Government, Dubai negotiate

The Cayman Islands government has edged closer to a mutual cooperation agreement with Dubai.

A Cayman delegation, led by Premier McKeeva Bush, held talks with representatives from Dubai International Financial Centre and the United Arab Emirate’s main financial services regulator, the Dubai Financial Services Authority.

The agreement aims to establish a closer cooperation with Dubai and to support growth in Cayman’s financial services sector.

The meeting between the delegations was followed by a reception at The Capital Club. It was sponsored by Cayman private sector firms that also maintain a presence in Dubai.

Mr Bush noted that 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.’

The Head of Wealth Management at DIFC, Sandy Shipton, welcomed ‘the Premier’s visit and the productive discussions’ between the two jurisdictions, which would result in a greater cooperation between the UAE and the Cayman Islands.

The Cayman Islands government economic development advisor for the Middle East John Papesh, who is based in Dubai, facilitated the meetings.

Other members of the delegation included Carson Ebanks, chief officer in the Ministry of Finance, Tourism and Development, Dax Basdeo, the executive director of the Cayman Islands Investment Bureau, MLA and Deputy Speaker Cline Glidden Jr. and Senior Political Assistant to the Premier Richard Parchment.