CEC Reaches 500-Company Milestone - Press Release
Special Economic Zone ecosystem strengthens Cayman’s economy, expands high-value career opportunities and connects the Cayman Islands to high-growth global industries
City Centre, Grand Cayman, Cayman Islands (7 October 2026) – Cayman Enterprise City (CEC) marked a major milestone at the Tech Futures Week Innovation Summit this week, announcing that 500 Special Economic Zone (SEZ) businesses are now operating within its growing ecosystem, a significant new chapter in Cayman’s ongoing efforts to diversify its economy and expand local participation in high-growth global industries.
“Reaching 500 Special Economic Zone businesses is a significant milestone, not only for Cayman Enterprise City, but for the Cayman Islands,” said Hon. André M. Ebanks MP, Premier and Minister for Financial Services & Commerce. “The steady growth of the Zone demonstrates our ability to attract expertise, creative industries with international capital, while creating meaningful opportunities for Cayman. As we work to build a more innovative and resilient economy, it is important that tangible benefits are produced for our people through high-value careers, opportunities for Caymanian entrepreneurs and businesses, knowledge transfer and greater access to the industries shaping the global economy. Accordingly, I congratulate CEC on reaching this milestone and look forward to seeing more opportunities this growing ecosystem continues to create for Cayman and Caymanians.”
According to CEC’s latest independent Socio-Economic Impact Assessment by Marla Dukharan, the Zone has generated more than US$1.23 billion in cumulative economic impact since 2012. In 2025 alone, its economic footprint reached US$152.3 million, equivalent to more than US$417,000 flowing into Cayman’s economy every day, while salary-driven local consumption contributed US$51.6 million to the domestic marketplace.
“Five hundred knowledge- and technology-focused businesses operating from within the SEZ is an important milestone, but what matters most is what it represents for the future of Cayman and its economy,” said Charlie Kirkconnell, Chief Executive Officer of Cayman Enterprise City. “Every business that establishes a genuine physical presence here brings investment, expertise, employment, innovative ideas and international connections to the country. At scale, that creates something much bigger: new industries, expanding opportunities for local businesses, new career paths and greater opportunities for Caymanians to participate in some of the world’s most important growth sectors.”
CEC was established in 2011, in the aftermath of the global financial crisis, to support Cayman’s economic diversification by attracting globally focused businesses operating in knowledge-intensive and strategically selected industries. Today, its Special Economic Zone (SEZ) ecosystem supports businesses across 25 specialised industries, including artificial intelligence, FinTech, virtual assets, commodities production and trading, aviation, BlueTech, cybersecurity, enterprise technology and software, film and media, and MedTech.
“The diversity of the businesses within the SEZ, together with the career development and entrepreneurship-focused initiatives that CEC has established, are important parts of the model,” said Kirkconnell. “Our specialised clusters bring together established businesses and entrepreneurial new projects working across complementary sectors, creating a concentration of expertise, ideas and international networks within Cayman, and a vibrant ecosystem unlike any that we are aware of elsewhere in the world.”
CEC delivers more than 200 curated events annually, creating opportunities for companies, entrepreneurs and professionals to build relationships, exchange knowledge and participate more broadly in Cayman’s business and innovation community.
The benefits of that activity are increasingly visible across the domestic economy. In 2025, CEC did business with 164 local companies, channeling US$10.7 million into Cayman businesses across professional services, banking, insurance, real estate, utilities, transport, logistics, marketing, media, food and beverage and other services.
Salary-driven local consumption has also doubled since 2021. The US$51.6 million in local spending associated with salaries in 2025 equates to nearly US$1 million circulating through Cayman’s economy each week, supporting retailers, restaurants, supermarkets, utilities, service providers and other local businesses.
The expansion of the Zone is also creating greater exposure to careers and skills expected to play an increasingly important role in the global economy.
In 2025, 172 Caymanians and Permanent Residency (PR) holders were employed by SEZ companies, earning approximately US$22 million in salaries. Caymanian and PR employment within the Zone is now 2.5 times its 2020 level, with 61% working in professional and leadership roles.
The independent assessment also found that 80% of these positions are aligned with either growing global occupations or strategically stable career categories. CEC companies operate in sectors connected to each of the five fastest-growing job categories identified by the World Economic Forum, including artificial intelligence and machine learning, big data, FinTech, software development and security management.
Beyond direct employment, CEC supports Cayman’s future workforce and entrepreneurship ecosystem through Enterprise Cayman, its non-profit organisation focused on connecting Caymanians with opportunities emerging from the innovation economy.
Since 2012, 193 interns have been placed through its programmes and more than US$750,000 has been invested in training and skills development. In 2025 alone, 2,518 residents participated across 84 structured workshops and high-impact events, alongside mentoring, technical career guidance and entrepreneurship support.
CEC operates Cayman’s only Special Economic Zone (SEZ) under a transparent legislative and regulatory framework established in Cayman Islands law and overseen by a dedicated Statutory Authority. Qualifying businesses can establish a genuine physical presence through a streamlined four-to-six-week licensing process, with access to serviced office solutions, flat-rate licensing and work visa costs and import duty concessions for qualifying business equipment. Key concessions available to qualifying SEZ businesses are guaranteed through 2061, providing businesses with the long-term certainty required to invest, establish teams and plan for future growth.
CEC’s latest milestone reflects the evolution of the Zone from its initial establishment phase into a mature and increasingly interconnected engine of business activity, employment and domestic economic value. The independent Socio-Economic Impact Assessment concludes that CEC and the Special Economic Zone companies it serves have emerged as a “meaningful third economic pillar” alongside financial services and tourism.
“Cayman has built something genuinely distinctive,” said Kirkconnell. “We have created a Caymanian-grown platform where globally ambitious businesses can establish with confidence, while ensuring that their presence can contribute meaningfully to the country they become part of. Reaching 500 businesses demonstrates the strength of that model. Our focus now is ensuring that as this ecosystem grows, the opportunities it creates for Cayman’s economy, businesses and workforce grow with it.”
The full Socio-Economic Impact Assessment is available at https://www.enterprisecayman.ky/reports.
The full Socio-Economic Impact Assessment is available at https://www.enterprisecayman.ky/reports.