A delegation from the Cayman Islands visits the United Arab Emirates next week in part to help promote Cayman’s proposed economic development zone – the Cayman Enterprise City.
The delegation includes Premier McKeeva Bush, and the Chairman and the CEO of Cayman Enterprise City. Enterprise city is
a proposed Special Economic Zone which is on track to be developed in Grand Cayman.
The goal of the trip is to approach officials in the UAE and propose a working relationship
that would benefit both Cayman and the UAE, when Cayman Enterprise City becomes
“The achievements of the United Arab
Emirates as a pioneer and global leader in the development of the world’s best
Special Economic Zones are unprecedented,” said Premier Bush. “We have identified great synergies between our
jurisdictions and recognize that working cooperatively for mutual benefit can
create enormous opportunities for both countries. As one of the world’s leading
financial centres, the Cayman Islands seeks to partner with the best.”
Cayman Enterprise City will expand the standard
free zone model to offer flexible regulations and better incentives for
international companies wishing to take advantage of good investment
opportunities in Cayman.
The focus will be on science and technology, research and academia,
and commerce and trade. Cayman Enterprise City seeks to be the largest Technology,
Communications and Commerce cluster in the Caribbean region and will host
growing enterprises as well as giant global brands.
“This visit to the UAE is enormously
important to Cayman and the CEC project,” said Barry Hon, chairman of Hon Developments. “One of our primary
objectives is to forge relationships with key stakeholders in the UAE, and
communicate the advantages to companies who establish a presence in CEC. Cayman will also benefit greatly from the
exchange of information gleaned from this trip.”
“Having the Premier
personally reach out to high ranking officials in UAE is an indication of just
how dedicated we all are to making Cayman Enterprise City a reality,” said Jason Blick, chief operating officer of Cayman Enterprise City.“Partnerships
with successfully established special economic zones such as those within the UAE are crucial to
Once Cayman Enterprise City is an operating special economic zone, Mr. Hon expects it will quickly create jobs for
Caymanians and immediately boost the local economy. CEC will also diversify the Caymanian job market to create
opportunities for the next generation.
A recent independent economic impact study
produced by KPMG has identified that CEC will contribute $500,000,000.00 per
annum to Cayman’s economy which represents 15% of the GDP. The study identified
the project creating 5,000 jobs within the zone over a 36-month period and a
further 4,800 jobs in Cayman outside the zone. Eight hundred of these jobs can be created
within a year.
exciting careers will be created for Caymanians in the fields of IT, science,
media, commodities, commerce and academia. CEC is an entirely privately funded
project and there is no investment being sought from the Cayman Islands Government”
said Mr. Blick.
The enterprise city complex will include: Cayman Internet Park, Cayman Biotech Park, Cayman Media Park,
Cayman Global Commodities Park and Cayman International Academic. There will be
no manufacturing or engineering within the park.
International businesses establishing within the
zone will not be permitted to trade in Cayman outside of the zone nor will they
be permitted to compete with local businesses. Local Caymanian businesses
outside the zone will benefit from new customers and new opportunities will be
created for Caymanian entrepreneurs to service those doing business within the
zone. Local Caymanian contractors and sub contractors
will be sought to build the five campuses which will be developed in three
phases comprising 500,000 sq feet of Class A office space, developers said.