Cayman moves towards MOU with Dubai

| 14/12/2009

Cayman Islands business news(CNS): During the most recent stop in the premier’s world tour, McKeeva Bush was selling the merits of the Cayman Islands to the wealthy Arabian Gulf state of Dubai. According to a release from the Ministry of Finance, Cayman moved closer to securing agreement on areas of mutual cooperation with Dubai. The Cayman delegation reportedly met with a number of key financial players from Dubai and the United Arab Emerites to discuss a memorandum of understanding between the two jurisdictions.

What the ministry described as meetings between a high-level delegation from the Cayman Islands and representatives from the Dubai International Financial Centre (DIFC) and the Dubai Financial Services Authority (DFSA), the principal financial services regulator of the United Arab Emirates (UAE), took palce on Monday 14 December, followed by an evening reception held at The Capital Club – a business club located within the DIFC site – which was sponsored by Cayman Islands private sector firms with a presence in Dubai.

“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,” said Bush. “The momentum from today’s discussions and previous dialogue between the regulators of our respective jurisdictions provide a basis to conclude a memorandum of understanding, which will ultimately result in greater commercial opportunities for the Cayman Islands’ financial services sector.”

Sandy Shipton, DIFC Head of Wealth Management, said the organisation welcomed the premier’s visit and the productive discussions between the two jurisdictions, which would “undoubtedly result in a greater level of cooperation between the UAE and the Cayman Islands.”

The ministry said that John Papesh, the Dubai-based economic development advisor to the Cayman Islands government for the Middle East, provided essential support in reaching DIFC decision makers and organising the mission. The Cayman Islands delegation included Carson Ebanks, Chief Officer in the Ministry of Finance, Tourism & Development; Dax Basdeo, Executive Director of the Cayman Islands Investment Bureau; Cline Glidden, MLA  and Richard Parchment, Senior Political Assistant to the Premier.

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Comments (12)

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  1. Anonymous says:

     Educate yourselves, then post responses to stories like this.

    Yes, the government of Dubai has spent money like a drunken sailor but that does not change the fact that their area of the world has enormous wealth and that Cayman has not made significant inroads with this region in the past.  Good on Mac for thinking longer term.

    Cayman offers the experience and respect that Dubai needs behind them to earn more business from that region.  This is the type of institutional business Cayman specializes in.

    Dubai has also been heavily marketing and promoting itself as an up and coming financial centre, encouraging London businesses to move into their gleaming new skyscrapers with huge incentives.

    It may become an important business relationship for Cayman in the coming years.

    Dubai is a part of the United Arab Emirates, as is oil rich Abu Dhabi who could drop 60-100 billion just from cash on hand if it so chose.

    • Anonymous says:

      and let us not forget that investors in Sharia investments have fared a lot better than many western investors during this down turn

      The Middle East and Asia are doing a lot of business in Cayman at the moment.

       

       

    • Old Timer says:

      Interesting to see Mr Shipton involved. I wonder if Mr Bush remembered him when he was working in the Cayman Islands.

    • Anonymous says:

      Thanks for your pompous comment, but please take your head for a poo and then come back and try to respect other people’s opinions a little.

      In your humble opinion Dubai is great. I beg to differ that whilst it’s neighbours are incredibly rich due to their massive oil reserves, Dubai has only become rich due to it’s niche at offering services to very wealthy investors and playboys. This is obviously a dying market now that the global financial services industry is in turmoil and the main governments are starting to tighten up controls on tax avoidance and bonuses.

      Your comment that Dubai is part of the UAE and Abu Dhabi could drop 60-100 billion cash on hand is absolutely ridiculous. It’s like saying Cayman is part of the Caribbean and Jamaica would drop 100 billion to bail us out. Get a grip on life mate, pull your head out of your oriface and back to reality.

      Why travel to Dubai, if it is Adu Dhabi that has all the funds, resources and potential investors?

      I’m guessing the whole delegation from Cayman are people like you that lack intelligence but make up for it with a high degree of arrogance and bullsh1t.

      • Anonymous says:

        You do realize that Abu Dhabi DID just give 10 Billion to Dubai don’t you?

        And comparing Abu Dhabi to Jamaica hardly bolsters your credibility on international issues.

        The REGION is rich. Dubai IS a financial center for the region. Cayman making inroads there is a smart strategy. It certainly is not a negative.

        Not sure why you have difficulty understanding that.

  2. Just Sayin says:

    Lets hope they are using all their frequent flyer miles to pay forthese trips, they should have all racked up a fair few by now. Or ar they stockpiling them for after their retirement on the peoples dime?

    • Anonymous says:

      I suppose they should just sit around their swank Cayman homes feeling sorry for themselves like the previous government?

      PPM did nothing while the entire civil service was crumbling around them, and did nothing while the economy went into decline, and did nothing to keep Cayman off the OECD grey list when it came out.

      Shame on anyone who attacks our leaders for taking action to promote our islands and boost our economy.  They won’t make all the right decisions but even a few would be a big improvement over the last guys.

      • Anonymous says:

        Stop Bashing PPM!!! In the past we were on the Black list many times before and PPM was not in power during those times, so stop painting them bad and please!!! There was no country that could do anything about the recession when hit them so what make you think Cayman is immune from financial impact of this sort no Goverment coud had done any better and if it did happen on UDP watch, I guess it would be call a recession rather than a financial mess that so many of you love to paint all over PPM….So for the record it did’nt matter which Goverment was in power Recession was coming anyway you take it and every Country in the world felt it unless you don’t read or watch the news…

  3. Caymanian for DAN says:

    it’s great that he’s all the way in Dubai…i haven’t felt naustious lately!

  4. Anonymous says:

    Typical Mac, still following his ‘fire!  ready, aim’ MO.  What is the sense in promoting Cayman in Dubai 4 days after Moodys downgraded Dubai? Sounds like a poor excuse for another jolly at the expense of Cayman’s struggling public coffers.  see: http://online.wsj.com/article/SB10001424052748703514404574587953723706202.html?mod=googlenews_wsj

  5. DMA says:

    Dubai is broke and might get baild out by Abu Dhabi if they are lucky. Why investing in Dubai in these difficult times ? What can you possibly get out of a nacked man’s pocket!? Expats flee Dubai with a carry-on. They park their fancy cars at the airport and leave the car keys in the ignation due to immigration policies.

    John Papesh had been sent to Dubai in order to set up shop earlier this year. I would be interested in reading his report on profitability if there is any. Is the ROI favorable or unfavorable? I have not heard anything in the media YTD.

    As much as I like the UDP but I feel strongly that they should give assignments depending on experience rather than friendship and promises.

     

     

  6. Anonymous says:

    Now they’re selling Cayman to the ‘wealthy state of Dubai’ even though they are more skint than here!

    Why would they invest here when the whole financial system is in meltdown there?