Saudi Arabia invests 55m in Bahamas airport
This will more than double North Eleuthera International Airport's visitor capacity
Dubai: Saudi Arabia is investing $55 million (Dh202 million) to develop an airport project in the Bahamas to boost its capacity.
This initiative will more than double North Eleuthera International Airport's visitor capacity, increasing it from 300,000 to 700,000 annually, according to the Saudi Press Agency.
The expansion is expected to create over 300 direct jobs during the operational phase.
The finance agreement, funded by the Saudi Fund for Development (SFD), is set to transform North Eleuthera Airport into a world-class international gateway, as stated by Bahamas deputy prime minister Isaac Chester Cooper.
Since its establishment in 1974, the SFD has focused on aiding small island developing states and enhancing their economic resilience.
To date, the SFD has funded over 800 projects, with a total investment of $20 billion (Dh73 billion).