Plans by the former government to open a branch of the Cayman Islands Investment Bureau in Dubai have been shelved, Minister of Commerce Charles Clifford said last week.
‘No research has gone into that,’ said Mr. Clifford. ‘It’s on hold until we can further investigate it.’
In March, former Leader of Government Business McKeeva Bush travelled to the United Arab Emirates to explore strengthening ties between Cayman and the Arab nation.
Mr. Bush said at the time the UAE was a rising financial centre and would pose competition to the Cayman Islands.
He said opening a CIIB branch in Dubai would allow the Cayman Islands to work in partnership with the UAE.
Mr. Clifford, however, is not convinced the move is worth the expense.
‘I’m not going to open an investment bureau on the other side of the world without being sure it makes sense and that we’ll get a return on investment,’ he said.
The feasibility of the CIIB Hong Kong branch, opened last year, is also under examionation.
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