The Cayman Islands moved closer today to securing agreement on areas of mutual cooperation with Dubai as part of Cayman’s global initiatve to generate economic growth opportunities for the financial services sector.
The progress was made during 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).
The profile of the Cayman Islands financial services sector in Dubai was reinforced later in the evening with a 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 Premier, the Honourable McKeeva Bush said: “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. 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.”
Mr Sandy Shipton, Head of Wealth Management, DIFC said: “The DIFC welcomes the Premier’s visit and the productive discussions between our two jurisdictions which will undoubtedly result in a greater level of cooperation between the UAE and the Cayman Islands.”
Mr 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, led by the Premier, comprised 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.
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