CEC will start on campus this year, officials said
CEC campus, artist’s rendition
(CNS): With over 225 companies operating from offices and co-work space around Grand Cayman under the banner of Cayman Enterprise City, the management has said that it still intends to begin work on a campus to create a physical tech zone. CEC began renting random empty business space to firms operating under its umbrella in 2012, but six years into the project there is still no physical zone. Nevertheless, CEC CEO Charlie Kirkconnell said work would start on the physical site in the last quarter of this year, offering the long-awaited local construction jobs that were promised as part of the original deal CEC struck with government
Responding to inquiries from CNS, Kirkconnell said that in five years “we conservatively estimate that there will be over 500 businesses” in the special economic zone (SEZ), “with roughly 60% of those operating from within Cayman Tech City”.
He added, “We will be breaking ground on our new purpose-built 53-acre campus in 2018 and will complete the first three buildings in phase one of our five planned commercial phases within five years. We see our campus development as key to facilitating the creation of business activity hubs that enable like-minded individuals to easily socialize and collaborate.”
Part one of phase one of the planned area development, which includes the first three office buildings, is scheduled to kick off sometime at the end of this year, located between South Sound and George Town.
CEC is able to offer tech companies that set up shop in offices that are under the zone’s umbrella with what are described as turnkey solutions that enable clients to literally arrive, open their laptops and get right down to work. Legislation that created the concept of a special economic zone provided CEC with a way of offering an excellent deal to companies in the zone, bypassing the usual company fees and work permit processes with dedicated licensing fee concessions.
Clients appear to be enjoying the concessions and what the zone has to offer: officials said they gave CEC an excellent rating in a recent survey.
“We want our zone companies to fully realise that they are part of this major project in the Cayman Islands — they are part of a significant initiative to establish Cayman as a global technology hub, and there are benefits to that,” Kirkconnell said. “We are focused fine-tuning our product based on what works for our clients. Our goal is to help them become stars in their respective industries and Cayman Enterprise City is a tool that can help them to do this.”
The zone’s goal is to attract knowledge-based business outside of the financial services to Cayman and to encourage a physical presence. The five areas cover technology, digital media, life sciences and technology, commodities and derivatives, and marine and aviation services.
Category: Business
What a crock! Sure, we will, this is a rewrite of a press release from 2 years ago. BTW isn’t that exclusive on the types of industries allowed in CEC expired after the 5 year mark? Especially as it hasn’t been built? It’s the Special Economic ZONES (note: with an “S” thus plural ) Law not the CEC law (2011?)- in other words anyone could open one. 225 companies in over 7 years??? Really? Yawn.
Such negative comments when Honorable Bush got this started and the Unity Team is getting it better why all the bad comments? We have a true government working together to get things going now!
They can live at Ironwood and visitors can stay at the Beach Bay hotel…..in other words, I will eat my hat if this even starts,
Who’s completing due diligence on these guys and why the heck they are not regulated? Imagine the world news, company rips off billions of dollars from phony scam companies in the Cayman Islands.
But I have to admit they have the most impressive signage Iv’e seen anywhere in Cayman at their “Headquarters” at the old HSBC premises.
Dear Charlie
Wake up Google, IBM and the tech blue chips will not be moving to CEC anytime soon. They’re getting a much better deal under the Donnie T regime.
And that’s fine. We’ll settle for ‘tomorrows IBM’.
All companies doing business and registered here should be regulated and pay the same licensing and work permit fees in a tax neutral jurisdiction called the Cayman Islands. There is nothing special about the zone in a country that does not have any corporate gains taxes and income taxes. It is a sham that politicians and ministry staff refuse to see thru for obvious reasons.
Yeah ask them how many Caymanians are employed in the Zone companies besides the management company Enterprise City. A handful yet they get all these concessions. Many of the companies have one employee so the information is so misleading.
This is SO true
Whilst I don’t disagree with most of the comments to this article, I am not sure why you think that the CEZ was there to give Caymanians a job. As far as I knew it was there to entice businesses from onshore to trade from within Cayman. They are not allowed to trade locally. So why do they need to employ Caymanians. And are there Caymanians that need a job in the Zone in these Companies? Almost all Caymanian professionals have a job.
‘between South Sound and George Town’ I guess it’s a big secret?
All I can say is, you think traffic is bad now, just wait for this to kick off. South Sound used to be an amazing quiet area but it will never be the same. The worst part about this is that is NO INFRASTRUCTURE PLANNING for the traffic!!! The number of new builds going on without any road planning is shocking.
I’ve had to stop riding my bike through the area because of the dangerous inconsiderate auto drivers. But there are many that use the area for getting outdoors and exercising. I’ve even seen people pushing prams. AGH!! So dangerous
The Linford Pearson highway has been configured to deal with anticipated access/egress from the site. South Sound will apparently be spared.
Bla bla bla, they have issued the same announcement over and over again. This is all a family real estate play and these CEC companies pay next to nothing back to CIG. Let them spout off about all of their spin off effects but it is all hocus pocus. Regulated CI companies pay through the nose for WP fees, CIMA fees and all other layers of regulatory fees which keep this country moving. Just wait until one of these CEC entities blows up and all eyes will be on CIG as to why this sector was not regulated, and we will all pay the price.
For all the concessions granted to CEC it is madness as the returns to the public purse and employment opportunities for Caymanians are very limited.
The Auditor General has reported that there are multiple deals negotiated by successive administrations without a clear indication of value for money to government, CEC is another example. Time to re-evaluate this real estate version of a scam which only benefits a few well connected persons that promised the world.
The Hon group backed away from the project ever wonder why? Mr. Blick sold a dream to Government then took his money went home yet found investors that cannot live up to the promises he made on behalf of CEC. The public should not have to subsidize these projects that only benefit a select few whilst failing to provide jobs to the locals.
Around the same time as Ironwood. Lol.
yippeee!…its time for some pie in the sky, magic beanstalk updates…..
forget the last 6 years of empty promises….this time we’re telling the truth!!!…honest!!!!
zzzzzzzzzzzzzzzzzz
Yeah sure….soon come!…..zzzzzzz