Friday, December 18, 2009Premier promotes Cayman

Kevin SherevesPremier promotes Cayman in Dubai

Getting a boost for Cayman’s financial services sector was the objective of a recent trip to Dubai this week by members of the government, including Premier Hon Mckeeva Bush.

The Cayman Islands delegation met with representatives from the Dubai International Financial Centre (DIFC) and the Dubai Financial Services Authority (DFSA) to discuss Cayman’s global initiative to generate economic growth.

Calling the meetings “successful,” Mr Bush said that he hoped to develop a “Memorandum of Understanding” between the Dubai government and the Cayman Islands Monetary Authority (CIMA) that will “ultimately result” in greater commercial opportunities for the financial services sector.

“The enthusiasm and interest in the Cayman Islands among our counterparts at the DIFC, DFSA and broader Dubai financial services community has continued to grow since my last visit here in 2005,” he said.

The Cayman Islands delegation, led by Mr Bush, was comprised of Mr Carson Ebanks, Chief Officer in the Ministry of Finance, Tourism & Development; Mr Dax Basdeo PhD, Executive Director of the Cayman Islands Investment Bureau; Mr Cline Glidden Jr, MLA and Deputy Speaker, and Mr Richard Parchment, Senior Political Assistant to the Premier.

Mr Bush pledged a “partnership” relationship with Dubai, rather than one of competition, and towards this end, announced plans to open a “Friends of the Cayman Islands” office in Dubai in March 2010.

Mr Bush told Cayman Net News that the previous government had blocked his efforts to create a partnership.

“Instead of being well on its way, the Cayman Islands ended up on the black list,” he said. “With the Cayman Islands not having an office in Dubai the previous government left us in a real mess. We are going to pull ourselves out of it, but the financial services and tourism sector may suffer until things turn around.”

Mr John Papesh, a former executive with Dart Enterprises, is now the Dubai-based economic development advisor to the Cayman Islands Government for the Middle East, provided support that Mr Bush called “essential” in reaching DIFC decision makers and organising the mission.

Mr Sandy Shipton, Head of Wealth Management, DIFC expressed a positive reaction to the visit: “The DIFC welcomes the Premier’s visit and the productive discussions between our two jurisdictions,” he said, “which will undoubtedly result in a greater level of cooperation between the United Arab Emeriates and the Cayman Islands.” discussion groups and an “element of mentoring” will comprise the voluntary programme held each Saturday morning.

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