05/03/24

INVESTMENT: Bermuda and UAE Strengthen Economic Ties

As published on: bnnbreaking.com, Tuesday 5 March, 2024. 

At the recent Investopia conference held in Abu Dhabi, United Arab Emirates, Bermuda's Minister of Economy and Labour, the Hon. Jason Hayward, took significant steps to promote Bermuda as a leading jurisdiction for business and investment. The conference, occurring between February 28-29, 2024, provided an ideal platform for Minister Hayward to discuss enhancements to Bermuda's family office framework and engage in pivotal dialogue with key UAE economic leaders.

Strengthening Bilateral Economic Relations
Minister Hayward's discussions with His Excellency Abdullah bin Touq Al Marri, the UAE's Minister of Economy, underscored Bermuda's intention to deepen economic relations with the UAE. This engagement is timely, following a visit to Bermuda by H.E. Abdulaziz Alnuaimi from the UAE Ministry of Economy and his senior adviser in June 2023. The dialogue centered around knowledge transfer between Bermuda and UAE-based family offices, highlighting the upcoming upgrades to Bermuda's family office framework as a focal point of Minister Hayward's agenda.

Advancing Family Office Collaboration

In his efforts to advance Bermuda's family office agenda, Minister Hayward met with Yasmin Almostehy, Executive Director of the Emirates Family Office Association (EFOA). Their discussion revolved around the Memorandum of Understanding signed in December 2023, aiming to enhance cooperation. The EFOA is nearing the final stages of establishing a branch in Bermuda, with plans to send a delegation to the island later this year, marking a significant step in fostering closer business and investment relationships between the two regions.

Panel Discussions: Insights and Future Directions
Minister Hayward participated in the 'Family Wealth 2.0' panel, where he gained insights into the evolving global investment landscape, particularly the role of digitalisation and digital assets. These discussions are critical for Bermuda as it seeks to tailor its services to the changing needs of family offices across generations. Additionally, the 'Strategic Priorities in a Shifting Global Landscape: A Policy Perspective' panel allowed Hayward to delve into global economic shifts, emphasizing the importance of digital, environmental, and trade innovations for Bermuda's future economic resilience and sustainability.

The Investopia conference has served as a cornerstone for Bermuda's strategic efforts to position itself as a prime destination for business and investment, particularly in the realm of family offices. Minister Hayward's engagements and the discussions that ensued highlight a proactive approach towards fostering economic growth and sustainable development, both for Bermuda and in partnership with the UAE. As these initiatives progress, the anticipation for the tangible impacts of these strengthened economic ties grows, potentially setting a precedent for international economic cooperation.

Tags

Investment Funds UAE Bermuda