US$80 Million Minimum for 30-Year Cruise-Port Exclusivity
By Val Matthias. Updated 2:25 a.m., Monday, October 26, 2026, Atlantic Standard Time (GMT-4).
Global Ports Holding (GPH) will have to invest a minimum of US$80 million in St Vincent and the Grenadines to secure the right to 30-year exclusivity under its new cruise-port agreement with the government.
The investment is to be made in two phases, with GPH required to spend no less than US$20 million in Phase One and US$60 million in Phase Two, according to Attorney General Louise Mitchell, who outlined key provisions of the agreement at its signing ceremony.
Mitchell said the investment thresholds represent the minimum amounts GPH is required to commit under the agreement, while there is no upper limit on how much the company can invest.
The first phase will expand the existing cruise-ship berth in Kingstown. Phase Two is expected to include a new modern pier west of Kingstown and a cruise-ship and mega-yacht berthing pier at Clifton, Union Island.
The agreement also gives GPH responsibility for developing both the cruise-tourism and mega-yacht industries in Kingstown and Union Island.
But alongside the foreign investment commitment, the agreement creates a mechanism for Vincentian participation in ownership of GPH St Vincent.
Under Section 3.1 of the agreement, a special purpose vehicle will be established to allow Vincentian nationals to acquire shares representing up to 30 per cent of the company’s total issued share capital.
The provision gives priority to retail investors, although locally domiciled institutional investors could participate if there is insufficient demand from individuals and other eligible Vincentian investors.
Mitchell said the arrangement is intended to maximise the possibility of Vincentian ownership in the company.
The agreement defines eligible Vincentian nationals to include citizens, locally incorporated companies, statutory organisations and special purpose vehicles, provided they are genuinely domiciled, owned or controlled in St Vincent and the Grenadines.
The 30 % provision, however, represents the maximum potential Vincentian shareholding, rather than a guaranteed 30 % ownership stake.
The agreement also provides protections for existing businesses operating at the cruise terminal.
Existing retail, food and beverage and other commercial tenants will be allowed to continue under their current agreements for three years after operations begin. Vincentian tenants can continue beyond that period as long as they are not in default of their leases.
The agreement follows a memorandum of understanding signed several months earlier, which Mitchell said gave the government time to examine cruise ports operated by GPH elsewhere in the region and to shape the final arrangement around SVG’s needs.
GPH already operates cruise gateways in destinations including Nassau, Antigua and Puerto Rico. Mitchell said government officials visited GPH’s operation in The Bahamas after their initial discussions with the company as part of the government’s assessment of the proposed partnership.
The agreement also requires GPH to use reasonable efforts to promote Vincentian culture at the port, including local art, crafts, music and heritage, and to provide space for cultural performances and events.
The central financial commitment, however, is set out in the investment thresholds, US$20 million for Phase One and US$60 million for Phase Two a combined minimum of US$80 million tied to the 30-year exclusivity arrangement.
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About the Author: This story was written and submitted by freelance journalist Mr. Val Matthias, a trained communicator with more than two decades in the media sector. He holds a Bachelor of Arts in Media and Communication (UWI Mona), a Master of Science in Tourism and Hospitality Management (UWI Cave Hill), a Certificate in Digital Marketing, and has years of broadcast journalism experience rising to ranks of a programme manager. All supporting materials for this story have been presented, vetted, and verified. Mr Matthias can be reached at valmatthias188@gmail.com
