Premier Alden McLaughlin and Financial Services and Home Affairs Minister Tara Rivers, along with representatives from the Maritime Authority of the Cayman Islands, spent last week rubbing elbows with yachting’s elite at the Monaco Yacht Show.
According to a news release, the delegation hosted events to promote the Cayman Islands and its Shipping Registry, including an evening reception for friends of Cayman, with yacht owners, builders, architects and other key players and service providers in the yachting sector in attendance.
Prince Albert II of Monaco was the guest of honor at the reception. He, like Mr. McLaughlin, is a keen cyclist. He invited Mr. McLaughlin to return to Monaco to participate in the Saint Tropez to Monaco charity bike ride in support of the Princess Charlene of Monaco Foundation. The Prince also expressed an interest in returning the favor and visiting the Cayman Islands. Several others in attendance said they too plan to visit the Cayman Islands.
The delegation also held a dinner for clientele of the shipping registry. This was the first time that the Cayman Islands has hosted a dinner at the Monaco show.
Mr. McLaughlin said the dinner “provided an opportunity for Cayman to thank some of the clients of our registry for the business provided to the Cayman Islands and for their loyalty over the years.”
The Cayman Islands has more than 80 percent of that market share of the ultra-large segment of the yachting industry, the release said, and the registrations bring in substantial fees. The Caymanian brand is also enhanced by so many luxury yachts being registered in the Cayman Islands and flying the Cayman flag, the release added.