DCCI receives a delegation from Cayman Islands

The meeting discussed the economic and commercial relationships between Dubai and Cayman Islands and the ways of boosting interaction between business sectors in both countries.

Mr. Mutaiwee highlighted the identity of the Chamber and the nature of its role in strengthening the business sectors in Dubai and the UAE community in general. He mentioned that the membership base of the Chamber has been extended to gather about 75000 members who vary from huge banks and organizations to small and medium enterprises.

He gave an in-depth overview on the latest developments and initiatives conducted by Dubai government and the characteristics of the local economy which goes stronger and more diversified day by day. He added that the Government selects the Members of the Board of DCCI, and that fosters its identity and role with a substantial strength.

Cayman Islands consist of three islands located in the Caribbean Sea, 480 miles south of Miami, 180 miles northwest of Jamaika, and 150 miles south of Cuba. The island group is 5 hours behind GMT.

Hon. McKeeva Bush focused on a lot of similarities between his country and Dubai, mainly in the since that finance and tourism are the most influential sectors in the economy, besides the free market policy and the regional role.

With no direct taxation, Cayman Islands are a thriving offshore financial center. More than 40.000 companies were registered there, including almost 600 banks and trust companies. A stock exchange was opened in 1997. Tourism is also a mainstay, accounting for about 70 % of GDP and 75 % of foreign currency earnings.

The Cayman delegation members expressed their admiration of the progress taken place in Dubai and its record of giant achievements.