Premier Cox holds Dubai financial talks

SUNDAY, OCTOBER 7: Premier and Minister of Finance Paula Cox today met representatives in the Middle East as Bermuda aims to strengthen its economic ties with the region.

A delegation led by Premier Cox held talks with the Dubai International Financial Centre and the Dubai Financial Services Authority as part of a visit to the region that, as well as the UAE, will feature discussions in Qatar, which is also a member of the Gulf Cooperation Council (GCC). As well as Dubai, Premier Cox will meet with various government and business entities in the country's capital, Abu Dhabi.  

Bermuda’s delegation consists of Wayne Furbert, Minister of Business Development and Tourism; Donald Scott, Cabinet Secretary; Jeremy Cox, Chief Executive Officer of the Bermuda Monetary Authority; Ross Webber, Permanent Secretary of the Ministry of Business Development and Tourism; and Belaid Jheengoor, of PriceWaterhouseCoopers.

In Qatar, the Premier and delegation will be received as guests of His Excellency Sheikh Hamad bin Jassim bin Jabr Al-Thani, Prime Minister and Minister of Foreign Affairs to the State of Qatar. The visit will also consist of meetings with government and business organisations.

Premier Cox said in a press release: “The Bermuda Government is working to build stronger relationships with the governments of the Gulf Cooperation Council (GCC).

“Over the past several months we have executed our GCC strategy that builds on existing successes, and clearly sets out our goals of building stronger economic partnerships and promoting Bermuda as a preferred offshore destination for the members of the GCC to conduct business. This strategy has resulted in an invitation for Bermuda to meet with the Prime Minister of Qatar."

Premier Cox added: “Bermuda must continue diversify and expand its reach, therefore it is essential that we develop deeper political and economic ties with these two countries. Deeper ties result in more trade and investment; increased trade and investment results in more opportunities for Bermudian companies and more jobs for Bermudians. That is why this trip is important."

Over the past two years there have been several significant developments regarding the GCC. Among these developments are Double Taxation Agreements (DTAs) with the Qatar and the Kingdom of Bahrain. When in London , the Premier met with GCC representatives to discuss economic diversification and this past September, the Premier co-hosted the 2012 C3 Summit in New York, a high-profile business event which examined all aspects of Middle East business and financial opportunities.

Premier Cox said: “Bermuda is very well positioned to forge expanded links with the countries of the GCC and our discussions during this visit will be focused on growing ties between these countries and the island.”  

The delegation's GCC visit concludes on Friday.