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Tag Archive: Special Economic Zone

Cayman Economy in a Great Place

In 2010, during the height of the global recession, the volume of Cayman’s property transfers dropped to $300 million, six years on it is safe to say that Cayman has recovered. In the past year Cayman has seen property transfers grow 11 percent to a total volume of CI$600 million, beating 2008s high of $560 million.

Tourists numbers and spends have also been on the increase with cruise ship tourists spending approximately $100 per day. A total of 1.7 million arrived on the island, up from 1.6 million the previous year, but still short of the record 1.9 million in 2006.

People flying into Cayman hit a 15 year high as air arrivals topped out at 385,378 during 2015. More than 80 percent of arrivals came form the United States or Canada, 9 percent from Europe and the rest traveled from elsewhere.

There’s also plenty of public and private money being spent across the island, with renovations to the cruise port in the early stages and upgrades to the airport currently underway. Health City is expanding medical tourism, and has announced a $25 million capital investment program this year. Cayman Enterprise City is scheduled to start work on two $25 million gateway buildings, kicking off a 20 year, $300 million project to build a Special Economic Zone. (more…)

March 15, 2016 Blog, , , , , , , , , , , , Read more >

Cayman Work Permits increase 9 percent in a year

The number of non-Caymanian workers has steadily increased in the past two years, according to Immigration Department records. In 2012 the number was 20,360 to 22,232 in 2014.

Foreign workers are employed on work permits, government contracts, special economic zone permits or awaiting the outcome of permanent residence applications.

These figures support the trend of Caymans strong resurgence following the countries economic decline during the worlds recession of 2008-2009, in which non-Caymanian worker numbers dropped from its high of around 26,500 to around 18,500.

Non-Caymanian workers now make up about 51 percent of the total work force. Caymanian unemployment also dropped 1.5 percent to 7.9 percent, bringing Cayman’s total unemployment rate to 4.7 percent.

The rise in the workforce corresponds to the opening of Cayman Enterprise City, a knowledge-based and technology focused Special Economic Zone. Work permits have continually increased since its creation three years ago.

Immigration records reported about 250 work permits being held by the economic zone companies, which is nearly 50 percent up from the previous year.

July 21, 2015 Blog, , , , , , , , , , Read more >

Cayman Enterprise City Goes Maritime

Cayman Maritime Docks

The Cayman Government has approved a designated special economic zone (SEZ) for maritime service companies on Grand Cayman. Shipping companies and maritime service providers are now permitted to establish a physical presence in the newly created Cayman Maritime Service Park of Cayman Enterprise City.

Cayman Enterprise City is now into it’s 3rd year and comprises six parks with 154 zone companies. The new Maritime service Park will see ship owners, brokers and financiers, freight trading, operations, logistics, vessel management, consulting and research companies added to their numbers. It is anticipated that the Park will bring maritime services businesses to Cayman shores that will help to establish Cayman Islands as the largest maritime cluster in the region.

In April, the Cayman shipping registry was commended by the International Chamber of Shipping, in its annual Flag State Performance Table, as being 1 of 14 states leading the chart with exemplary performance indicators. Following this recognition the Office of the Premier announced the completion of the necessary steps by the Government to create the Maritime Service Park, during the 2015 Shipping Summit at the Marriott resort. (more…)

May 14, 2015 Blog, , , , , Read more >

Global Business Leaders Gather in Cayman

Cayman Enterprise City (CEC) welcomed high-level delegations of the tech industry, in conjunction with the Internet Marketing Association (IMA) to Grand Cayman on April 9th 2015. The trip was part of Cayman’s initiative to bring leading tech companies to the Cayman, and to develop the partnership between CEC and IMA.

The Cayman delegation met with business leaders from leading technology brands including Google, Microsoft, and Adobe. Despite business relations being at an early stage all parties seemed delighted with at the prospect and expect big things in the future. A co-hosted annual conference is in Cayman is in the pipeline, starting with a 300 attendee next year.

It has also been reported that the IMA has taken steps to become part of the Special Economic Zone, according to Chairman of the IMA Sinan Kanatsiz

Sinan Kanatsiz went on to say “We are excited that our partnership with CEC has been taken to the next level by bringing leadership from American business interests to the Cayman Islands. This event materialises a vision created in September 2014 during IMA’s flagship event, IMPACT14 in Las Vegas. The IMA looks forward to creating more economic investment opportunities for CEC and appreciates all of CEC’s contributions to date. This trip has been so successful that we plan to co-host with CEC a much larger annual event in Cayman starting next year.”

April 16, 2015 Blog, , , , , , , , , , , , , , Read more >