The company said that the deal was agreed following the signing of a Memorandum of Understanding on November 9, 2018.
Under the terms of the concession deal, Global Ports Holding would use its global expertise and operating model to manage the cruise port operations in Antigua. In addition, GPH would finance the completion of the ongoing construction of a new pier which will allow the port to handle Oasis-class ships.
Furthermore, the company said it would invest in improving the current retail facilities and designing and financing the construction of new purpose-built retail and F&B facilities.
The commencement of the concession is subject to a number of final conditions being satisfied, including the group securing suitable financing. GPH added that it is in advanced discussions with local and international banks in relation to long-term bank financing for the concession.
Full financial closure and commencement of the concession is expected to occur in the first half of 2019.
The development marks the group’s second expansion step into the Americas, after the signing of a 15-year management agreement with the Cuban company Aries S.A. for the operation of the cruise port in Havana, Cuba, in May 2018.
Press Releases: Global Ports Holding