Baha Mar Resorts to Build on Nassau’s Cable Beach

Baha Mar Resorts signed a formal agreement with China State Construction Engineering Corporation to construct the multibillion-dollar Baha Mar Resort on Nassau’s Cable Beach.

Baha Mar also signed a memorandum of understanding with Export-Import Bank of China regarding potential project financing. The agreements were signed by Baha Mar Resorts’ President Don Robinson in Beijing, China, following discussions and meetings with representatives from both the Chinese banking institution and the state-owned construction corporation that began in April 2008.

In addition to sharing in the vision for the project, the Chinese expect the Baha Mar project will help to establish their presence in the North American and Caribbean markets, and to showcase their construction and development capabilities.

With China State Construction Engineering Corporation serving as the builder for the project, Baha Mar’s development role will primarily be one of management and oversight.

Once completed, it is expected that the project will create several thousand new jobs for Bahamian workers, and contribute significantly to the island’s overall economy. In addition, Baha Mar has re-affirmed its commitment to hire as many qualified Bahamians as possible to work on the project during its two to three year construction phase.

The memorandum of understanding with Export-Import Bank of China will require several months of due diligence and other work already underway, to be completed before financing is approved. Meetings and discussions between Baha Mar and the Chinese began early last year and included talks with Bahamian government officials, who continue to voice their overwhelming support for the project.