Ed Sheeran weaves Persian music into new song, Azizam    Rain expected in Makkah and Jeddah on Saturday    Al-Jadaan: Crown Prince's directives confirm government's ability to bring back balance to real estate market    China retaliates against Trump's trade war with 34% reciprocal tariffs on US goods    Saudi Arabia condemns Israeli escalation, targeting of civilians and Saudi warehouse in Gaza    Danish PM dismisses US desire to annex Greenland 'You cannot annex another country'    Macron lashes out against Trump's 'brutal' tariffs, calls for a pause in investment    Saudi Crown Prince, Iranian president discuss regional developments in Eid phone call    Veteran Bollywood actor Manoj Kumar dies at 87    New Laws of Commercial Registration and Trade Names take effect on Thursday    New fleet of 76 public transport buses starts operation in Jeddah on Tuesday Environmentally friendly electric buses introduced for first time    Foreign investors are allowed to engage in real estate business outside Makkah and Madinah Commercial speculation should not be the purpose of real estate transaction    Aubameyang fires Al Qadsiah into King's Cup final with stoppage-time winner over Al Raed    Cristiano Ronaldo joins Fatal Fury: City of the Wolves    Musk's X is suing India, as Tesla and Starlink plan entry    Tesla sales plunge after backlash against Elon Musk    Swedish table tennis legend Jörgen Persson appointed head coach of Saudi national team    Danilo Pereira fires Al Ittihad into King's Cup final with dramatic stoppage-time double    Screen time in bed linked to insomnia, study finds    Mexico bans junk food in schools to fight childhood obesity epidemic    Sweet sales surge ahead of Eid as Saudi chocolate imports top 123 million kg in 2024    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



China to finance $2.6 billion Bahamian resort
Published in Saudi Press Agency on 28 - 07 - 2010

China has agreed to let two state-owned agencies finance a stalled $2.6 billion Bahamian resort project that the developer said would provide the biggest job stimulus the Bahamas have ever seen, according to Reuters.
Bahamian Prime Minister Hubert Ingraham said in a statement on Tuesday that Beijing had given approval for the agencies to enter into a joint venture with privately held Baha Mar Resorts Ltd for redevelopment of the Cable Beach resort in Nassau.
Chinese Ambassador Dingxian Hu is to meet with Ingraham on Aug. 18 to formalize the agreement.
Tourism and financial services drive the economy in the Bahamas, an Atlantic island chain that stretches from just off eastern Florida to near southeast Cuba and has a population of 310,000 people.
The future of the Baha Mar project was called into question after casino operator Harrah's Entertainment Inc pulled out of the deal in March 2008.
The China Export-Import Bank will provide $2.5 billion in financing, and the other agency, China State Construction, will take a small equity stake in the development and act as main contractor for the 1,000-acre project.
Baha Mar's chairman and chief executive, Sarkis Izmirlian, said China's approval was critical for the resort project that is expected to create 11,000 jobs and add $1 billion in new spending to the Bahamian economy in the first year after completion.
As soon as the Bahamian government gives its formal approval, Baha Mar will award almost $60 million in construction contracts for infrastructure work to prepare the resort site, he said.
"We strongly believe that the creation of this world class resort will significantly benefit the Bahamas and all Bahamians," Izmirlian said in a statement. "Ultimately, our project will result in the creation of 11,000 Bahamian jobs, including 6,000 to 7,000 new permanent positions. This will be the most substantial single job stimulus opportunity the Bahamas has ever experienced."
The construction phase is expected to last about four years and employ 4,000 Bahamians. The company said that once the resort is fully operating, approximately 98 percent of the staff will be Bahamians.
The company expects millions of vacationers and business travelers a year will visit the resort, which is to include six hotels with 3,500 rooms and condos, the largest casino in the Caribbean, the largest convention center in the Bahamas and an 18-hole golf course and retail village.


Clic here to read the story from its source.