tesla to invest in another Musk company, xAI,
NOTICE
NOTICE is hereby given that OLVI LOUIS of Market Street, 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 30th day of October 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
the Government whether it’s … I mean, all governments have done it. They’re playing politics with taxi plates.
“And any time somebody wants a taxi plate, if it’s the supporter of a political party, they just seem to just simply go to their rep and get it. I mean, there’s nothing wrong with that in the grand scheme of things, but it hurts the industry overall because we know there are some individuals who got plates in the last exercise who actually have two plates when it should have been one plate per person. So there’s a lot of work they need to do.”
Mr Butler said probably 90 percent of the plates that will be recalled are taxi plates. Taurian Austin, the BLDU president, said he cannot provide an official number of inactive livery plates but suggested 200 as an estimate.
Mr Austin said he was made aware that an audit would be done and
and who should serve on the board in the future.
Musk won’t necessarily get all of that money, or even a cent of it, if the package is approved. He first has to meet several operational and financial targets.
To get the full pay, for instance, he has to deliver to the car market 20 million Teslas over 10 years, more than double the number he has churned out over the past dozen years. He also has to massively increase the market value of the company and its operating
completed near or in October 2025. He added that his union has been in constant communication with the Ministry of Energy and Transport and the Road Traffic Department.
“All of our members have their plates and are active, as we speak,” Mr Austin said. “Those persons that are inactive, they’re not members. Those are livery drivers that some family member or deceased relative might have owned and are still out there. But we have members that are trying to get their own personal plate.
“Unfortunately, they are not allowed to because of the limited amount of plates that are out there. So this is why the audit was done. In fact, we asked for this audit and we’re in agreement with the audit taking place so we can find out who, where and why, and how many plates are actually out on the road and being used at this time.”
profits and deliver one million robots, from zero today. If he falls short of the biggest goals, though, the package could still hand him plenty of money. Musk will get $50 billion in additional Tesla shares, for example, if he increases the company’s market value by 80%, something he did just this past year, as well as doubling vehicle sales and tripling operating earnings — or hitting any other two of a dozen operational targets.
NOTICE
NOTICE is hereby given that YANICK MYRTIL of #96 Podoleo Street, 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 30th day of October 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
Bahamas is ‘definition of housing affordability crisis’
HOMES - from page B1
He argued instead that the findings by the Bahamas National Statistical Institute (BNSI) have been misinterpreted by those suggesting there are tens of thousands of vacant homes available for Bahamians, stressing that the data paints a far more complex picture of the national housing landscape.
Mr Bell said the report recorded a total of 144,198 dwellings across The Bahamas. Of these, 25,060 were vacant, meaning approximately 17 percent of all dwellings were not occupied on census day.
However, he added that detailed data revealed at least 23,900 of the 25,060 vacant dwellings - roughly 95 percent of all residential properties identified in the census - are not realistically available to ordinary Bahamian families.
“The detailed data published by the Institute revealed that more than 9,000 of these vacant dwellings were listed for rent, about 900 were listed for sale, more than 2,000 were short-term Airbnb rentals, more than 3,000 were seasonal or winter homes, more than 2,000 were
secondary residences, and more than 7,000 were derelict or unclassified,” said Mr Bell.
“It is therefore clear that very few of these dwellings are available to meet the housing needs of Bahamian families.” Mr Bowe had told Tribune Business that returning these 25,000 properties to “productive” use and occupation will deliver far greater benefits for the Bahamian economy and society as opposed to the Government persisting with the construction of more affordable homes.
Suggesting that successive administrations have wanted “to be seen giving keys to persons” for newly-constructed homes for political reasons, the Fidelity chief again reiterated his proposal for the Government to instead work with the banks and other commercial lenders to cure the “overhang” of distressed properties that has endured since the 20082009 recession.
He added that this has tied-up assets, clogged balance sheets, and dampened the willingness of lenders to extend mortgages even to home buyers who seem qualified. This is likely one
NOTICE
Lorenzetti Incorporation Ltd.
Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas.
Registration number 211305 B (In Voluntary Liquidation)
Notice is hereby given that the above-named Company is in dissolution, commencing on the 4th day of November A.D. 2025.
Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Ms. Kelly Regina Lorenzetti, whose address is Rua Padre Agostinho, 2545, 1602, Curitiba, PR, CEP: 80710-000, Brazil. Any Persons having a Claim against the above-named Company are required on or before the 5th day of December A.D. 2025. 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.
Dated this 4th day of November A.D. 2025.
KELLY REGINA LORENZETTI LIQUIDATOR
factor behind the 4,000-plus
drop in the number of residential dwellings owned via a mortgage in 2022, some 19,299, compared to the 23,434 recorded when the last Housing Census was taken in 2010.
Mr Bell, though, yesterday told the House of Assembly that the census data and financial trends revealed The Bahamas is facing a deepening housing affordability crisis with rental rates and home prices increasing at a rate that is outpacing wages. This has left many Bahamians struggling to secure affordable homes.
The minister said that while data in the Bahamas National Statistical Institute (BNSI) 2022 census of population and housing indicated the number of occupied homes has grown slightly faster than the population - 16 percent versus 14 percent - this apparent balance was misleading.
He explained that while it might seem housing supply is keeping pace with demand, a large portion of the new dwellings built since 2010 are not serving Bahamian families. Instead, many are being used as investment properties, vacation or second homes, and short-term Airbnb-type rentals.
This means that while the housing stock has technically grown, the number
of properties actually available and affordable for Bahamian residents has not , leaving locals facing rising rents and limited housing options despite what the statistics might suggest.
“Between 2010 and 2022, the national population grew by approximately 14 percent while the number of occupied dwellings grew by about 16 percent. On the surface, this appears balanced, but the reality is more nuanced. A significant share of new dwellings are now investment properties, second homes or shortterm rentals that do not accommodate Bahamian households,” said Mr Bell.
He added that a second home occupied by a non-resident at the time the census is conducted is classified as “occupied”, even though that individual is not included in the national population figures, leading to an imbalance between population and occupancy numbers.
“This statistical distinction creates a gap between the apparent stock of dwellings and the functional supply of housing for Bahamian residents. It explains why, despite the increase in dwellings, Bahamians continue to face crowding and rising rents. If there were truly an excess of homes, rents and property prices would be falling. Instead,
Notice
RODCAR Business Investment Ltd. In Voluntary Liquidation
Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, RODCAR Business Investment Ltd. is in dissolution as of October 30, 2025.
GUSTAVO DOS SANTOS VAZ situated at Avenida Bem -Te - Vi (0124), Moema 04524-030, Sao Paulo - Brazil is the Liquidator.
LIQUIDATOR
prices continue to rise,” said Mr Bell. Citing International Monetary Fund (IMF) data, he added that - between 2012 and 2022 - property prices and rents rose by 14 percent while average wages only increased by 2 percent. This meant the cost of housing grew seven times faster than wages. “That is the definition of a housing affordability crisis,” he added.
Mr Bell also criticised banks and financial institutions for their role in the housing supply challenges facing Bahamians. He said many have become increasingly reluctant to lend for home purchases, even to qualified Bahamians, restricting access to the home ownership market for residents.
“Some have argued that there is no housing shortage because banks hold distressed or vacant assets, yet many of these same institutions have become increasingly reluctant to lend for homes - even to qualified Bahamians,” said Mr Bell.
He said the decline in owner-occupied homes covered by a mortgage is not merely due to homeowners paying off their mortgages,
but reflects a broader contraction in lending practices.
Mr Bell criticised banks for holding repossessed or distressed properties off the market for years, refusing to sell them at market value to avoid recognising losses.
“The report indicates that the share of owner-occupied homes under mortgage has fallen from 22.8 percent in 2010 to just 16.2 percent in 2022. This is not merely a result of repayment; it reflects a contraction in lending. Many of the same institutions that claim the market is over-supplied continue to hold repossessed or distressed properties for years, refusing to sell them at market value because doing so would require them to recognise losses,” said Mr Bell
“These homes remain locked up, idle and unproductive, contributing nothing to the economy or to national housing supply. By contrast, this government is determined to solve our housing challenges through Bahamian innovation and participation. We are building partnerships that bring together public resources, private investment and community expertise to deliver sustainable results.”
N O T I C E
International Business Companies Act (No. 45 of 2000)
Kilara Racing Ltd.
Registration No. IBC 1500845 (IBC)
Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000 notice is hereby given that Kilara Racing Ltd. has been dissolved and struck off the Register of Companies with effect from the 12th day of February, 2025.
Galnom Ltd. Liquidator
N O T I C E
International Business Companies Act (No. 45 of 2000)
Jacaranda Caerulea Ltd.
Registration No. IBC 1500077 (IBC)
Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000 notice is hereby given that Jacaranda Caerulea Ltd. has been dissolved and struck off the Register of Companies with effect from the 12th day of February, 2025.
Galnom Ltd. Liquidator