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Memorandum of Understanding Signed for Port of Magical Belize.com Cruise Ship Docking Facility

The Government of Belize signed a Memorandum of Understanding Thursday, September 7th, 2017, with Portico Enterprises Limited (the "Developer" doing business as Port of Magical Belize.com), to construct a world class Cruise Ship Docking Facility on a parcel of land located along the coastline just south of the Sibun River in the Belize District (the "Project").

The Port of Magical Belize.com Cruise Ship Docking Facility, being led by David Gegg and Gulab Sharma, proposes to construct a cruise docking facility to accommodate four Oasis class cruise vessels in Phase I, inclusive of a marina, 120,000 square feet of retail space, a water park and pool area, an arts and craft centre, an aquarium and an indigenous cultural centre. Phase II of the project will include two (2) additional berthing docks, a Five (5) Star 300 room hotel and a water theme park. The total estimated investment size for Phase I of the Project is cited to be US $150 million. The Project seeks to employ at least 700 Belizeans, while maintaining employment and striving to achieve full-time status for those currently employed in the cruise industry. The Project will provide significant improvements to the employment, income, revenue and tax impacts being experienced in Belize, and will seek to bring prosperity to all stakeholders in the Cruise Sector.

The Memorandum of Understanding was signed by the Minister of Economic Development, Petroleum, Investment, Trade and Commerce, Hon. Erwin Contreras and the Minister of Defense, Hon. John Saldivar, on behalf of the Government of Belize. Mr. David Gegg signed on behalf of Portico Enterprises Limited.

The end of the reef

Cruise Port Craziness?

Just two weeks ago, Government signed what it called a "Definitive Agreement" with the Feinstein Group to build the Stake Bank Cruise Docking Facility. That would be the first Cruise terminal in Belize where ships would actually be able to dock at the port, and not have to use cruise tenders. And now, there are reports that another agreement has been signed, this one with a group called Port of Magical belize.com. They say they want to build their own Cruise Ship Docking Facility which will be on a parcel of land along the coast just south of the Sibun Rivermouth in the Belize District.

Port of Magical belize.com - which, oddly, even with a name like that, doesn't seem to have a website - is led by long time Cruise Tour Operator, David Gegg, and Free Zone businessman, Gulab Sharma.

According to a government press release, they will construct a cruise docking facility to accommodate four Oasis class cruise vessels - and many other wondrous attractions including a Five (5) Star 300 room hotel and a water theme park.

It sounds very grand - perhaps a bit too much so - and the release says the total estimated investment for just Phase I of the Project is US $150 million.

It caught our eye that Minister of Defense John Saldivar - signed The Memorandum of Understanding along with Minister of Economic Development Erwin Contreras while David Gegg signed on behalf of Portico Enterprises Limited. We mention Saldivar's presence because the Ministry of Defense doesn't have any known connection to investment. Notably, also, the Cabinet Investments Committee, which vets all investments was not mentioned.

It is left to be seen if this project gets off the ground, since Stake Bank had no less than an act of Parliament and was still languishing for years.

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