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A Special International Report Prepared by The Washington Times Advertising Department - Published on March 29, 2000

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Advertisers

 Dupuch & Turnquest & Co.

 Cable Bahamas

 Bahamas Investment Authority - Light Industry

 Hotel Corporation of The Bahamas

 The Bahamas Maritime Authority

 Dockendale Shipping Company Limited

 Clipper Group

 The Central Bank Of The Bahamas - Financial Services Board

 The Islands Of The Bahamas

 Bahamas Telecommunications Corporation (BaTelCo)

 Bradford Grand Bahama

 Motherwell Bridge Bhicam Limited

 Lloyd Werft

 The Grand Bahama Development Company

 Hutchison Port Holdings Group

 Bahamas Investment Authority - Investment Opportunity

 Securities Commission of The Bahamas

 The Central Bank of The Bahamas

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A Special International Report Prepared by The Washington Times
Advertising Department
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Written by:
Jessica Wilt
Marketing Director:
Nadira Ullyett
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For more information, call
The Washington Times International Advertising Department
at (202) 636-3035
(202) 635-0103 fax
e-mail: natlad@wt.infi.net

Director, International Business Development
Carl Hagen
Production Supervisor:
Jill Koehler
Graphic Designer:
Ann Englehart
Website Design:
Earl Murton Associates, LLC

Copyright © 2000 News World Communications, Inc.

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Freeport Harbour tripling space and upgrading terminal

Freeport Harbour Co, a joint venture between Hutchinson Port Holdings and the Grand Bahama Port Authority, is undergoing a renovation and expansion that will triple the size of the harbor to accommodate a comprehensive container terminal, dry-docking facilities and yacht repair. It is also getting a face-lift to upgrade cruise passenger terminal facilities and make the harbor more appealing to the one million visitors that visit its shore annually.

“We have budgeted $10.9 million to really dress up the harbor to make it very attractive with waterfalls and shopping and so on,” said Albert Miller, chairman of the GBPA. According to Miller, everyone complains that the Freeport Harbor is unsightly because of a nearby cement plant. “We are going to have so many activities going on in the harbor that no one will even see the cement plant,” Miller said with a smile.

By November 2000, new facilities will include a new 40,000-square-foot passenger terminal with centralized check-in facilities; a 23,000-square-foot landscaped retail area with a traditional Bahamian straw market; and a more efficient transportation layout for buses and taxis, according to Mike Power, general manager of the Bahamas Air & Sea Port operations of Hutchinson Whampoa Limited.

Both cruise ships from Florida and local day ferries currently frequent the harbor. When the facilities are completed, it will be able to handle one medium size cruise liner and one ferry simultaneously, or the terminals will be able to be combined to handle a 3,000- passenger home ported cruise vessel. FHC, The Grand Bahama Airport Co. and GBHA are all working together to make home porting a reality.

The entrance to the Freeport Harbour is 500 feet wide and 1,800 feet long with an 1800-foot turning basin and a depth of 47 feet at low tide. It is one of the deepest harbors in the region and can accommodate the largest of cruise ships.

Freeport Harbour can currently accommodate eight cruise ships and five roll-on-roll-off vessels. The roll-on-roll-off facilities are also used to move containerized and LTL cargo. In addition, two 900-foot wet docking berths are available to provide a number of services including but not limited to hull cleaning, bunkering, garbage collection, welding, warehousing and so on.

The FHC is also the landlord for other marine operations that deal with the cruise ship and yachting industries. Lloyd Werft is launching its Freeport Ship Care Facility and Bradford Marine has invested in a facility that caters to the repair and storage of mega-luxury yachts as well as other craft.

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Table of Contents

The Bahamas: An established tourism and tax-free financial services center experiences a renaissance

Slated for an April opening, Bahamas Stock Exchange to be a leader in its class

New e-commerce center will make Freeport a global financial hub

The peaceful revolution of politics in The Bahamas

Financial Services Board promotes government-private sector collaboration in the financial services sector

BEC meets development demands and prepares for privatization

The Bahamas responds to OECD report on harmful tax competition

The Bahamas blend experience and new regulations to offer strong offshore financial services

New investments revive the tourism industry in The Bahamas

The Outer Islands: The future of a nation

The Hotels Encouragement Act provides a number of incentives for investors

The Family Islands Development Act

Islands for sale

Bahamasair gets new management team to improve service

Business as usual after Hurricane Floyd

The Bahamas emphasizes importance of environment with establishment of new ministry

Agricultural sector is ripe for growth

Agricultural Manufactories Act

Nassau is attractive location for shipping companies to locate headquarters

Maritime Authority grows ship registry to 3rd largest in the world

Ship registration fees

Grand Bahama Island: A destination reborn

Home ownership on the rise, with a focus on second homes

The renaissance of Grand Bahama Island: Asleeping beauty awakens

Hawksbill Creek Agreement helped begin Freeport

Bahama Rock Ltd. helping to develop the port area

Lloyd Werft invests $70 million in new ship-care facility

Economic impact analysis

Bradford Marine invests in mega-yacht and ship-repair facility in Freeport Harbour

Freeport Harbour tripling space and upgrading terminal

Freeport Container Port continues to expand to meet global business demands

FCP attracts Bhicam, among other companies

Freeport Power Co.: Committed to attracting investment by offering first-rate service

Multimillion-dollar hotel investments breathe new life into Grand Bahama

Focus on light manufacturing to diversify economic growth

Freeport International Airport to get a multimillion-dollar expansion and face-lift

Telecommunications corporation to be ready for privatization by year's end

Investment guidelines