Cayman moves towards MOU with Dubai

During the most recent stop in the premier’s world tour, McKeeva Bush was selling the merits of the Cayman Islands to the wealthy Arabian Gulf state of Dubai. According to a release from the Ministry of Finance, Cayman moved closer to securing agreement on areas of mutual cooperation with Dubai. The Cayman delegation reportedly met with a number of key financial players from Dubai and the United Arab Emerites to discuss a memorandum of understanding between the two jurisdictions.
What the ministry described as meetings between a high-level delegation from the Cayman Islands and representatives from the Dubai International Financial Centre (DIFC) and the Dubai Financial Services Authority (DFSA), the principal financial services regulator of the United Arab Emirates (UAE), took palce on Monday 14 December, followed by an evening reception held at The Capital Club – a business club located within the DIFC site – which was sponsored by Cayman Islands private sector firms with a presence in Dubai.
“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,” said Bush. “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.”
Sandy Shipton, DIFC Head of Wealth Management, said the organisation welcomed the premier’s visit and the productive discussions between the two jurisdictions, which would “undoubtedly result in a greater level of cooperation between the UAE and the Cayman Islands.”
The ministry said that John Papesh, the Dubai-based economic development advisor to the Cayman Islands government for the Middle East, provided essential support in reaching DIFC decision makers and organising the mission. The Cayman Islands delegation included Carson Ebanks, Chief Officer in the Ministry of Finance, Tourism & Development; Dax Basdeo, Executive Director of the Cayman Islands Investment Bureau; Cline Glidden, MLA  and Richard Parchment, Senior Political Assistant to the Premier.