Bahamas open for business as financial services sector turns its sights on the Middle Eastern and Northern African Market

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The Bahamas Financial Services Board in collaboration with the Ministry of Financial Services hosted a successful briefing in Dubai, UAE on Monday November 18 th. The Hon. Elsworth Johnson, Minister of Financial Services, Trade & Industry and Immigration, who led the Bahamas delegation, in his opening address informed attendees that:
“Bahamians are warm people who value relationships.

Hence, we have come to deepen our ties with the UAE. In 2017, The UAE entered into an agreement with The Bahamas government to reduce our dependence on fossil fuels, through the creation of a solar park. In March of this year, the solar park was officially opened. We are grateful for this generous gift and we look forward to creating opportunities to strengthen our ties, increase trade flows in goods and services and to provide financial services specifically.”

The briefing on November 18 th was held at the Dubai International Financial Center was designed to showcase the jurisdiction for those in the Middle East and Northern Africa regions seeking to expand their investment and financial services portfolio. The event was facilitated by BFSB’s CEO and Executive Director Ms. Tanya McCartney who indicated that: Top financial services professionals conveyed to attendees the cadre of diverse product and service offerings that make the Bahamas the Clear Choice for Financial Services. Speakers included Ms. Wendy Warren, CEO of Cay Fiduciary, Mr. Brian Jones, Managing Director of Leno Bahamas, Mr. Francesco Vanacore, Head of Fiduciary at Ansbacher Bahamas, Mr. Patrick Feuz, Gonet, and Mr. Jeffery Beckles, CEO of The Bahamas Chamber of Commerce.

Dir., Regulatory & International Affairs in the Ministry of Finance, Mr. Stephen Coakley Wells of the Ministry of Finance provided an update on The Bahamas’ firm legislative and regulatory response to intl initiatives impacting financial services sector. While in Dubai, the Bahamian delegation attended the Dubai Chamber of Commerce Global Business Forum which focused on Africa.

The Bahamas Financial Services Board also arranged high level meetings for the Minister along with BFSB Directors. These meetings were aimed at reaffirming that the Bahamas is open for business and that we are actively seeking to strengthen our relationship with UAE. Meetings held with: STEP Arabia Executives, Dubai Chamber Executives, Head of Divisions at Dubai Financial Market & the Dubai Investment Development Agency.

On Wednesday, November 20 th, the Bahamas delegation also toured the World Expo 2020 site as it nears completion courtesy of HE Ambassador Tony Joudi. The contingent of distinguished professionals visited the Bahamas Pavilion where there has been much progress made. There will be over one hundred and ninety-two countries represented at the World Expo 2020. The Expo opens October 20, 2020 under the theme “Connecting Minds, Creating the Future.”

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