$15M private jet – Some members of the investor team and the governor pose for a photo at the International lounge of the Providenciales Airport. L-R: Joshua Harvey, investor; Governor Ric Todd; Michele Neuteling, investor; Lloyd Inwards, investor, and John Smith, CEO Providenciales Airport

A consortium of local and overseas investors have acquired 45 acres of Crown Land
on a 99-year lease to plunge $15 million into construction of a private jet terminal with a hangar for parking 50 to 60 jets, that opens by the next tourist season.
Termed a Fixed Base Operation (FBO) and private aircraft terminal the facility at Providenciales will is expected to boost the luxury travel market to the Turks and Caicos Islands when it opens next year, investors and the government stated.
In a joint government and investor media release distributed at a press conference Thursday, December 01, it was stated that the new state-of-the-art FBO will feature generous parking and hangar space for large and small private aircraft, modern lounge and crew facilities, integrated customs and immigration as well as full servicing of private aircraft.
According to the release the investing consortium, M Aviation, is a Turks and Caicos-based company owned and operated by investors who have already made significant tourism related investments developing a leading luxury resort in Turks and Caicos.
Lead person in the investment group, Michele Neuteling, told the media during the briefing at the Providenciales Airport International Lounge that M Aviation comprises fewer than 10 persons.
“TCI-based M Aviation Limited, Turks and Caicos Islands Authority (TCIAA) and the TCI Government have agreed on a commitment to develop the new FBO adjacent to Provo’s International Airport, tripling the private airport capacity at the airport,” the release stated, and continued: “Over one-third of aircraft movements at the airport already comes from private aircraft, despite accounting for only three per cent of passenger traffic.”
They say it will be ready in approximately 12 months time for the 2012/13 tourist season and will support 50 construction jobs during the build period and employ up to 20 personnel once operational. M Aviation has committed to adopt a minimum of 70 per cent local employment.
Governor Ric Todd added: “Such a significant investment commitment by a local company into our infrastructure shows that business confidence is building across the Turks and Caicos. The new facility will allow our islands to keep pace with other Caribbean destinations and play a key role in supporting our exclusive resorts.”
John Smith, Chief Executive of the TCIAA, commented that: “The private aviation market is showing tremendous growth as more and more affluent travelers wish to take advantage of the privacy, flexibility and convenience of traveling on a private plane. A second FBO facility in Turks & Caicos will position us well as a luxury destination for the future.”
M Aviation acquired the land on government’s lease principles taking inflation into account.