The government signed a heads of agreement for a $500 million development on Cave Cay in the Exumas yesterday.

This agreement brings the value of developments recently signed for the Exumas to $1.2 billion, Deputy Prime Minister and Minister of Tourism, Investments and Aviation Chester Cooper said yesterday following the signing ceremony.

During the ceremony, Chief Executive Officer of Cave Cay Felipe Maclean contended that the development, which will include a hotel component as well as cottages, villas and estates, will be one of the best resorts in the world.

"This is a very important date for us. We're very excited to be here. It's been a long journey. But I wanna thank you all, for your commitment, your professionalism, and the efficiency of this government that I truly believe is really remarkable," said Maclean.

"Cave Cay will be, mark my words, one of the best resorts in the world. We have the ultimate dream as a marina, which is probably going to be one of the largest marinas in The Bahamas, with close to 100 slips, and we will be able to get vessels of 150 feet or larger. We know that this is scarce in the Exumas.

He added: "Cave key will have around 214 homes. We believe that Cave Cay will be very unique in the Exumas because of the marina component, the resort component, and also the innovative, sustainable design of all of the architecture that we're going to put in place in the project."

Maclean said the marina project will not require dredging, given that there is an existing marina already. He also contended that Cave Cay will become a global destination for both yachters and those traveling by air.

According to him, because the island already has infrastructure, the developers will begin to invite customers and potential buyers to view the offering.

Cooper said the Cave Cay agreement is a demonstration of investor confidence in the Exumas and more widely, in The Bahamas.

"This project had been stagnant for a while, but I'm happy that we are able to now advance it without any significant environmental disruption. Meaning specifically, that the digging and the dredging has already been done for the marina."

The Cave Cay project was in the media recently because of allegations made in legal filings by Saudi Prince Sultan bin Salman bin Abdulaziz al-Saud in the Court of Chancery of the State of Delaware. A notice of default was served "on the prince for breaches of his legal and contractual obligations, in particular, his financial obligations to the limited partnership", according to a statement from Cave Cay.

"The second notice of default is the subject of the proceedings in Delaware," the statement said.

Cave Cay LP insists the prince's claims are unfounded and that the court case does not affect the development.

"The project's investment and development timelines remain unchanged, as the default of one investor does not impact the long-term plans of the unique luxury development in the Bahamian Exuma islands," the statement adds.

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