CEC signs Strategic Partnership with Dubai Multi Commodities Centre
Friday, April 6th, 2012Cayman Enterprise City (CEC) has officially signed a memorandum of understanding with the Dubai Multi Commodities Centre (DMCC) with a view to establish mutually beneficial trade opportunities between the two Freezones.
Following a visit from the CEC to Dubai, UAE, to strengthen trade relations between the United Arab Emirates and the Cayman Islands, CEC has officially signed the above-mantioned document. The agreement signed in November by CEC Chief Executive Officer, 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.
Speaking on the Memorandum of Understanding, CEC Chief Executive Officer 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.
Blick said that Dubai is well-known for the world’s most successful Freezones that have completely transformed the local economy and are populated by blue-chip companies from all over the world. So, 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 jurisdictions. He added: “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”.
Following the ratification of legislation and the establishment of the Cayman Special Economic Zone (SEZA), CEC has officially begun operations and has begun issuing Trade Certificates.