Bahamas News

The re-launch of an RBC loans program aimed at young professionals may help stem the country’s brain drain and at the same time broaden its base of skilled workers.

“We must retain our brightest and best,” said Nathaniel Beneby, VP and country head for the bank. Specifically, those “who can invest and build new companies and practices and grow our economy.”

“Initiatives like (our) Professionals’ Programme will become even more important as The Bahamas continues to grow.”

The principle behind the initiative focused on helping candidates set up a business isn’t especially new.

For more than a 100 years, banks have been providing loans to doctors, lawyers and chartered accounts looking to expand or grow their practice.

Much rarer - especially in this region - has been institutions prepared to extend that credit to young professionals less than five years out of school.

It’s a chief complaint of Bahamian students anxious to return home and hang out a shingle. Too often they’re without the necessary backing to nail that down.

A key component of the RBC program is to provide loans for that entrepreneurship as well as funding for education.

The terms attached to that support are also favorable; namely, relatively low interest rates - prime plus two percent - and 100-percent financing on term loans for essentials like medical equipment and mortgages on office space.

“The equipment serves as the collateral,” said Beneby.

Qualifying amounts depend on a combination of factors, from potential earning power to the soundness of feasibility studies and business plans applicant submit.

RBC is also limiting the program to a select group of graduates - those in a limited number of accredited professions.

The restriction is by design.

“There is evidence to support, that these professionals have the potential to earn higher incomes and earn them faster,” offered Beneby, suggesting the bank is not prepared to sacrifice the soundness of its book on a bad bet however well intentioned.

That’s only fair, said one young Bahamian at law school in the UK.

“It’s a wise move by the bank to ensure that they will be able to get their money back,” argued Keenan Johnson, an 18-year-old from Eleuthera. He’s now completing his first year at Cardiff University in Wales, and worries many like him won’t return home to The Bahamas.

“At this point I do believe that the youth of our country who go off to school find more opportunities abroad so they decide not to come back home,” he said. “I find it difficult to believe that the students who graduate and stay abroad to work do so because they actually want to.

“I have no intention of (doing so) unless I don’t see an opportunity for me to come back home and work in the field of my degree.”

Ultimately Johnson’s decision and those of hundreds of other students will dictate just who benefits from an economy continuing to mount impressive gains even as that of the US begins to slow.

“Right now we are importing skilled professionals at an increasing rate, while many of our home-grown professionals are staying abroad after university,” Beneby said, echoing the concerns of many in the business community. “RBC is committed to providing the financial resources so that professionals can comfortably return home and stem the brain drain that many developing countries experience.”

Johnson may be a future candidate for that program.

“If the loans are better than average rates of interest, I personally don’t see why any young Bahamian seeking to become a professional, wouldn’t be

interested,” he said Thursday.

For now, he’s servicing one of the thousands of student loans offered by the government through its lending agent.

By Vernon Clement
The Nassau Guardian

The success of Atlantis’ newest 600-room resort could lead to the development of a fourth phase of the mega development, Kerzner International CEO and chairman Sol Kerzner said yesterday, a day before the grand opening of the company’s latest phase three addition, The Cove.

The all-suite luxury hotel opened its doors in late March and is aimed at the top end of the tourist market.

“We are hopeful that phase three will be highly successful,” Kerzner said in an interview near The Cove’s privileged access adult-only pool area.

Phase three also includes, among other facilities, more marine and water attractions, the Marina Village, and a significant expansion to the existing conference center and golf course facilities.

“The success of this development will lead to a fourth phase, just as the success of phase one led to Royal Towers, and the success of Royal Towers enabled us to develop The Cove and the coast. That’s really the determining factor for further phases,” said Kerzner.

While a phase four would continue with the resort theme, for the last couple of years, says Kerzner, the focus has been on planning, developing and ensuring the success of phase three.

And by all accounts, The Cove appears to be a significant part of that success.

The Cove aims to offer something that is different from anything that exists right now in the resort category, according to George Markantonis, Kerzner International president. It features oversized rooms with a step down living space, designs by acclaimed interior architects Jeffrey Beers and David Rockwell, Bobby Flay’s Mesa Grill and a range of amenities, private all-adult and family pools, plush cabanas and ocean views at every turn.

“We are expanding and diversifying what we have to offer the tourists at Atlantis,” explained Kerzner who appeared pleased with the latest addition to the company’s flagship resort.

The Cove is very different from the first and second phases of the development, which first started 12 years ago.

“We are offering a whole new set of experiences for our guests,” said Kerzner.

“It incorporates the environment, (plant life)…people say wow, this feels much more sophisticated. We are trying to broaden the offering that we have.”

Along with expanding opportunities for tourists, the local economy is also getting a boost from The Cove - which employs 2,000 - by expanding the number of tourists that the resort attracts.

“That in itself will contribute to the economy, employment, foreign exchange earnings, and to the growth of the tourist industry,” said Kerzner.

The entire Atlantis resort employs 8,000-plus Bahamians and is the country’s largest private employer.

But the hotelier continues to be concerned about the condition of the Lynden Pindling International Airport, which he said has so far not seen any “significant” improvement.

“I am hopeful that with the new managers of that facility will be improved and with the operations there will be a significant improvement,” said Kerzner who has raised the issue repeatedly.

“This is the first impression, and most importantly it is the last impression that tourists have (of the country). If it’s a poor impression, or not efficient, that will all impact on the future growth of the industry.”

Asked if a failure to address conditions at the airport would impact any future plans that the company has, Kerzner replied: “I think it will obviously influence one’s thinking.”

By Erica Wells
The

Investigators probing last month’s disappearance of a 19-seat Western Air commuter plane, which has not yet been recovered, were attempting to trace several electronic mail messages sent from a Colombian pilot — the police’s primary suspect — to his Bahamian girlfriend, a source close to the ongoing investigation confirmed yesterday.

A source in airport security, who asked not to be named because he was unauthorized to speak about the investigation, told The Nassau Guardian that detectives were trying to locate the Internet Provider address from which at least two electronic mails were sent by the pilot to his girlfriend in New Providence.

The pilot’s girlfriend disclosed the existence of those electronic mails during a recent interview with police, an independent source in another airport security related agency confirmed.

Police interviews with the girlfriend also revealed that the pilot had traveled to Colombia to care for his son, who is said to be suffering from a herniated disk, said the source.

Neither the pilot’s name nor the identity of his girlfriend has been released.

The pilot, who worked for Western Air while in The Bahamas, has also indicated his intention to have the plane returned to The Bahamas, sources said.

The Fairchild Metroliner 3 type plane, a turboprop aircraft, disappeared from a parking apron at the Lynden Pindling International Airport sometime between the evening of April 25 and the early morning of April 26.

When contacted by The Nassau Guardian yesterday, police liaison officials would neither confirm nor deny the latest reports.

“We are satisfied with the progress that we are making on the investigation and to say anything publicly that would in any way comprise the ongoing investigation would be less than prudent,” Chief Superintendent Hulan Hanna said. “We are following encouraging leads in that investigation.”

Attorneys for Western Air have declined comment and did not return calls yesterday.

By Raymond Kongwa
The Nassau Guardian

With the billion-dollar expansion of the Atlantis Resort on Paradise Island nearly complete, Kerzner International Chairman Sol Kerzner said Thursday the property has enjoyed growth that is incomparable to the growth of resorts in other regions.

While Mr. Kerzner stressed that his focus now is making Phase III a success, he indicated that Phase IV is also in the realm of possibility.

“Before I think of a fourth phase, I am confident that we will see that Phase III is successful, that the business is in place, that there is a good foundation for moving forward with a fourth phase and I’m sure that there will be no shortage of great, exciting ideas for Phase IV,” said Mr. Kerzner, who is preparing for the grand opening of Phase III tonight.

The expansion comprises The Cove, a new, luxurious 600-room hotel, a new water park called AQUAVENTURE, Dolphin Cay, and Atlantis Residences condo hotel.

When asked about the level of competition with resorts around the world, Mr. Kerzner said, “I think that in a certain way in this region, we are ahead of the field.”

Mr. Kerzner said about a decade ago, Delta Airlines didn’t believe that The Bahamas had enough business for it to increase its service to The Bahamas and required guarantees to fly to the country more frequently.

However, today there are many airlines flying to The Bahamas daily throughout the year, he said.

Over the years, The Bahamas has experienced good growth as a tourist destination, particularly from the U.S. market which is the biggest market for the Caribbean, Mr. Kerzner said.

“We have done very well,” he said.

When asked if he is completely satisfied with the service Atlantis employees provide, he said one could never be completely satisfied.

“You are always aiming to try to improve the level of service,” Mr. Kerzner said. “But success has to be driven by the fact that we provide a good level of service.”

Mr. Kerzner noted that Atlantis’ employees create a big part of the visitor experience and he said his experience with employees has been good.

Over the years, the employees reacted well to the training programmes and they understand that service is key to the success of the resort and the success of tourism in the country, he said.

“I think this is a key factor and for me it is very encouraging,” Mr. Kerzner said.

Kerzner International is seeking to grow Atlantis into a more unique resort destination, he said.

Kerzner International is expanding worldwide, Mr. Kerzner pointed out, but he said his company’s biggest investment is the one that has been made in The Bahamas.

The hotel mogul again spoke about the disappointing state of Lynden Pindling International Airport in New Providence.

“Without question, I think everyone accepts that our airport facility isn’t up to scratch and as we continue to expand and have more tourists visit The Bahamas, we have to recognize that if the airport isn’t up to scratch then the tourists have other alternatives,” he said. “It’s worrisome.”

He said he looks forward to improvements at the airport so the guest experience can be enhanced.

The Bahamas changed government twice since Kerzner International began business in the country and according to Mr. Kerzner his company’s experience with both governments has been good.

“I believe that the only area we can complain about is the airport,” he said. “Some attention will have to be given to the roads and traffic as we attract more tourists.”

By Deandre Williamson
The Bahama journal

The controversy surrounding talk show host Steve McKinney took another turn Thursday when Mr. McKinney broke his silence on the matter, saying he was better off financially during the Ingraham years than under the Christie government.

Mr. McKinney also defended his company, The Facilitators Five Star International PR Ltd., and explained the various government contracts it holds.

He said his company did more PR work with the Bahamas government during the Ingraham years – 1992 to 2002 – than under the Christie Administration.

Taking off on some of what was revealed by Prime Minister Hubert Ingraham at a press conference a day earlier, he said the company has a $45,000 per year legal contract through Bahamas Information Services to provide radio and television programmes on behalf of the Government of The Bahamas.

“Many local PR firms and agencies also have public relations contracts with the Government of the Bahamas,” Mr. McKinney said in a statement. “This is only right and fair.”

With regards his company’s contract for public relations services to the Ministry of Education, Mr. McKinney said the contract is for $45,000, and is also governed by the laws of The Bahamas.

“These are the only two contracts between myself, my firm and the Government of The Bahamas,” he said.

The controversy erupted Saturday night when Prime Minister Ingraham suggested during an FNM victory rally at Clifford Park that Mr. McKinney and radio talk show host Phillippa Russell would have to find their own ZNS.

In his statement, Mr. McKinney said that with regards the ZNS talk show contract, this is a one-year agreement that came about last year after Darold Miller left ZNS and a new host was needed for “Immediate Response”.

Mr. McKinney said after the board of the Broadcasting Corporation of The Bahamas approached him for a second time, he decided to assist – after initially being reluctant – and agreed to host the show from August 2006 to August 2007 for a talent fee of $200 per show.

“That is what Mr. Miller received,” he said. “That is all ZNS was offering and it is all I received - $100 per hour for two hours a day, five days a week.”

Mr. McKinney said the talent fees he received are earned through the sponsorship of the show.

“No commercials, no pay,” he said. “In fact, no ads, no show. I do not receive a salary from the public purse of ZNS. I receive a talent fee for providing my talent to the show. No more, no less.”

Although there has been uproar from some members of the public that the new prime minister is seeking to victimize Mr. McKinney, it was not an issue Mr. McKinney addressed in his press statement.

Mr. McKinney also did not address critics who have said that as a talk show host he was overly biased in favour of the former administration.

On Wednesday, Mr. Ingraham flatly denied that the two talk show hosts had been fired, insisting that ZNS talk shows have only been suspended “up to now.”

“I believe that the Bahamian people would want to be aware of the circumstances surrounding the employment of the two political personalities referred to by me at my party’s May 5 victory rally,” Mr. Ingraham said.

“And I believe the Bahamian tax payers would have an interest in knowing and have a right to know how the Progressive Liberal Party engaged the full machinery of the government and the resources of the Public Treasury specifically to orchestrate a campaign of distrust and resentment against me and my party.”

Mr. Ingraham said it was “interesting” that Mr. McKinney has three current contracts with the Government of The Bahamas.

He said the first is a three-year, $45,000 a year public relations contract signed with the Ministry of Education in November 2005; the second is another $45,000 a year public relations contract signed with the Ministry of Tourism last April, which includes speechwriting duties and an additional 15 percent gratuity at the conclusion of the contract.

The third was signed in July 2006 with the Broadcasting Corporation of The Bahamas for Mr. McKinney to serve as host of the “Immediate Response” talk show, for which he was paid $200 per show.

As for Ms. Russell, Mr. Ingraham tabled a contract that shows she was hired by BCB to host “Drive Time Talk” at a rate of $100 per show, or $26,000 per year.

“Both contracts concluded between the two political operatives and the Broadcasting Corporation of The Bahamas contained provisions for termination should the conduct of the individuals ‘reflect unfavorably on the reputation of the Corporation or discredit in any way its image,’” Mr. Ingraham said.

“While radio hosts are always entitled to their personal, political or other opinions, when engaged at the expense of the public purse, they must demonstrate a clear commitment to ensuring that all points of view are heard and respected on air,” the prime minister said. “The inability of these persons to provide unbiased commentary is self-evident.”

“[Opposition Leader Perry] Christie can kick and scream as much as he likes about victimization,” Mr. Ingraham continued. “We will victimize no one. At the same time we will not allow ZNS, which is maintained by taxpayers’ money, to be abused as a vulgar propaganda tool for one political party.”

He reiterated that each contract – each one signed by all parties – contains provisions as to how it may be terminated, but that no one has been terminated.

“Mr. McKinney still has $90,000 worth of contracts that are operational, up to now,” he said.

On Thursday, Mr. Christie released another statement on the matter in response to Prime Minister Ingraham. He accused the prime minister of trying to change the subject.

“He knows full well that what is at issue is his blatant victimization of Steve McKinney and Phillippa Russell for espousing political opinions that he has a difficulty with. The punitive action that has already been taken against Mr. McKinney – whether it is suspension or termination really does not matter – shows that Mr. Ingraham has already made good on his public threat to remove Mr. McKinney from the airwaves, as indeed he has done with Ms. Russell as well,” Mr. Christie said.

“This is a flagrant breach of the right to free expression guaranteed by our constitution. It is also a classic example of discrimination based on political opinions, which is also outlawed by our constitution. Even more fundamentally, Mr. Ingraham’s conduct in this matter has no place in a civilized society. It is, I repeat, political thuggery of the worst kind.”

Mr. Christie said Mr. Ingraham can throw up as many smokescreens as he likes.

“He can talk all he likes about which contracts Mr. McKinney may have with different government departments or corporations. That is simply Mr. Ingraham’s way of trying to divert the attention of the Bahamian people from the fact that he has been caught out – and caught out very badly – just days into his new administration,” he said.

Mr. Christie and the PLP called upon Mr. Ingraham to rescind the “punitive action” that he has taken against Mr. McKinney and Mrs. Russell.

“We further call upon him to publicly withdraw the threat of victimization that he publicly made against these individuals on Clifford Park,” the former prime minister said.

“We further call upon Mr. Ingraham to desist from victimizing anyone for holding or espousing political opinions he doesn’t like. Surely it is not asking too much for the prime minister to simply obey the constitution and deport himself according to law, and respect the rights and freedoms of others.”

By Candia Dames
The Bahama Journal

There has been no black-balling of Bahamian elite quarter miler Chris Brown. Contrary to the general belief that meet directors across Europe boycotted Brown, his mentor Coach Steve Riddick on Wednesday in an exclusive interview with The Bahama Journal brought clarity to the situation.

Brown was ranked as high as No. 2 in the world following American Jeremy Wariner early in the 2006 season after a breakthrough 2005. Then, because of inactivity, he gradually dropped out of the top listing. His exclusion from meets was questioned and the impression was given that directors simply opted not to invite him. Brown also fueled the view because when contacted he gave no explanation and seemed perplexed and dismayed.

But when speaking with The Journal on Wednesday, Coach Riddick painted an entirely different picture.

“Chris was not black-balled,” he emphasized.

“That never happened. Let me tell you what went on. At the Bahamas Nationals last year, he ran the 200 metres and won it. We spoke a while later and I asked him how did he feel. He said to me that he was OK except for a burning in his hamstring. I then told him that a burning meant that the hamstring was tweaked.

“The next morning when we spoke I asked him about his condition again and he told me that he was unable to touch his toes. I then advised him to get right on a plane and come home (Virginia where Brown is based). What some people don’t understand, a tweak hamstring is just like a pull,” informed the coach.

Thereafter came the appearance that Brown was being ignored around the world when his name did not show up on entry lists in meets that the No. 2 runner in the world ought to have been invited to.

“Look this was a question of his future. He didn’t run in Paris and he didn’t run in Germany. The situation was whether he should push it and run with an injury, whether it was that important. My view was that he would rest and let the injury heal.

“Sure there was the financial situation. That did hurt but what would you prefer…to run and sustain a long-term injury and not be able to reap the financial rewards anyway or to let the body heal properly and be able to resume the career in great shape and safely? I think the latter and that was what happened,” said Riddick.

But, he claimed his star 400 metres runner is in super shape now.

Riddick who also coaches Tonique Williams-Darling and her husband Dennis has high hopes for Chris this season.

“He’s going to be just OK. I had he and Tonique run the 800 metres indoors and both of them will be alright. He might go out the first time this season later this month but he is strong and looking great,” said Riddick.

Brown heads the list of Bahamian quarter mile options for the national 1600 metres squad. He earned respect around the world, when he ran so superbly while anchoring The Bahamas to a silver medal at the 2005 Helsinki IAAF World Championships against Wariner and the Americans. Brown matched the world’s leading 400 metres runner step for step, losing little or no ground from the time he received the baton.

That race stamped him before the world as an authentic elite at the distance. Two weeks earlier at the World Indoors in Moscow, he gained his first international medal with a bronze.

This year, he will have two major platforms from which to again show the world what he is all about. The Pan American Games are scheduled in Rio de Janeiro in July and the 2007 version of the World Championships in Osaka, Japan this coming August.

By Fred Sturrup
The Bahama Journal

The Good News, the Ansbacher Queen and the Lady Eunice are leading the way in the respective A, B, and C classes for 2007 top boat honours.

Ahead of rivals Thunderbird Silent partner and others in the B Class is the Good News with 21 points. The Queen had 24 to top the B Class points table and the lady Eunice is out front in the C Class with 24 points.

The local sailors and the wider sailing community received a huge boost when BAHAMAR agreed to step in and sponsor the 2007 Boat Of The Year awards after Burns House pulled its support in 2005 following internal restructuring for the liquor giant.

While releasing the latest points’ standings in the race for Boat Of The Year honours at Sailors Choice Restaurant on Wednesday, Sailing Consultant at the Ministry of Sports, King Eric Gibson expressed much gratitude to BAHAMAR for its support.

“Today is a blessed day for sailors and boat owners in the country because BAHAMAR Resort has seen fit to sponsor the annual Boat Of The Year Programme,” said Gibson. He released the official standings after three major regattas including the All-Andros and Berry Islands Regatta, the National Family Island Regatta in George Town, Exuma and the All-For-One race in New Providence.

According to Gibson the points system used for the B.O.Y. allows the battle to be “very competitive” and it is designed towards “participation.” Boats that attend a majority or all of the regattas would have a good chance at compiling a lot of points.

“As a matter of fact,” said Gibson, “The rules state that any regatta that is recognized by the sports ministry as a major regatta that received financial assistance from the government would be included in the points race.”

The next major sailing event will be the annual Long Island Regatta in Salt Pond set for June 2-5, followed by the South Andros and the Grand Bahama regatta June 2-6 and June 21-25 respectively.

Over the past few years the Grand Bahama Regatta has been met with some challenges and this year again, there is uncertainty about the number of sloops that will attend.

While noting the change in government and the appointment of a new Sports Minister, Carl Bethel, Gibson said that the sailing community owes a lot to V. Alfred Gray the former Minister with responsibility for sailing for bringing the sailors under one accord after years of feuding.

However, he said, “Under the new government I think the sport of sailing will be in good hands because the man who was chosen to be in charge of regattas is the nephew of one of the best boat builders in the Bahamas. So, I’m sure he will keep us on the right track, taking us to even higher heights as we continue to try and bring more popularity and improve the sport of sailing and the economic opportunities provided by regattas.”

By Gerrino Saunders
The Bahama Journal

This is an ideal time for Bahamians to develop a wealth structure for themselves and for the country, according to chairman of the first global family wealth management Andrew Popper.

He was addressing an international gathering at the downtown British Colonial Hilton on Wednesday.

Mr. Popper, who is the chief investment officer of SG Hambros Bank in London, said because there are so many infrastructure variables in the financial services sector of The Bahamas, it is essential that the average Bahamian understand how to manage and protect private capital.

“Although we’re targeting larger, more sophisticated budgets, I see no reason why the average person or business owner cannot achieve anything from what we’ve talked about,” he said.

The two day conference, hosted by Management Global Information (MGI), was designed to take an in depth look at developing and protecting a global financial portfolio, asset management and capital protection through the use of absolute returns.

Chief Executive Officer of MGI Francois Golbery said the conference is a unique way for professionals, investors, business owners, private and investment bankers, fund providers and life insurers to meet key specialists, address specific issues of relevance in the market today and build up their professional network.

“Developing, managing and preserving family wealth over time and across borders is the common goal of many families and established businesses today,” he said.

Mr. Golbery said this means that families should design a strategic wealth management policy through the structuring of professional relationships to help achieve the family’s objectives, and to preserve and perpetuate family assets.

He explained that doing this avoids the siloed nature of professional fields such as estate and tax law, financial planning, insurance planning, investment management, banking and consolidated reporting.

“In other words, your money moves and grows. People won’t need large banks to do what they can do for themselves if they are aware of what they possess and how to make more of it, investing, manage it and protect it,” he said.

Mr. Golbery said the Bahamian landscape offers many possibilities to source resources from one jurisdiction in the area of tax, legal and estate planning structures on top of asset management and private banking capabilities.

“The needs of families have evolved over time and are now reflected in the choice of structures offered,” he said.

Mr. Golbery explained that the financial climate of The Bahamas is clear and open to all ranks of financial needs, especially for ‘sophisticated’ family and business capital.

“In practice, this means an access to multilingual expertise, a large array and high level of professionalism and expertise backed by a high degree of personal privacy are needed,” he said.

“Ideally, and for very sophisticated families, the legal and tax structure is generic by nature and reflects the best practices in strategic wealth management.”

Mr. Golbery said it is important for families to understand the necessity to agree when managing inheritance.

“To avoid second and third generational dissipation, you have to establish a principal foundation,” he said.

Mr. Golbery continued that the introductions of a family foundation and of the private trust legislation provide interesting alternatives in areas seeking to serve civil law families and an alternative to trust while addressing the weakness that pointed out overtime from trust disputes and litigations.

By Paige Ferguson
The Bahama Journal

The anchor development policy based on mega resorts that the former PLP administration touted so highly is apparently not one that the current FNM administration intends to continue.

According to Prime Minister Hubert Ingraham, he is more in favour of a model that better suits the country’s environment as opposed to the mega projects that have been aggressively attracted here over the last few years. He made that quite clear this week as he pointed to the crucial role the new Minister of Tourism and Aviation, Lucaya MP elect Neko Grant will play in finding the right model for The Bahamas.

“He will refocus the drive for a deepening in the local content of our tourism product away from the failed mega anchor development programme we’ve heard about so much over the past five years and toward a more environmentally compatible tourism development plan for our islands,” Mr. Ingraham said.

The prime minister explained that the alternative model would be designed to foster a better mix of local and foreign ownership; avoid threatening the sustainability of local resources and ensure a strong tourism sector for years to come.

The Christie administration had been attracting foreign direct investments through huge resorts as a means of boosting lackluster economies in the various Family Islands. It was successful in wooing the Ginn project in Grand Bahama; the Ritz Carlton development pegged for Rose Island; the Baha Mar project on Cable Beach and others in Mayaguana and Rum Cay.

One of the last disclosures that Mr. Christie made before he was ousted as prime minister was that his government was also in advanced negotiations with major investors for three of the largest resort/residential mixed use projects ever proposed for Eleuthera, at Half Sound, at Winding Bay, at GovernorÅfs Harbour Airport, and in the vicinity of Hatchet Bay.

He also said there had just been approval granted for projects for La Bougainvillea outside Palmetto Point and Islandia near Tarpum Bay. The projects were said to have collectively represented over $2 billion of new development.

Mr. Christie had regularly declared that there was an unprecedented level of economic growth under his watch as a direct result of the anchor project policy.

“Much has been said of the anchor investment policy of the government, and every available statistic indicates that The Bahamas is experiencing the positive effects of this policy,” Mr. Christie said.

“We have taken this initiative as a government because we firmly believe that all Bahamians must share in the growth and development of The Bahamas.”

He added that the anchor project policy had the advantage of rationalizing the huge politically motivated infrastructure expenditures on some Family Islands.

According to some of the last figures that were revealed, since May 2002, the Ministry of Financial Services and Investments has received 430 investment projects for consideration. Of that, 48 of the approved are under construction and 192 are at various preparatory stages, according to officials in the Ministry of Financial Services and Investments. That ministry is not being continued as an exclusive entity under the current Ingraham administration.

While the new government embarks on the quest to bring more focus to the tourism sector, Prime Minister Ingraham has suggested that improving the lot of Grand Bahama is crucial. He acknowledged that the tourism sector on that island has endured neglect during the last five years and that Minister Grant’s tourism appointment will deal with that.

“So among his first orders of business is to get Freeport and Grand Bahama off the tourism back burner; bring you to the front burner so that you can receive all the attention and opportunities you so richly require and deserve,” Mr. Ingraham said.

There are those who believe that The Bahamas is missing an important opportunity to diversify its economy. Former CEO and Co-Chairman of the Grand Bahama Port Authority and former Governor of the Central Bank of The Bahamas Julian Francis is one of them. He pointed out in the past that although tourism employs quite a large number of people they have low paying jobs where minimal skills are required.

“The economy of The Bahamas today is showing signs that it needs the diversification of that economy, which Freeport makes possible,” said Mr. Francis.

“In other words, one can question very, very seriously whether the historical, classic tourism model is one which is going to continue to sustain the Bahamian economy as we go forward.”

Mr. Francis said Bahamians in general should be concerned about the failure to diversify, which he labeled as the greatest problem The Bahamas faces today.

Source: The Bahama Journal

With major elements of Kerzner International’s Phase III development now complete, the property is expected to beef up its staff complement to a total of 10,000 as it continues to be a leader in Bahamian tourism.

“I always had a great belief in the destination,” Kerzner International Chairman Sol Kerzner said Thursday.

“I always believed that we would develop Atlantis into a much bigger resort than it was [in the beginning] and indeed, we today with the opening at the end of the year of the Atlantis Residences Condo Hotel have approximately 4,000 rooms on offer, so it has been by any standard hugely successful.”

The Cove, a 600-room resort, sits at the heart of the billion-dollar expansion. The resort exudes sophistication and luxury, with oversized rooms encompassing state-of-the-art elements and spectacular designs.

Guests are able to enjoy breathtaking views of the ocean at every turn as the resort is perched above two of the most magnificent beaches in the world.

President and Managing Director of Kerzner International Bahamas George Markantonis has said that The Cove is about creating a sophisticated zone, something that is more luxurious, more edgy and truly different than anything that exists right now in the resort category.

Nekera Symonette, director of VIP Services at The Cove, said the resort is something special.

“It encompasses the beauty of the natural surrounding, lots of open-air with an open-air lobby,” Mrs. Symonette said. “The theme is seductive, sensual, tropical and very laid back and chic.”

She noted that what makes The Cove so unique is that it’s a resort within a resort.

“I think The Cove is unique because the beautiful thing about it is it’s a part of Atlantis, so all of the great features of the Atlantis Resort are at your fingertips, but the even more beneficial part is it’s set apart from the [other phases],” Mrs. Symonette said.

“So you can be as involved as you want to be or you can be as exclusive and relaxed as you want to be all in the same environment.”

Kerzner International, which is known globally for providing luxurious vacation living and memorable guest experiences, has partnered with other well-known entities to provide amenities to blow away the customer.

One of those partners is the CAIN NYC group, which is known for developing hot spots in New York and The Hamptons. Its hotspot at Atlantis is known as Cain at The Cove.

The space, which is positioned on the peninsula overlooking Cove and Paradise Beaches, comprises 20 private cabanas, which open to both the beach and the pool.

The outdoor spot known as Cain at The Cove also features a pool café and bar and an open-air gaming pavilion that houses six black-jack and one mini-craps table.

“I think it’s very different,” said Jamie Mulholland, owner of the CAIN NYC group when he spoke with the Bahama Journal poolside.

“It’s a large departure from what we’ve done before. I think it’s special because I’ve been to a lot of beach clubs around the world…and this is different because there’s a strong line of sophistication that runs through it. It’s not just a beach club that has been temporarily put up. It’s something substantial. It’s very much here for the long term.”

There has always been a lot to do at Atlantis, and with Phase III now open, there’s even more to keep guests occupied, entertained – and educated.

Since the grand opening of Atlantis more than 12 years ago, the resort has amazed guests with the world’s largest open-air marine habitat, home to more than 50,000 marine animals. In March, Kerzner International took the experience to a higher level.

Kerzner’s Dolphin Cay is home to 16 displaced Katrina Dolphins and the first rescue and rehabilitation facility in The Bahamas.

Al Kelley, senior director of marine mammal operations at Atlantis, said the dolphins receive care around the clock as there’s a full medical lab at the Dolphin Cay.

He said Dolphin Cay adds to an already unbeatable experience at Atlantis.

“The whole Atlantis experience is phenomenal,” he said. “This is just huge and there’s just so much to do – from Dolphin Cay, Aquaventure, beaches and everything that’s going on along with the casino and all of the fine restaurants. Dolphin Cay just adds another element and guests are allowed to get up close and personal with the dolphins; that can’t be beat.”

At Dolphin Cay, young Bahamians have an opportunity to become professionals in a very exciting field, according to Mr. Kelley.

“We have a variety of people who we brought in from the States and parts of the world who have expertise in marine mammal training and the care of the animals, including our veterinarian who’s been with marine mammals for well over 10 or 15 years,” he told the Bahama Journal as the friendly mammals played near his feet.

“We also have provided jobs for 50 or 60 employees who had no experience at all with marine mammals. A few of them have been with us now for well over a year and they’re out there doing the interactions and training the animals right alongside the rest of us.”

According to Teri Corbett, vice president of marine mammal operations, the main priority for her team is safety and to ensure a level of comfort between the dolphins and the guests.

“There will always be two trained marine specialists with every session – one to assist our resort guests and one to aid the dolphins,” she said.

Not far away, guests can enjoy the excitement of Kerzner International’s newest water park – AQUAVENTURE, which was unveiled in February.

The 63-acre waterscape provides a non-stop water experience, containing more than five million gallons of water. AQUAVENTURE consists of thrilling new water slides, a mile-long river ride with high intensity rapids and wave surges, and never-before-seen special effects that add an extreme level of excitement to the overall experience.

“In designing AQUAVENTURE, we challenged the best designers, creative minds and water ride technologists to work with us to take the water experience to a different level,” Mr. Markantonis said.

“We believe there is something innate within human beings that cause them to react to fire and water. We believe that enhancing visuals and landscaping with the experience gives guests another energy, another layer of excitement, a feeling that they are in a place they’ve never been before.”

As mentioned, Kerzner International is also developing a luxury condominium structure as part of Phase III, which overlooks already completed elements of the expansion.

Mr. Kerzner will show off Phase III this weekend in a days-long event that has attracted international celebrities and media.

By Candia Dames
The Bahama Journal