Dubai, United Arab Emirates – The Cayman Islands moved closer today to securing
agreement on areas of mutual cooperation with Dubai as part of Cayman’s global initiatve to
generate economic growth opportunities for the financial services sector.
The progress was made during 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).
The profile of the Cayman Islands financial services sector in Dubai was reinforced later in the
evening with a 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 Premier, the Honourable McKeeva Bush said: “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.”
Mr Sandy Shipton, Head of Wealth Management, DIFC said: “The DIFC welcomes the
Premier’s visit and the productive discussions between our two jurisdictions which will
undoubtedly result in a greater level of cooperation between the UAE and the Cayman
Islands.”
Mr 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, led by the Premier, comprised Mr Carson Ebanks, Chief
Officer in the Ministry of Finance, Tourism & Development; Mr Dax Basdeo PhD, Executive
Director of the Cayman Islands Investment Bureau; Mr Cline Glidden Jr, MLA and Deputy
Speaker, and Mr Richard Parchment, Senior Political Assistant to the Premier.
Cayman Islands Advances Financial Sector Interests in Dubai 2
Cayman Islands Advances Financial Sector Interests in Dubai
