A Bahamian group which has formed a joint venture with the Dublin Airport Authority (DAA) is emerging as the frontrunner to redevelop Grand Bahama International Airport (GBIA), Guardian Business understands.
This newspaper understands that executives from DAA – a global airport and travel retail group with businesses in 15 countries around the world – recently visited Grand Bahama and met with the board of the Freeport Airport Development Company (FADC).
When contacted for comment yesterday, Deputy Prime Minister and Minister of Tourism, Investments and Aviation Chester Cooper said, “We are pretty close but not quite ready for an announcement. We committed to the Bahamian people that we will build a world-class airport and we have ensured that the process was deliberate.”
DAA’s principal activities include operating and managing the Dublin and Cork airports in Ireland, as well as global airport retailing through subsidiary Aer Rianta International.
The state-owned company offers consultancy through its DAA International arm.
According to a document obtained by Guardian Business, DAA has teamed up with leading infrastructure investor I Square Capital, which has already invested $55 million into the new Nassau cruise port.
The firm has a diverse global portfolio, with 55 companies in 60 countries around the world.
GBIA has been in disrepair since Hurricane Dorian caused an estimated $60 million in damage in 2019.
Successive governments have acknowledged that rebuilding Grand Bahama’s economy and attracting more investment is heavily reliant on a new airport.
In August, Cooper said the government and the FADC were mulling through several proposals from companies vying to enter into a public-private partnership, that range from $50 million to $150 million.
He said recently, however, that the list of prospective developers had been narrowed to two contenders.
Guardian Business understands that DAA manages the Jeddah International Airport in Saudi Arabia, which is the third-largest and the busiest airport of Saudi Arabia, serving more than 41 million passengers.
Cooper last week led a delegation of tourism officials to the World Travel and Tourism Council Global Summit, where the government signed a memorandum of understanding with the Kingdom of Saudi Arabia on cooperation in the field of tourism.
It is unclear if the trip to Saudi Arabia is directly connected to the joint venture, or if there are Saudi Arabian investors involved.
