Cayman Islands – 16th March 2012
Following a visit from the Cayman Enterprise City (CEC) to Dubai United Arab Emirates, to strengthen trade relations between the UAE and the Cayman Islands, CEC has officially signed a memorandum of understanding with the Dubai Multiple Commodities Centre (DMCC) to establish mutually beneficial trade opportunities between the two Freezones. The agreement signed in November by CEC Chief Executive Officer, Mr. Jason Blick and His Excellency Ahmed Bin Sulayem, the Chairman of the DMCC, represents the first major step by CEC to establish the zone internationally through this strategic partnership.
The DMCC is a specialised Freezone focused on the commodity trade primarily in the
Gold, Diamond, Pearl and Tea Market. The DMCC since it was established in 2002 has become one of the premier Freezones in the UAE and has built an international reputation in the commodities market with the diamond sector trading US$23.5BN of rough cut diamonds in the first half of 2011, making the DMCC the second largest diamond
trading hub in the world.
Speaking on the Memorandum of Understanding, CEC Chief Executive Officer, Mr. Jason
Blick said “The agreement with the DMCC creates a tremendous opportunity for both CEC and the DMCC. By enabling companies to establish in the DMCC and Cayman Enterprise City, we are creating a unique environment for the commodities sector in the Americas and the clients governed by DMCC that can allow the rapid opening of new markets and let companies manage those opportunities successfully.”
The signing of the memorandum of understanding represents the fulfillment of an early part of the CEC vision, to connect the Cayman Islands to established and emerging markets worldwide, and the selection of Dubai as a trade partner is an extension of the earlier trip to the UAE in March 2011 by CEC and a Cayman Islands delegation led by Honorable W. McKeeva Bush, Premier of the Cayman Islands.
“Dubai is known for having the world’s most successful Freezones. They have completely transformed the local economy and are populated by blue-chip companies from across the globe. Connecting with Dubai was an integral part of our vision, to gain from their experience while also creating the flow of capital between the two countries. We are immensely pleased to realise this agreement, as it shows that the world is interested in
what we are doing in Cayman, and brings the success from the Premier’s visit last year.” Continued Mr. Jason Blick.
Following the ratification of laws and the creation of the Cayman Special Economic Zone (SEZA), CEC has officially begun operations and (SEZA) has begun issuing Trade Certificates.
“We have received a great number of tenant enquires for CEC and have had to increase the number of staff that we have to handle the applications and interest. CEC is actively creating job opportunities for Caymanians, and as more companies enter the Special Economic Zone, it will create demand for local business.