NASSAU, BAHAMAS – A Heads of Agreement (HOA) has been signed between The Davis administration and Royal Caribbean International (RCI) for the construction of RCI's $165 million dollar Royal Beach Club Paradise Island.

The HOA signing took place at the Office of the Prime Minister Monday morning, just moments before RCI principals and government officials hosted a ground-breaking ceremony for the 17-acre development on Paradise Island which is slated to open in 2025.

Prime Minister Philip Davis asserted that Bahamians will own up to 49% in equity, which will be facilitated by the National Investment Fund; its an effort which he says underscores government's commitment to promote Bahamians being "owners" in the tourism business.

Hundreds of residents are also expected to be employed at this development, during its construction phase as well as its daily operations.

RCI's Chief Executive Officer, Jason Liberty touted the latest development as another opportunity to "represent the beauty of The Bahamas" to visitors as the cruise line has been in business with The Bahamas for the past five decades.

Deputy Prime Minister, and Tourism Minister Chester Cooper contended that this project will add to the country's tourism product with an expectation of boosting visitor arrivals to The Bahamas.

The Royal Beach Club will feature pools, private cabanas and various "island-style" eateries, according to RCI executives.

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