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Memorandum of Understanding signed for Port of Magical Cruise Ship Docking Facility

Posted: Friday, September8, 2017. 10:52 a.m. CST.

By BBN Staff: The Government of Belize signed a Memorandum of Understanding (MOU) yesterday with Portico Enterprises Limited (the “Developer” doing business as Port of Magical, to construct a world class cruise ship docking facility on a parcel of land located along the coastline just south of the Sibun River in the Belize District (the “project”).

 The Port of Magical Cruise Ship Docking Facility, being led by David Gegg and Gulab Sharma, proposes to construct a cruise docking facility to accommodate four oasis class cruise vessels in phase I, inclusive of a marina, 120,000 square feet of retail space, a water park and pool area, an arts and craft centre, an aquarium and an indigenous cultural centre.

 Phase II of the project will include two (2) additional berthing docks, a five (5) star 300 room hotel and a water theme park.

 The total estimated investment size for phase I of the project is cited to be US $150 million.

 The project seeks to employ at least 700 Belizeans, while maintaining employment and striving to achieve full-time status for those currently employed in the cruise industry. The project will also provide significant improvements to the employment, income, revenue and tax impacts being experienced in Belize, and will seek to bring prosperity to all stakeholders in the cruise sector.

 The MOU was signed by the Minister of Economic Development, Petroleum, Investment, Trade and Commerce,  Erwin Contreras and the Minister of Defense, John Saldivar, on behalf of the Government of Belize.

Gegg signed on behalf of Portico Enterprises Limited.

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