Bahamas, a small island nation in the Indian Ocean, is home to more than 2 million people, making it the world’s third-largest exporter of construction materials.
It also has a history of unrest and political instability, as the island nation’s political landscape is a hotbed of political upheaval.
The Bahamas-based construction firm has purchased land in the capital, Port-au-Prince, and is planning to build a major new hotel and apartments complex.
The Bahamas Development Board, or Bahamas DOB, said in a statement Wednesday that the sale would give the DOB the “flexibility” to “reinvent” Bahamas.
Bahamas DOb said it would buy the land in exchange for a 20 percent stake in the Bahamas Commercial Property Development Corp. that would develop the property.
The DOB is the only government agency that owns a portion of the property, which is a major construction site and a major hub for Bahamas’ economic activity.
In March, the DOP announced that it had acquired Bahamas land for an estimated $4.5 billion.
The land includes 1.6 million acres, which includes land for a planned hotel, a major hotel, and a new residential complex.
Bahams DOB said in the statement that the DOBs purchase “reflects our vision of transforming the Bahama Industrial Zone from a hub for international and national trade to a hub of tourism and development.”
Bahamas Development Minister Ali Gahir, who was previously deputy prime minister, said Wednesday that he had signed a letter of intent to buy the property from the DOPs.
He added that the property is owned by the DOBS, which was already the countrys largest private investor.
“This acquisition will allow us to develop our industrial zone in a way that is economically feasible and socially responsible,” Gahiri said in an interview with CNN.
Gahiri added that he expects to finalize the sale of the Bahamian government property “very soon.”