Science and Technology centre in Grand Cayman

The developers proposing to create a science and technology centre in Grand Cayman say they are on the verge of an agreement with the Cayman government and hope to sign in a matter of days. A spokesperson for Cayman Enterprise City told CNS that they expect the proposed legislation to support the special economic zone will be ready for public consultation in August and the developers now have options on land for which they are currently undertaking final negotiations with the owners. One of the least opposed development projects currently being considered by government, CEC is promising jobs and a new string to Cayman’s economic bow.

Not thought to have the negative environmental or social impacts of some of the other large scale proposals that government has considered in recent months, CEC has been met with less concern from the public. Focusing on attracting modern technologies such as bio tech firms, internet companies and multi-media, CEC says it expects to create 800 local jobs in the first year. CEC also says it will create new careers for Caymanians in the fields of IT, science, media, commodities, commerce and academia that have not previously existed.

The government signed an MOU with the developers in January and the developers say they are now about to sign a draft agreement which will pave the way for development to begin next year. “We are confident that a draft agreement will be signed with CIG this week or early next and once signed it’s a green light,” Hilary Cahill, VP of Marketing & Business Development, said explaining that the firm is working with government on the Special Economic Zone Law, which will provide the legislative framework to support and oversee CEC.

“A new Special Economic Zone Authority is being established to regulate the zone and members of civil service will work cohesively with CEC management team to ensure an efficient and seamless service at all times.”

The firm said it has also taken on the former National Trust boss, local CPA Frank Balderamos, as VP – Investor & Operations and he will be the key link in the relationship with the new Zone Authority on behalf of CEC.

Once the draft agreement for the economic zone is in place, CEC will begin operations and Cahill added that key players have already been hired for both the local and international management teams. Sixty-eight percent of the local team is Caymanian and Cahill confirmed that it is CEC’s intention to continue identifying and hiring Caymanians to fill as many key positions as possible.

“Our global marketing and business development strategies have been developed and our product offering is close to being finalized. Our director of design and construction -- Caymanian Architect Cindy O’Hara -- and her team are close to finalizing the details of the master plan,” Cayhill added. “After going through the permitting process we intend to begin construction of phase one.

This first phase will cover 150,000 sq ft and is expected to break ground in the first quarter of 2012, with the first tenants expected to move in to CEC during the beginning of 2013. The business development team is currently said to be reaching out to large global brands and Fortune 500 companies based in SEZs in the Emirates regarding establishing a presence in CEC.

“Those companies already understand the benefits of being based in an SEZ and for brands wishing to have easy access to the lucrative North American and South American markets, CEC is an ideal location,” Cahill said. “It allows them to operate from a tax neutral zone, whilst enjoying CEC’s other special concessions. There are 3,000 SEZs around the globe and our team researched hundreds…. visited twelve countries and ultimately chose Cayman as the perfect strategic and geographical location in which to develop CEC,” Cahill added.

The firm had also determined that lifestyle was an important factor for corporations when choosing from zones that offered similar concessions and benefits.

“Companies can take advantage of the economic and strategic benefits of being located in CEC to expand into new international markets and their executives can enjoy a cosmopolitan lifestyle on a beautiful, safe English speaking tropical island which is only a stone’s throw from the U.S. and operates on the NYC time zones,” Cahill noted.

In the first instance the draft agreement will call for the firm to rent existing space in George Town from Caymanian landlords to temporarily house tenants, where they will still enjoy the full CEC concessions, until the new city is finished, allowing them to move to Cayman and begin their operations immediately.