Chinese Gov’t Approves Baha Mar

The multi-billion Baha Mar project is a go – at least on the Chinese government’s end.

The People’s Republic of China (PRC) approved the $2.6 billion Cable Beach project yesterday, according to Baha Mar officials.

Baha Mar has now concluded all of the necessary agreements with the Export-Import Bank of China as well as the China State Construction Engineering Corporation (CSCEC).

Baha Mar officials now only need approval from the Bahamian government in order to bring the project to life.

Chairman and Chief Executive Officer (CEO) of Baha Mar, Sarkis Izmirlian, said the National Development and Reform Commission’s approval is a critical component to enable the Baha Mar project to move forward.

"We strongly believe that the creation of this world class resort will significantly benefit The Bahamas and all Bahamians," Mr. Izmirlian said in a press statement, which was released late yesterday afternoon.

"We now await Bahamian governmental approval, which will enable us to begin work on the resort’s construction."

The Cabinet Office confirmed yesterday that Chinese Ambassador, His Excellency Dingxian Hu, has already notified the Free National Movement (FNM) Government of his government’s approval of the project.

The ambassador will return to The Bahamas on August 18 to meet with Prime Minister Hubert Ingraham.

The highly-anticipated project is expected to create 11,000 Bahamian jobs, including 6,000 to 7,000 new permanent positions.

Mr. Izmirlian said the Baha Mar project will be the "most substantial" single job stimulus opportunity The Bahamas has ever experienced.

The project is also expected to inject $1 billion in new spending into the economy in the first year after its completion.

Once the Bahamian Government approves the project, Baha Mar will award nearly $60 million of construction contracts to six Bahamian contractors to carry out early infrastructure works needed to prepare the site.

In fact, the Bahamian Contractors Association (BCA) President Stephen Wrinkle is hosting a luncheon today at the Wyndham Resort where he will introduce Bahamian contractors to Baha Mar’s development team.

Several hundred Bahamian jobs will be created within two months after government approval. These jobs include construction of the new Commercial Village and work to re-route West Bay Street and the JFK Connector.

Perhaps the most controversial aspect of the project is the resort’s desire to import 5,000 Chinese workers. Prime Minister Ingraham has already said that his government will not approve importing the workers without the Opposition’s support.

Mr. Ingraham has also said that The Bahamas cannot sustain construction of the Baha Mar project and the fourth phase of the Atlantis Resort on Paradise Island at the same time.

Atlantis is getting ready for a $100 million makeover.

"In my view it is not possible for both of the projects to proceed at the same time. We do not have the manpower or the infrastructure to accommodate both at the same time," he said at the time. "Maybe 20 years, 10, or five, possibly yes, but simultaneously, no."

Baha Mar officials say the resort will make The Bahamas one of the premier tourist locations in the world.

Officials are hoping the resort will attract millions of vacationers and business travelers every year to its six hotels.

The hotel will feature nearly 3,500 rooms and condos, the largest casino in the Caribbean, the largest convention centre in The Bahamas, a world-class golf course and a retail village.

Baha Mar will also employ approximately 4,000 Bahamians over the life of the construction period, which is expected to last almost four years.

Once the resort is fully operational, 98 per cent of the staff will be Bahamian.