ESTABLISHED 1965 www.caymancompass.com – 50 CENTS – THURSDAY, 5 SEPTEMBER 2019 High of 90 Low of 78 Slight with wave heights of 1 to 3 feet. REGIONAL | PAGE 9 RESCUERS IN BAHAMAS FACE A BLASTED LANDSCAPE LOCAL | PAGE 5 LOCAL BREWING COMMUNITY MOURNS THE LOSS OF PIONEER Regulated in the Cayman Islands as a licensed insurer by the Cayman Islands Monetary Authority. Generali Worldwide is a trading name of Utmost Worldwide Limited. Registered Head Office address: Utmost Worldwide Limited, Utmost House, Hirzel Street, St Peter Port, Guernsey, Channel Islands GY1 4PA. Regulated in Guernsey as a licensed insurer by the Guernsey Financial Services Commission under the Insurance Business (Bailiwick of Guernsey) Law, 2002 (as amended). Incorporated in Guernsey under Company Registration No. 27151. www.generali-healthcare.com Contact us to learn more about our new member benefits at 747-2000. Get your Second Medical Opinion for FREE! www.generali-healthcare.com A Department of Environmental Health worker deposits the contents of a trash can into a dump truck in George Town on Wednesday. The DEH will be taking delivery of 11 new vehicles by the end of this year. - PHOTO: TANEOS RAMSAY $4 million for new garbage truck fl eet DEH: Trucks will get garbage collections back on track ANDREL HARRIS aharris@compassmedia.ky The Department of Environmental Health has received $4 million to pur- chase 11 new trucks. The fl eet of vehi- cles will consist of fi ve rear-end loaders, two front-end loaders, two roll-on roll- offs, one grapple, and one side loader. The new trucks were purchased to help nor- malise garbage collection services and are expected to arrive in Cayman some- time before the end of 2019, DEH Director Richard Simms said. During the latter half of 2018, the DEH was plagued with constant machinery failure, particularly with its residential waste collection trucks. The machinery failures crippled the department’s house- hold waste collection across several dis- tricts for days on end – which prompted a response from the government. “The government approved $4 mil- lion for capital expenditure, and that will allow for the purchase of the new gar- bage trucks and a few other smaller vehi- cles within the department,” said Simms, who offi cially took on the role of director in June after having acted in the capacity since July 2018. Simms said although garbage collec- tion services are no longer experiencing signifi cant backlogs, there is still a long way to go before those services are back to regularly scheduled pickups. “We currently have 14 operational trucks,” he said, “and in order for us to op- erate properly, it will take a minimum [of] 22 trucks to serve the country.” In June, the department auctioned off eight derelict garbage trucks to pri- vate vendors and citizens to be used for parts. Simms said the vehicles were 10-to-20 years old and had “put in their time” and needed to be retired. “Those trucks were no longer opera- tional, and it was not fi nancially feasible to repair them,” he said. “I don’t see how they could be returned to roadworthy con- ditions; some trucks were missing en- gines, others were missing chassis. Those trucks were built between 1999 and 2004, so they were really old.” PLEASE TURN TO PAGE 8 » CAYMAN HOMESHARING MARKET DOUBLED IN PAST YEAR MARK MUCKENFUSS mmuckenfuss@compassmedia.ky Homesharing is expanding in Cayman. Over the past year, bookings through plat- forms such as Airbnb have increased 100%, said Rosa Harris, director of tourism for the islands. “We’ve seen excellent growth,” Harris told a crowd of about 75 people at the Depart- ment of Tourism’s Homesharing Summit on Wednesday at Margaritaville Resort, “which tells us that even more interest is there and we want that to continue.” The day-long conference was designed to provide information to those operating on the homeshare market in Cayman, whether through Airbnb, some other room sharing platform, or via traditional short-term rental. It was also an opportunity for those hosts to connect with others in the industry, as well as companies tailoring their businesses to serve that section of the tourism market – including boutique food companies, tour- oriented outfi ts and a business that readies properties for rental. BEACH BAY RESORT EXPECTED TO REDUCE TURTLE HABITAT KAYLA YOUNG kyoung@compassmedia.ky An environmental impact assessment has been deemed unnecessary for a proposed re- sort development at Beach Bay, described as “critical habitat” for sea turtle nesting. The National Conservation Council’s ad- vice on the project determined that, “although the loss of primary [turtle nesting] habitat is considered an adverse effect, it is not con- sidered to warrant an [environmental impact assessment]”. The advice, scheduled for confi rmation by the council on 11 Sept., concludes that the De- partment of Environment possesses enough expertise on turtles that an assessment will not be needed. Detailed plans for the Mandarin Oriental Hotel project were submitted to the Central PLEASE TURN TO PAGE 8 » PLEASE TURN TO PAGE 8 »2 LOCAL NEWS THURSDAY, 5 SEPTEMBER 2019 • CAYMAN COMPASS BREAKTHROUGH (PG) 1:25 I 4:10 I 7:15 I 10:00 SUN: 4:10 I 7:15 I 10:00 KALANK (PG) 3:10 I 9:00 (SAT ONLY) I 9:30 (NO SAT) SUN: 3:10 I 9:20 LITTLE (PG13) 12:30 I 3:25 (SAT ONLY) I 3:50 (NO SAT) 6:50 I 9:45 SUN: 3:50 I 6:50 I 9:35 DUMBO (PG) 10:30 (SAT ONLY) I 4:35 I 7:15 (NO SAT) SUN: 4:35 I 7:15 CAPTAIN MARVEL 1:40 I 10:00 (NO SAT) SUN: 6:30 I 10:00 THE CURSE OF LA LLORONA (R) 1:10 VIP I 4:35 I 7:00 VIP I 10:15 HELLBOY (R) 12:35 (SAT ONLY) I 1:00 I 6:10 (SAT ONLY) I 6:45 SHAZAM! (PG13) 1:30 I 3:40 VIP I 7:15 I 9:30 VIP SUN: 3:40 VIP I 4:40 I 6:40 VIP 8:00 I 9:40 VIP KIDS CLUB: OVER THE HEDGE (PG) 10:00 (SAT ONLY) CULTURE AT THE CINEMA: THE TRAGEDY OF KIND RICHARD THE SECOND SAT ONLY: 8:00 • Matinees Daily (matinee price before 6pm) • Seniors $8.00, Mon-Fri Before 6pm • Additional charges apply per 3D/VIP tickets Cayman Cinema@cbcinema6cbcinema6 SATURDAY NIGHT: For your viewing pleasure, minors under the age of 18 will not be admitted to any film starting after 6pm, unless accompanied by their parent. - THURSDAY - 640-FILM (640-3456) ONCE UPON A TIME (R) IN HOLLYWOOD 12:15 VIP | 3:50 | 6:35 VIP | 9:10 THE ANGRY BIRDS (PG) MOVIE 2 1:30 | 4:00 | 6:45 47 METERS DOWN: (PG13) UNCAGED 4:15 | 7:25 | 10:15 BLINDED BY THE LIGHT (PG13) 1:05 | 4:15 | 7:20 | 10:00 ANGEL HAS FALLEN (R) 1:00 | 3:45 VIP | 7:00 | 9:50 | 10:05 VIP F&F HOBBS & SHAW (PG13) 1:15 | 4:20 | 9:45 SAAHO (PG) 12:30 | 6:35 Hurricane season heats up across Atlantic Three named storms were brewing in Atlantic wa- ters as of Wednesday after- noon. None of the systems were projected to impact the Cayman Islands. While Hurricane Dorian was downgraded to a Cate- gory 2 storm by Wednesday, the system continued to threaten coastal communities in the US. After dealing a devas- tating blow to the Bahamas, following more than a day of terror-inducing winds and rains, the system neared the US East Coast. “Life-threatening storm surge and dangerous winds are expected along portions of the Florida east coast and coasts of Georgia, South Carolina, [and] North Caro- lina, regardless of the exact track of Dorian’s center,” the US-based National Hur- ricane Center advised on Wednesday. “Water levels could rise well in advance of the ar- rival of strong winds. Resi- dents of these areas should follow advice given by local emergency officials.” As of Wednesday after- noon, Dorian’s eye was lo- cated about 115 miles east of Jacksonville, Florida, where a hurricane watch was in effect. Hurricane warnings had also been issued from north of the Savannah River to the North Carolina-Vir- ginia border. Meanwhile, Tropical Storm Fernand moved in- land along Mexico’s north- eastern coast, where a tropical storm warning was in effect. The system was expected to down- grade to a depression by Thursday morning. Tropical Storm Gabri- elle, located northwest of the Cabo Verde Islands, was projected to curve north and avoid the Caribbean entirely. Two other systems were in development but had not yet been named. A tropical wave off the coast of Af- rica was forecast to pro- gress over the Atlantic later on Wednesday. The National Hurricane Center predicted a 50% chance of formation by Monday. “Environmental condi- tions appear to be condu- cive for some slow develop- ment late this week, and this system has the potential to become a tropical depression over the weekend or early next week while it moves westward across the trop- ical Atlantic Ocean,” the NHC forecast read on Wednesday. Mapping showed the system moving westward to- wards the Caribbean. Another low-pressure system northeast of Bermuda had no chance of affecting the Caribbean. That system was expected to become better organised. Upper-level winds on Saturday, however, were forecast to discourage cyclone formation. $12K REWARD OFFERED FOR INFORMATION ON TURTLE POACHERS A reward of up to $12,000 is being offered to anyone with informa- tion leading to the arrest of those poaching wild turtles or selling wild turtle meat, according to a press release issued Wednesday by the Cayman Turtle Centre and Cayman Crime Stoppers. It comes on the heels of a 3.5-foot wild green sea turtle shell being found in West Bay. It is suspected the shell came from a poached turtle. The Department of Environment continues to investigate the remains, ac- cording to the release. Crime Stoppers is of- fering a reward of up to $10,000 and Cayman Turtle Centre is offering an addi- tional $2,000. Anyone with information is asked to call the Miami-based anonymous Crime Stoppers line at 800-8477. Three named storms and two disturbances were active in Atlantic waters on Wednesday. Red Cross: Despite best intentions, some donations cause more harm than good KEVIN MORALES kmorales@compassmedia.ky As the push to aid in Hurricane Dorian relief ef- forts continues, entities such as the Cayman Islands Red Cross and Hazard Manage- ment Cayman Islands are asking the question: what if your donations do more harm than good? “It’s estimated 60% of un- solicited goods do not get used,” Cayman Islands Red Cross’s Deputy Director Caro- lina Ferreira said Wednesday. The National Trust of the Cayman Islands earlier this week posted to social media encouraging residents to drop off cash or donations to crew on the M/V John Paul DeJoria, which is docked at the South Terminal, in George Town. The ship is part of the Sea Shepherd Con- servation Society and aims to take those donations to the Bahamas. There are dozens of ex- amples, however, where do- nations go unused because they either are not needed at a particular time, cannot be shipped easily to that lo- cation, do not have a point person on the ground to distribute them or, in some cases, are not appropriate, Ferreira said. “Donations to BVI in 2017,” she said, referring to relief efforts following Hurri- cane Irma, “I was there in Oc- tober 2018 … and I saw the community was giving back some of the food items that were sent because they were not culturally appropriate for that community.” Hurricane Mitch struck Honduras in 1998, killing 11,000 people, according to media reports in the US. CBS News reported high heeled shoes and winter clothing as among the donated items that ultimately were left on an air- port runway and prevented aircraft from landing. Indo- nesia’s government burned piles of used clothing fol- lowing the 2004 Indian Ocean tsunami because workers did not have time to sepa- rate clean items from soiled items, according to CBS. “The reality is there is more to disaster response than just collecting the goods,” she said. “The needs of the community change very quickly.” Solicited donations refer to items requested by a coun- try’s government or emer- gency responders on the ground. The National Trust, for instance, listed items on its social media post they say were requested by the Ba- hamian government. Unso- licited donations refer to all other donations. “Unsolicited items create havoc on the ground as or- ganisations do not know they are coming and then have to divert manpower and equip- ment to collect them, and most don’t have anywhere to store them,” according to a flier posted on the Cayman Islands Red Cross’s Facebook page. Money donated to the local Red Cross will not go through the American Red Cross and will go further as the Bahamas starts to re- build, the flyer reads. “That affords a level of flexibility that items don’t,” Ferreira said. “And there’s nothing more frustrating, both to vulnerable people on the ground and relief workers, [than] taking items to a community and having them turned back.” A Butterfield Bank account has been set up for cash donations for the Red Cross’s relief efforts in the Bahamas. The account number is 1360350540060. A family walks through the remains of their home, destroyed by Hurricane Dorian in the Pine Bay neighbourhood of Freeport, Bahamas, on Wednesday. Disaster relief organisations are rushing to the Bahamas, bringing in food and medicine. - PHOTO: APThe islands’ most-trusted news source 3 CAYMAN COMPASS THURSDAY, 5 SEPTEMBER 2019 4 LOCAL NEWS THURSDAY, 5 SEPTEMBER 2019 • CAYMAN COMPASS Condolence books open for John McLean Members of the public are invited to sign con- dolence books in memory of the late John Bon- well McLean. The books are avail- able to sign during busi- ness hours at the Gov- ernment Administration Building, the Legislative Assembly Building and the East End Post Office until Monday, 9 Sept. McLean passed away on 24 Aug. at the age of 69. On Monday, the official lying-in-state at the Legis- lative Assembly Building will be held from 10 am until 3pm. Members of the Legislative Assembly will lead off the proces- sion followed by McLean’s family, and government leaders, civil servants and members of the public will be able to pay their last respects. His funeral service will be held at 3pm on Tuesday at the Cayman Islands Bap- tist Church in Savannah. McLean will receive full official honours with the draping of the Cayman Is- lands flag on the casket, which will be guarded by a two-person team from the uniformed services. For the lying-in-state and the official funeral, there will be a uniformed Guard of Honour and vigil. This will be comprised of a mixed contingent from the Royal Cayman Islands Po- lice Services, the Cayman Islands Fire Services and Her Majesty’s Cayman Is- lands Prison Service. The pallbearers will be made up of personnel from the RCIPS. As a sign of respect, the Cayman Islands flag will fly at half-mast at all govern- ment buildings on Monday and Tuesday. PRINTED AND PUBLISHED BY: Cayman Compass Ltd. Compass Centre Shedden Road, George Town, Cayman Islands SEND US YOUR VIEWS OR NEWS: P.O. Box 1365 Grand Cayman, KY1-1108 Cayman Islands Telephone: (345) 815-0095 Email: newsdesk@compassmedia.ky ADVERTISE WITH US: Telephone: (345) 949-5111 Email: sales@compassmedia.ky Website: www.caymancompass.com PUBLISHER KATHLEEN CAPETTA EDITOR CATHERINE MACGILLIVRAY A MEMBER OF THE INTER-AMERICAN PRESS ASSOCIATION “Give light and the people will find their own way” The condolence books can be found at the Government Administration Building, the Legislative Assembly Building and the East End Post Office. Final push to verify cruise port petition signatures With fewer than 150 sig- natures remaining to be veri- fied for the cruise port refer- endum, the Elections Office indicated Wednesday that it is gearing up for a final effort to verify them all. Elections Office staff have been going door-to- door to verify the more than 5,000 signatures attached to the petition, and they have been revisiting homes lately to try to verify the out- standing signatures. The Cruise Port Refer- endum Cayman campaign submitted 5,795 signatures for verification, but only 5,292, representing 25% of the electorate, are needed to trigger a voter referendum. The Elections Office has ver- ified 97.3% of the necessary signatures – 5,150 of them. “The remaining few in- dividuals are certainly the most difficult to reach,” said Supervisor of Elections Wesley Howell in a prepared statement. “This is why we are in- creasing our efforts to con- tact those who have not yet verified their signature. I strongly encourage peti- tioners who have not verified their signatures to contact our offices. With the sup- port of the remaining peti- tioners, we anticipate being to wrap up verification in the coming days.” The Elections Office sug- gests anyone who has missed the door-to-door checks or who has recently moved, to contact its office via phone (949-8047) or email (office@elections.ky). People are also encour- aged to visit the Elections Of- fice, on the second floor of the Smith Road Centre in George Town, during its extended opening hours – 8:30am to 6:30pm Monday to Thursday and from 8:30am to 5pm on Friday. The office is also open on Saturdays from 10am to 3pm. More information and details on the CPR verification locations and voter registration requirements can be found on the Elections Office website at www.elections.ky. Iguana cull nears 900,000 specimens Grand Cayman’s green iguana cullers closed out Au- gust with their busiest week since early July. The cullers nabbed 13,542 green iguanas in Week 44 of the proposed 60-week iguana cull, and they have taken a total of 877,261 invasive spe- cies out of the ecosystem over the life of the programme. That tally includes a partial total of 3,009 green iguanas for the week of 2 Sept. to 7 Sept. The final week of Au- gust represented the bus- iest period since cullers took 12,998 iguanas in the first week of July. Cullers, at this point, are behind the pace necessary to reach the intended target of 1.3 million culled green iguanas by the end of the cal- endar year 2019. Cayman’s green iguana cullers are being paid $4.50 per iguana, and that sum can rise to $5 if they meet monthly and an- nual targets. The DoE conducted a green iguana survey last year that indicated there were between 1.1 million and 1.6 million green iguanas on Grand Cayman. 0 200000 400000 600000 800000 1000000 Week 44 (26-31 Aug.) Week 1 (Oct. 29-Nov. 3) Pace to reach 1.3 million 872,398 Supervisor of Elections Wesley Howell says the Elections Office is ramping up its efforts to verify the final few signatures needed to trigger a referendum into the government’s proposed cruise ship and cargo dock. HOMEOWNER DETAINS ARMED BURGLAR The owner of a home that a man armed with a knife broke into in the early hours of Tuesday caught and detained him until po- lice arrived. Police were alerted to the incident at an address off Smith Road in George Town shortly after 3am. The man who had entered the residence was discov- ered by the occupants. When he attempted to flee, one of the residents caught and de- tained him. Police said sev- eral items were recovered from the man, including a knife and drug utensil. The 39-year-old man, of George Town, was arrested and charged with aggravated burglary, consumption of co- caine and possession of a utensil used in the consump- tion of cocaine. He is scheduled to appear in court Thursday. Police said the occupant of the house sustained minor injuries while detaining the man and was transported to the Cayman Islands Hos- pital for treatment and sub- sequently discharged. Detective Superinten- dent Peter Lansdown of the RCIPS Criminal Inves- tigations Department says, “While we always urge members of the public to exercise caution and avoid putting themselves in harm’s way in situations such as this, we wish to ac- knowledge the homeowner for his courageous actions during this incident.”5 LOCAL NEWS CAYMAN COMPASS • THURSDAY, 5 SEPTEMBER 2019 Real-time Power Outage Updates Customers are now able to track scheduled and unscheduled power outages on the Company’s website through CUC’s “Public Outage Map”. Visit www.cuc-cayman.com and click on the “View More” or the “View Map” buttons on the home page for real-time information on scheduled and unscheduled outages. We do our best to prevent power outages, but when they do occur, we want to keep you informed. The Environmental Management System at the North Sound Road Power Plant is registered to ISO 14001 Local brewing community mourns the loss of pioneer SPENCER FORDIN sfordin@compassmedia.ky The Cayman Islands brewing community is mourning the loss of Allen Chu Fook, the first general manager of Cayman Islands Brewing Company. Chu Fook, from Trinidad, passed away on 22 Aug. at the age of 74, and is fondly remembered in Cayman for developing the port- folio of Caybrew and its sister brands. He is survived by his wife Gail Chu Fook; his children Suzette, Carolyn and Christian; siblings Eva and Stanley; and grandchil- dren Alyssa, Lyndsey, Ethan and Addison. Christian Chu Fook said his father was ill for the final two months of his life and that his final decline was both very rapid and unexpected. “Dad was a student of life and someone who un- derstood the fundamental principles of life and rela- tionships,” he said. “He led our family through times of uncertainty while always making us feel safe. He was always available to us when we needed support and dropped whatever he was doing to be there for us. He took the time to learn each one of his family members, and if something was im- portant to us, he made it important to him. He al- ways had room to love more and help more.” Allen Chu Fook was born in Trinidad on 18 June 1945 and grew up in the town of Belmont. His fa- ther passed away when he was just 7 years old, and his mother had to care for him and his four siblings. Chu Fook earned a scholar- ship to Heriot-Watt Univer- sity in Edinburgh, Scotland, and he graduated with a bachelor’s degree in Applied Biochemistry. Christian Chu Fook said his father began working as a brewer for Carib Brewery in Trinidad after his grad- uation, and he moved his family to Grenada in 1989 to work for Grenada Brew- eries. He later became man- aging director for Grenada Breweries, and by the time he arrived in Cayman in 2007, he had more than four decades of experience in the brewing industry. Stephen Webster, chairman of Cayman Is- lands Brewing Company’s board of directors, said that Chu Fook would be remem- bered as an influential force in the local brewing scene. “He relished the opportu- nity to help create a serious brewing force in Cayman and he and his wife Gail settled comfortably into the Cayman community,” said Webster in an email. “After getting the brewery on the right road and recruiting his own re- placement, Allen returned to Trinidad in 2011 but main- tained his role as [chief ex- ecutive officer] of the Carib- bean Brewers Association. Allen was a real ‘Trini’, but with contacts throughout the Caribbean and, of course, with strong UK rela- tionships having studied at university in Edinburgh. “A very popular man who could mix in any circles. We shall remember him fondly.” Before arriving in Cayman, he was respon- sible for the first attempt at crafting a Trinidadian light beer in 1987, while working for the Caribbean Development Company. That beer was called Carib Light, and he later worked on developing Carib Lager, which was exported to the United States. He was also instru- mental in the design and construction of a new brewery in Trinidad, and he not only brewed its first beer, but he trained the brewers who would take the brewery forward. When he arrived in Cayman, he found that he had a steep task laid in front of him. “It was an uphill battle at the time,” said former Caybrew spokesperson Matthew Leslie. “Back then, you couldn’t pay someone to drink our beer. People had that attitude: If it was local, it wasn’t any good. He really tried his best in terms of putting em- phasis on hitting the local market and interacting with people. “He would come on the road with me when we made sales calls. He made friends with all the cus- tomers. And if he met a customer, he wanted to learn everything about that person so they could have a good conversation. He was really good and really gen- erous with the staff and giving us bonuses.” Leslie said he would re- member Chu Fook as a mentor and as a gregarious and studious co-worker. He said that Chu Fook would have a coffee every day and read the news- paper before beginning his work, and he was pas- sionate about being knowl- edgeable about politics and current events. “To the other people, he was their boss. For me, he was my boss and friend,” said Leslie. “He was very supportive and relied on me heavily to learn the streets of Cayman. “He took an interest in me, a young guy who had ideas. When I came into the brewery, I was the spokes- person, but he allowed me to run my other businesses. He always told me, ‘You make sure you give this much time to the brewery and you’ll always have a place here.’” Chu Fook was laid to rest at Church of the Na- tivity in Diego Martin, Trin- idad, on 29 Aug. By the time he arrived in Cayman in 2007, he had more than four decades of experience in the brewing industry. Allen Chu Fook, 1945-2019THURSDAY, 5 SEPTEMBER 2019 • CAYMAN COMPASS The islands’ most-trusted news source 6 Community CALENDAR ■ COMMUNITY CALENDAR is published TUESDAYS and THURSDAYS. It is available to charitable or non-profit organisations. Items should be submitted at least three working days before publication. Information must include name of sender, signature and contact number. ■ Items may be brought to the Cayman Compass office on Shedden Road or emailed to editor@compassmedia.ky at least three days in advance of publication. SATURDAY, 7 SEPT. BOOK SALE: The Humane Society is holding a book sale outside A. L. Thompson’s today from 9.30am until 2pm. Any 3 books for $1. All proceeds benefit the animals at the shelter. STORY TIME: Rotary Central Cayman Islands will host a Story Time event this morning at 10:30am at George Town Public Library. The event is free, and there will be fun activities and goodies for children, who must be accompanied by an adult. BRAC DG 5K: The 2019 DG 5K run/walk, organised by Deputy Governor Franz Manderson, will be held on Cayman Brac today. The first 400 registrants will receive a special edition hat. The beneficiaries of this year’s run will be the Cayman Islands Crisis Centre, the Special Needs Foundation Cayman and the Alex Panton Foundation. A second run will be held on Grand Cayman on 29 Sept. To register, visit www.caymanactive.com/ dg5K or email dg5K@gov.ky for more information. FIDELITY FUN RUN: The first of an annual series of 2‑mile fun runs will be held today. The next two will be held on 14 and 21 Sept. Starts at 7:30am on Walkers Road, opposite the former John Gray High School, then goes to South Church Street before finishing on Denham Thompson Way. Free entry for runners under the age of 15. $10 for one race, $25 whole series. Awards will be presented to the top 3 male and top 3 female point scorers overall in the series and also to the top 3 male and female scorers in each age group. Proceeds will go to Bahamas hurricane relief. Register online at www.caymanactive. com/registrations. Late registration on the day from 6:30‑7:15am. BRAC ROTARY FISH FRY: The Rotary Club of Cayman Brac holds its annual Fry Jack Bonanza and Fish Fry. Fishing time from 7am to 4pm; Fish fry from noon to 5pm, Panama Canal. Registration on Friday, 6 Sept., 6:30–9pm, Cayman Brac Museum porch. SUNDAY, 8 SEPT. MERCURYMAN TRIATHLON: Three options available. Team or solo half‑Iron distance: 1.2‑mile swim/56‑mile bike ride/13.1‑mile run; team or solo international distance: 0.6‑mile swim/28‑mile bike/6.5‑mile run; and solo aquabike: 1.2‑mile swim/56‑mile bike. Register at www.caymanactive.com. Visit www.mercurymantri.com for more details. TUESDAY, 10 SEPT. HURRICANE PREPAREDNESS: The National Museum is hosting ‘Cayman Prepared: An educational lecture’. 6pm at the museum’s Audiovisual Theatre. $10 general public, $6 members. Refreshments provided. Part of the museum’s three‑part Speaker Series on ‘Ivan the Terrible: Fifteen Years Later’. Email info@museum.ky for more details. SENIORS EVENTS: The Department of Children and Family Services is coordinating activities throughout this month for seniors in the districts. A Craft event will be hosted today by the Countryside Church in East End from 10am to 2:30pm. Call Delmira Bodden on 925‑5543 for more details. WEDNESDAY, 11 SEPT. CONSERVATION MEETING: The National Conservation Council will hold a general meeting at 2pm today at Room 2112 (second floor), Government Administration Building. The agenda for the meeting is posted on the Department of Environment website. HURRICANE IVAN REMEMBERED: Water Authority – Cayman invites the public to attend an event at its office on Red Gate Road, from 11am to 2pm, to mark the 15th anniversary of Hurricane Ivan. There will be an exhibit on display that highlights the impact of the storm, as well as the strides made by the Cayman Islands and the Water Authority to become more resilient. There will also be hurricane preparedness information available, as well as lunch and giveaways. THURSDAY, 12 SEPT. LITTLE CAYMAN VEHICLE LICENSING: DVDL officers will visit the District Office in Little Cayman today from 9am to 2:30pm. SATURDAY, 14 SEPT. MEMORY CAFE: The Alzheimer’s and Dementia Association is hosting a ‘Memory Cafe’ at South Sound Community Centre today. 10am to 1pm. TUESDAY, 17 SEPT. HURRICANE RECOVERY TALK: At the National Museum’s Audiovisual Theatre. 6pm. Part of the museum’s Speaker Series on ‘Ivan the Terrible: Fifteen Years Later’. $10 general public, $6 members. Refreshments provided. Email info@museum.ky for more details. NORTH SIDE SENIORS EVENT: The Department of Children and Family Services is coordinating activities throughout this month for seniors in the districts. Today, from 10am to 1pm, a Games and Craft event for seniors will be held at the North Side Civic Centre. Call Flavia Gardner on 926‑0490 for more details. WEDNESDAY, 18 SEPT. DRUG AWARENESS SESSION: The Department of Counselling Services is organising a ‘Talk Early, Talk Often: Drug Edition’ as part of Recovery Month activities. At the Family Resource Centre, 2nd floor, Apollo House West, Mary Street, George Town. 6‑7:30pm. Learn how to talk to your children about drugs and alcohol. The workshop will provide parents with the skills and the age‑appropriate language needed. NATIONAL TRUST AGM: The National Trust is inviting its members to the Annual General Meeting at the George Town Yacht Club today. The 2018/19 Annual Report and Financials will be presented and members will have the opportunity to vote for the 2019/20 Trust Council. Members unable to attend the meeting are encouraged to cast their vote by proxy. Proxy nominations must be received before 5pm, 16 Sept. Doors open at 5:30pm for registration and voting, with a 6:30pm start to the AGM. Drinks and canapes will be served. For more information, visit nationaltrust.org.ky. RSVP to info@nationaltrust. org.ky so the Trust can ensure quorum. THURSDAY, 19 SEPT. CONQUERING CANCER: The Cayman Islands Cancer Society presents ‘Conquering Cancer VI – Let’s Fight Cancer Together’, a three‑day series of cancer awareness activities for health professionals and the general public begins today. This evening’s event at the Marriott resort will be for doctors, allied healthcare professionals and medical students. Four hours of continuing medical education credit. Health information and screenings will be provided. Today, the evening Speakers from Broward Health International, Cancer Treatment Centers of America, Cleveland Clinic, CTMH Doctors Hospital, Health City Cayman Islands, Holy Cross Hospital, Memorial Healthcare Systems, Miami Cancer Institute Baptist Health South Florida and University of Miami Health Systems. Refreshments and registration at 5pm. Nine CME presentations from 5:30pm. DEBT COLLECTION COURSE: The Chamber of Commerce is hosting a two‑hour course on Debt Collection: How to Avoid and Collect Bad Debt. Aimed at small businesses. 9‑11am at Unit 4‑107, Governors Square. $175 for members, $225 for future members. Visit the events page at www.caymanchamber.ky for more information. FRIDAY, 20 SEPT. HANNAH’S HEROES BIG SHAVE: The 7th annual Big Shave takes place today at Cricket Square to raise funds for childhood cancer research charity St. Baldrick’s Foundation. To get involved, register now to get a shave; organise a dress‑down day or a bake sale at work; or donate. For more information, visit www.stbaldricks.org/events/ hannahsheroes. DRESS PURPLE DAY: To mark World Alzheimer’s Day on Saturday, a Corporate Dress Purple Day is being held today. CONQUERING CANCER HEALTH FAIR: Aimed at providing doctors and allied healthcare professionals with an informative presentation by a visiting physician, who will be providing their expertise on cancer prevention and treatment. At the Health Services Authority. Noon to 2pm: Lunch and Learn/CME. SATURDAY, 21 SEPT. BRAC BRENDA LUND- TIBBETTS WALK/RUN: The annual walk/run to raise funds for the Lions Club of Tropical Gardens and raise awareness of breast cancer will be held on Cayman Brac today at 6am $25 adult registration. $10 for ages 8 to 12, and free for under 8’s. The route will be out and back from the Brac Reef Resort. Register online at www.caymanactive.com. WORLD ALZHEIMER’S DAY: The Alzheimer’s and Dementia Association will be holding an awareness session at Foster’s at The Strand from 8am to noon. Also, from 6‑8pm, dementia training for caregivers will be held at Jasmine on West Bay Road. CONQUERING CANCER HEALTH FAIR: A day of awareness and education. This free event is designed to bring new and innovative ways of screening, diagnosing and treating cancer. While this event is dubbed ‘Conquering Cancer VI’, attendees can also avail of free health screenings for glucose levels, blood pressure, BMI and cholesterol, as well as free healthy food samplings. Refreshments will be provided. Open to members of the public of all ages. Featuring more than 30 exhibitors, including nine visiting hospitals, with giveaways and health information. 8:30am to 2pm, at the Marriott resort. SUNDAY, 22 SEPT. PACCE WALK/RUN/RIDE: The Lions Club of Grand Cayman hosts the eighth annual PACCE (Prostate and Colon Cancer Event) Delano Hislop Memorial Journey for Life Walk/ Run today, starting at 6:30am from the Jasmine building on West Bay Road. Walk 5K, Run 10K or Ride 15K. Proceeds raised from this event will benefit Jasmine (formerly Cayman HospiceCare) and the Cayman Islands Cancer Society. Register online at www.caymanactive.com/ registrations. A T‑shirt and bib pick‑up will be held the evening before, on Saturday, 21 Sept., 7‑11am at the Lions Community Centre, Crewe Road. Pre‑registration at 6am on day of run. TUESDAY, 24 SEPT. SENIORS EVENTS: The Department of Children and Family Services is coordinating activities throughout this month for seniors in the districts. Today, a ‘Young at Heart’ event will be hosted by Cayman Islands Baptist Church on Pedro Castle Road, from 10am to 1pm. Call Carol Bodden on 924‑3309 for more details. Also, today, from 10am to 1pm, a Games and Craft event for North Side seniors will be held at the North Side Civic Centre. Call Flavia Gardner on 926‑0490 for more details. For more Community Calendar events, visit www.caymancompass.com/events. Runners take off at an earlier DG 5K run on Cayman Brac. This year’s race will be held on Saturday, 7 Sept.7 LOCAL NEWS CAYMAN COMPASS • THURSDAY, 5 SEPTEMBER 2019 S ah, che THANK YOU TO OUR GOLD SPONSOR OCTOBER 5, 2019 The Ritz-Carlton, Grand Cayman www.breastcancerfoundation.ky info@breastcancerfoundation.ky Featuring Special Guest Speaker Controllers find ‘serious’ regulatory breaches at OneTRADEx Broker placed in liquidation MICHAEL KLEIN mklein@compassmedia.ky Cayman discount broker OneT- RADEx has been placed into provi- sional liquidation following a court hearing on Tuesday, 3 Sept. The pri- mary purpose of the provisional liq- uidation is to facilitate the sale of cer- tain parts of the business that the company has with Interactive Brokers. OneTRADEx uses US broker In- teractive Brokers’ trading plat- forms and systems under its own brand name. This enables clients to carry out stock trades from Cayman without having to be registered in the US for tax and other regula- tory purposes. The Cayman Islands Mone- tary Authority took control of On- eTRADEx on 18 July by appointing Kenneth Krys and Angela Barkhouse of KRyS Global as controllers of the company. The controllers, who are now the provisional liquidators, re- ported to the regulator that the company is “in serious breach” of the Securities Investment Business Law and related regulations. In an update to the broker’s cli- ents and creditors, the provisional liquidators said on 4 Sept. those breaches related to legal require- ments of advising CIMA of any changes in relation to information provided during licensing and the filing of audited accounts and cer- tificates of compliance. The company had also not com- plied with securities investment business regulations in relation to requirements to maintain adequate professional indemnity, professional liability and business disruption insurance; advertising standards; proper controls for managing client monies; safeguarding client as- sets; segregating assets; reconciling client accounts; and holding client accounts at approved banks. Other regulatory breaches iden- tified by the controllers concern the maintenance of adequate ac- counting records and internal con- trols and the regular reconcilia- tion of balances at banks and other intermediaries. The provisional liquidators said certain assets are held in a way that may put client assets at risk. Client funds were also used without au- thority to fund stock loan trans- actions. However, the principal amount of those transactions was returned to the company. In addition, certain client ac- counts with negative balances or significant margins expose other cli- ents and the company to potential liability, the liquidators said. They also found a dispute in two accounts over the ownership of assets and whether all assets are accounted for. The provisional liquidators fur- ther noted that “a proprietary ac- count held in the name of OneT- RADEx with Interactive Brokers appears to have been set up for the sole purpose of concealing the true beneficial owners of certain clients who did not meet the compliance re- quirements of Interactive Brokers”. Finally, OneTRADEx’s financial position poses a substantial risk that it is or is likely to become in- solvent, they added. The liquidators said certain identified issues “are very complex and further investigations will take time and resources”. They propose the formation of an ad hoc com- mittee to get the clients’ views on how to deal with any outstanding issues cost-effectively. At Tuesday’s hearing, the Grand Court ordered the provisional liqui- dators to apply to the court within 28 days to seek directions on the ownership and proper treatment of assets held by the company. “Clients will be provided with the details of the applications being made and will have an opportunity to be heard at any hearing,” the pro- visional liquidators said. In the meantime, there is a mor- atorium on creditors and clients filing any claims or pursuing litiga- tion against the company. The provisional liquidators will contact clients in the next days to confirm account balances and aim to meet with creditors and clients next week to answer questions and form an ad hoc committee. During their controllership, the liquidators identified potential pur- chasers of parts of the business and selected a successful bidder. They will now focus on finalising a sales agreement with the prospec- tive buyers before seeking the con- sent of relevant clients, the courts and the regulator. The liquidators said they will work with clients who consent to having their accounts moved to the buyer so that “they can continue trading and have access to the ma- jority of their assets”. “Whilst clients will continue to be able to trade their full accounts with the new broker, it is currently anticipated that a portion of client accounts will continue to be held in reserve pending the process being undertaken by the provisional liq- uidators to identify client and com- pany assets, with a view to re- leasing all client monies as soon as possible,” they added. The Cayman Islands Monetary Authority appointed Kenneth Krys and Angela Barkhouse of KRyS Global as controllers of discount broker OneTRADEx, which has been put into provisional liquidation. - PHOTO: TANEOS RAMSAYThe islands’ most-trusted news source 8 THURSDAY, 5 SEPTEMBER 2019 • CAYMAN COMPASS Recycling Simms said he expects the arrival of a new side loader truck to help ramp up house- hold recycling. Currently, people wishing to partici- pate in the government recy- cling programme must drop off the items at depots lo- cated in supermarket parking lots across Grand Cayman. Simms said he wants to see that changed. “Instead of you having to go to the depot, we’ll come to you,” he said. But convenience, although important, is not the only an- swer to the issues facing re- cycling in Cayman. Simms said he does not believe man- dating recycling by way of legislation is the right an- swer either. “I think through educa- tional campaigns, people will get it, because it’s all about changing our culture and our thinking,” he said. He added, “It’s not every- thing that should be enforced through law, I think if people understand the importance of recycling, then we will get it. It’s just a matter of changing behaviours.” The landfill has recorded a year-on-year increase in the number of recycled items it has received. Figures re- leased by the DEH show that in 2014, 277 tons of recy- clable material was collected. By 2016, that number had jumped to 999 tons – most of which was from junked cars. Despite that increase, it will be some time before the DEH starts picking up recy- clable materials from house- holds, Simms said, explaining that it will be at least an- other year before they roll out islandwide household re- cycling collections. No timeline was given on when an educational cam- paign would be launched, but Simms did say it was a part of a larger goal of over- hauling the services provided by the DEH. $4 million for new garbage truck fleet CONTINUED FROM PAGE 1 Planning Authority in July and will be presented on 11 Sept. The project has been in the discussion phase for sev- eral years. As proposed, the DoE ex- pects the project to greatly diminish the site’s beach area – one of the few sandy beaches located between Sa- vannah and Bodden Town. Current plans include two main hotel buildings, a pool, tennis courts, a restaurant and two beachfront villas. The resort would include 100 guest rooms and 25 apart- ments, and reach up to nine storeys in height. Much of the construction is planned directly on the beach. Construction of villas, pathways and a sewerage system are expected to re- duce the 170-foot wide beach to approximately 90 feet, ac- cording to the DoE. “While we understand the desire to create an experience where villas open directly onto the beach, we do not support building directly on the beach. The villas could be positioned so they open onto the beach but are not directly built on the beach,” reads a 5 Aug. memorandum ad- dressed from the Director of Environment to the Director of Planning. “The plans as proposed make a relatively small beach (for the size of the de- velopment) even smaller, and this effect will worsen as the wider development comes forward.” The National Conserva- tion Council has made a se- ries of recommendations to reduce the project’s en- vironmental impact, if the CPA moves to approve the application. Those recommendations include relocating villas and pathways off the beach, in- stalling turtle-friendly lighting, checking in with the Department of Environment on the presence of turtle nesting before works begin, and no construction during turtle-nesting season, from 1 May-30 Nov. The DoE described the location as a high-density turtle-nesting beach over the past 20 years. It is consid- ered critical habitat under the proposed Sea Turtle Spe- cies Conservation Plan. The site was home to 20 turtle nests and 48 nesting at- tempts in 2017, according to the DoE. Through July 2019, there had been two nests and 12 attempts at nesting re- corded for the season. While revisions were made to the resort plans fol- lowing a 28 May meeting with the DoE, proposed struc- tures remained on the beach. “Although the path is now further back from the ma- jority of turtle nests, it does still overlap with critical habitat and there will be ad- verse effects on sea turtles,” the National Conservation Council advice reads, adding, “The applicant has reduced but not eliminated these ad- verse effects.” The DoE also concludes that “greenhouse gases and climate change [do] not ap- pear to be accounted for” in the project plans. “Climate change is likely to have severe impacts on the Cayman Islands, including this site. The Cayman Islands are inherently vulnerable to climate change because of the small size, low-lying areas and other environmental fac- tors,” the NCC states. “The Proposed Develop- ment is likely to both con- tribute to climate change and be affected by climate change.” Approximately 10 acres of primary habitat, including dry forest and shrubland, would be lost to the devel- opment. The DoE has recom- mended that construction re- tain and incorporate as much native vegetation as possible, adding that loss of the hab- itat would compromise the ability of the natural environ- ment to sequester carbon. Revised plans include a waste water treatment plant to reduce the impact on water quality. Plans did not include generators or the use of renewable energy, ac- cording to the DoE. Other potential impacts noted by the department were socioeconomic. Sev- eral potential benefits were noted in terms of promoting tourism and business to the eastern districts. The site’s location in a residential neighbourhood, however, could result in “minor socioeconomic effects by changing the community”. Oneisha Richards is deputy director of interna- tional marketing and pro- motions for the Depart- ment of Tourism. She said the department has done similar summits in the past for hotel operators and the condominium rental com- munity. This was the first for homesharing, which now handles as much as 60% of tourists staying overnight in Cayman. Richards said it’s im- portant for people running homeshare businesses to know the regulations and how to meet them. “We feel strongly about educating about what we do,” Richards said. “We also wanted to show the oppor- tunities for people in ho- mesharing to get better at what they do. It’s a new in- dustry for Cayman.” Pamela Hazelwood was among the 52 registered homeshare hosts at the summit. She operated an Airbnb rental in Vancouver, Canada, before coming to Cayman in January. Ini- tially, she rented out a room in her apartment, but this month she began renting the entire apartment. She said she was hoping to learn some things that would improve the experi- ence of her guests. “The more information I can get my hands on, the better,” Hazelwood said. “I like to get involved in the community.” By doing so, she said, she can better direct her guests. “A lot of younger visitors come here with no agenda,” she said. “They really rely on the host. I feel you actu- ally create friendships.” Tourism Minister Moses Kirkconnell said home- sharing allows for an old- school approach to dealing with tourists. “The Cayman person who has an apartment to rent gets to know the person coming here, and that’s the way Cayman tourism was founded,” Kirkconnell said. Home- sharing hosts, he added, “really become the ambas- sadors for the country. Our job is to facilitate this.” Part of the ministry’s job is also to help find the correct balance between increasing the number of homeshare beds and the pressure that puts on the permanent home market. Kirkconnell acknowledged that the boom in the ho- meshare business has made it more difficult for Cayman residents to find apartments, and has driven rental prices higher. “Right now, the hardest thing to find in Cayman is an apartment,” he said. “In the short term, it is a real concern.” He said he’s hoping that developers recognise this and will provide more long- term housing. “There’s a balance that needs to be struck,” he said. Harris said there were 760 Airbnb listings for the Cayman Islands in January, out of nearly 7,000 avail- able rooms for tourists. She said that number is likely to increase. “Think about all of the construction in George Town and Bodden Town,” she said. “We expect a portion of those develop- ments to enter the home- share market.” She said homeshare is largely responsible for the increase in overnight stays by tourists in the past three years. The Kimpton Seafire resort, which opened in No- vember 2016, was the last major hotel addition to the island. Since then, nearly 1,000 additional rooms have been added to the market. “That growth,” she said, “was apartments, condos and guesthouses. This com- munity is one we know is growing in Cayman.” Cayman homesharing market doubled in past year Tourism Minister Moses Kirkconnell told homeshare hosts they were ambassadors for Cayman, when he addressed the Homeshare Summit Wednesday at Margaritaville Resort. - PHOTO: MARK MUCKENFUSS CONTINUED FROM PAGE 1 There were 760 Airbnb listings for the Cayman Islands in January this year, out of nearly 7,000 available rooms for tourists. Beach Bay resort expected to reduce turtle habitat Beach Bay is a primary turtle nesting habitat. - PHOTO: TANEOS RAMSAY CONTINUED FROM PAGE 1 A number of DEH dump trucks are being retired and replaced by 11 new vehicles that are expected to arrive on island before the end of 2019. - PHOTO: TANEOS RAMSAYThe islands’ most-trusted news source 9 CAYMAN COMPASS • THURSDAY, 5 SEPTEMBER 2019 Orlando airport reopens as Dorian passes Florida’s busiest airport re-opened Wednesday after being closed for more than a day as Hurricane Dorian was skirting the state’s eastern coast. Walt Disney World and Universal Orlando Resort opened for a full day on Wednesday after having closed early Tuesday. Rescuers in Bahamas face a blasted landscape FREEPORT, Bahamas (AP) – Rescue crews in the Bahamas fanned out across a blasted landscape of smashed and flooded homes Wednesday, trying to reach drenched and stunned victims of Hurri- cane Dorian and take the full measure of the disaster. The official death toll stood at seven but was certain to rise. A day after the most pow- erful hurricane on record ever to hit the country fin- ished mauling the islands of Abaco and Grand Bahama, emergency workers had yet to reach some stricken areas. “Right now there are just a lot of unknowns,” Parlia- ment member Iram Lewis said. “We need help.” Dorian, meanwhile, pushed its way northward off the Florida shoreline with reduced but still-dangerous 105 mph winds on a pro- jected course that could side- swipe Georgia and the Caro- linas. An estimated 3 million people in the four states were warned to clear out, and highways leading inland were turned into one-way evacuation routes. The storm parked over the Bahamas and pounded it for over a day and a half with winds up to 185 mph and torrential rains, swamping neighbourhoods in muddy brown floodwaters and de- stroying or severely dam- aging thousands of homes. “We are in the midst of one of the greatest national crises in our country’s his- tory,” said Prime Minister Hubert Minnis. He said he expects the number of dead to rise. National Security Minister Marvin Dames said rescue teams were fanning out as the winds and rain subsided, with more than 600 police of- ficers and marines in Grand Bahama and 100 in Abaco. “The devastation is unlike anything that we’ve ever seen before,” he said. “We’re be- ginning to get on the ground, get our people in the right places. We have a lot of work in the days and weeks and months ahead.” Rescuers used jet skis, boats and even a bulldozer to reach children and adults trapped by the swirling wa- ters, while the US Coast Guard, Britain’s Royal Navy and disaster relief organ- isations tried to get food and medicine to survivors and take the most desperate people to safety. Five Coast Guard helicop- ters ran near-hourly flights to stricken Abaco, flying people to the main hospital in the capital, Nassau. Health Minister Duane Sands said the govern- ment was airlifting 25 doc- tors, nurses and other health workers to Abaco and hoped to bring in mental health workers soon. “The situation is under control in Abaco,” he said. “In Grand Bahama, today will tell the magnitude of the problem.” Abaco and Grand Bahama islands, with a combined population of about 70,000, are known for their marinas, golf courses and all-inclu- sive resorts. Red Cross spokesman Matthew Cochrane said Tuesday that more than 13,000 houses, or about 45% of the homes on Grand Ba- hama and Abaco, were be- lieved to be severely damaged or destroyed. UN and Red Cross officials said tens of thousands of people will need food and clean drinking water. “It’s total devastation. It’s decimated. Apocalyptic,” said Lia Head-Rigby, who helps run a hurricane relief group and flew over Abaco. “It’s not rebuilding something that was there; we have to start again.” She said her representa- tive on Abaco told her there were “a lot more dead”. At 8am Wednesday, Do- rian was centred about 95 miles northeast of Day- tona Beach, Florida, moving northwest at 8 mph. Hurri- cane-force winds extended up to 60 miles from its center. Dorian was expected to pass dangerously close to Georgia and perhaps strike South Carolina or North Car- olina on Thursday or Friday with the potential for over a foot of rain in some spots. Forecasters warned that Do- rian is likely to cause storm surge and severe flooding even if its core does not blow ashore. With the threat to Florida easing and the danger shifting northward, Orlan- do’s airport moved to re- open, along with Walt Disney World and Universal. To the north, the Navy ordered ships at its huge base in Norfolk, Virginia, to head out to sea for safety, and war- planes at Langley Air Force Base in Hampton, Virginia, were being moved inland to Ohio. “ We are in the midst of one of the greatest national crises in our country’s history.” BAHAMAS PRIME MINISTER HUBERT MINNIS Volunteers rescue several families that arrived on small boats, from the rising waters of Hurricane Dorian, near the Casuarina bridge in Freeport, Grand Bahama, Bahamas, Tuesday. – PHOTO: AP Dubai to curb pace of construction projects as property prices fall DUBAI, United Arab Emirates (AP) – Dubai’s ruler issued a direc- tive on Monday that would curb the pace of new real es- tate construction projects as property prices fall and the sheer scale of developments threatens to outstrip demand. Sheikh Mohammed bin Rashid Al Maktoum ordered the creation of a committee to study the needs of the real estate market, evaluate all fu- ture projects and control the pace of projects, a statement by Dubai’s Media Office said. The move comes amid a slowdown in Dubai’s economy and a slump in real estate prices. Dubai’s real estate sector is a bellwether for its economy. It not only caters to the emirate’s residents, but also attracts wealthy inves- tors from around the world seeking a safe place to put their money. Property values, how- ever, have been steadily dip- ping. A report by UAE-based Property Finder found that Dubai apartment and villa sale prices for the first half of 2019 were down around 12% compared to two years ago. Developers, however, con- tinue to build at breakneck speed, and have completed around 21,000 residential units in the first half of the year, according to Property Finder. More than 38,400 ad- ditional residential units are scheduled to be completed by the end of the year. Dubai’s major developers, like Meraas, Emaar, Damac and Nakheel, have plans for new cities, neighbourhoods, malls, skyscrapers and fan- tastical concepts like floating homes with floor-to-ceiling glass rooms submerged in the waters off the emirate’s coast. The projects represent Dubai’s ambitions to grow as a tourism destination and fi- nancial hub. Developers are churning out a pipeline of projects in the lead-up to next year’s World Expo in Dubai, despite concerns that an oversupply is weighing down real es- tate prices. Dubai is already home to six mega-sized malls, in- cluding the Dubai Mall, which is one of the world’s busiest and largest. Another six large malls are currently under construction. Dubai is also already home to the world’s tallest tower, the Burj Khalifa, located in the area’s glitzy downtown. Yet an even taller tower is under con- struction in Dubai’s historic creek area and will be flanked by a new residential district. The newly formed real estate oversight body will be chaired by Sheikh Mo- hammed and will ensure new projects are innovative and add value to Dubai’s economy. It “will assess the state of the real estate sector, study the needs of the market, eval- uate all future real estate pro- jects, develop an integrated plan for the real estate sector to regulate and control the pace of projects, and achieve a balance between supply and demand”, the statement said. “It will also direct real es- tate entities to develop new innovative projects focused on quality rather than quan- tity,” it added.Next >