CEC campus still in early stages
(CNS): Cayman Enterprise City (CEC) has confirmed that the long-anticipated campus for companies ring-fenced in the special economic zone, established to encourage technical and knowledge-based industry to the Cayman Islands, is still under construction. CEC broke ground more than 18 months ago and has spent around US$8million so far on the project, but officials told CNS this week that it is still working on the foundations.
However, even though the campus is still not finished, officials claimed this week that CEC has contributed more than $50 million to the local economy for the second year in a row. This is according to a report by Berman Fischer, an accounting and consultancy firm commissioned by CEC.
While most of this investment comes from the tenants, CEC Chief Executive Officer Charlie Kirkconnell said that this estimated impact included the money it spent on the campus development and promoting the jurisdiction.
“Our efforts include our continued investment in programmes designed to help build a thriving local knowledge- and technology-focused community and workforce,” Kirkconnell added. This commitment includes an investment in the Digital Cayman initiative, a non-profit organisation promoting tech industries and related career development.
When the original developers proposed the idea of a special economic zone around nine years ago, the campus was a major element of the project.
However, since then CEC has instead rented office space in and around George Town for tenants registered in the zone. This enables CEC to offer their tenants a full package, including deals on work permits and import duty and other favourable terms under the law, to attract companies dealing in technology, sciences and commodities to these shores.
There are now around 240 companies in CEC’s three special economic zones, 175 of which are technology-focused businesses.
“We consider that this result again proves the wisdom of the Cayman Islands Government in greenlighting our project in the aftermath of the 2008 global financial crisis,” Kirkconnell said. “While the broadening of Cayman’s economic base away from such a heavy reliance on financial services and tourism has always been an important part of our mission, the CEC project’s continued and growing contribution to Cayman’s economic diversification effort and GDP has never been more important than it is now.”
The COVID-19 pandemic will present some significant challenges for CEC, Kirkconnell said, but they were determined not to cancel its training and support programmes but to change the way they are delivered instead.
CEC has also indicated that it will stick with plans to continue with the campus, despite the probable surplus of office space on Grand Cayman in the coming months.
“We are carefully considering plans to ensure that the development project remains at the forefront of innovation,” Cindy O’Hara, Chief Development Officer at CEC. “Our purpose-built campus is specifically designed to accommodate this growing sector in Cayman and meet the unique needs of this exciting global market,” she added.
- Fascinated
- Happy
- Sad
- Angry
- Bored
- Afraid
‘The Shell Campus’ has a sense of reality to the tenants if is actually emerges
is there any local oversight? It seems like an easy way to launder money.
financial services!
Is this going to be a white elephant. Moreover where is the ironwood project going? That leaves the Beach Bay Hotel project. More pie in the sky. Whilst there is not much going on I suggest the Manse Road Road to Pedro’s is completed. Land was set aside but not paid for, over twenty years ago.
I don’t know where you saw that but land in the Manse Road area to Pedro Castle area is still privately owned. So therefore it going to cost the taxpayers like you Mr. Johnson to develop another useless road in Cayman. It has already been identified that cutting down more precious forest to build new roads has not eased the traffic woes. The problem lies within essentially no restrictions on the importation and ownership access to vehicles.And no development or interest to develop a reliable large public transport system.
Just like clockwork, CEC comes out with its quarterly hocus pocus report on its contributions to the local economy. Let’s put it into black and white, tell us what you pay in permit and registration fees to CIG. I don’t care how much your tenants spend on Kirk related services or what they pay in rent or duty when they buy a car. We all pay these fees and taxes. I have a CIMA regulated firm with less than 20 employees and I pay over $250K in fees directly to CIMA and CIG every year. Let’s compare. Also, I note that all of the ponzi scheme arrests that take place in the US with a CEC presence never make the local paper, what a shock. Shut CEC down now as it is what puts Cayman’s financial services industry at greatest risk. Every CEC scandal just adds another layer of cost and regulation to the local financial services industry.
Another reason why we’ll remain blacklisted.
240. So how many persons employed on island? Not including CEC.
Git yer bitcoins right here.
^ Try keep your mouth shut about things you don’t understand. It makes you look foolish. Perhaps you are.
Says the person who can’t figure out how to respond to a post.
No CIMA regulated entities are by law allowed to operate within SEZ. So why do SIBL registered entities to operate there? Who is in charge? Is it CIMA or DCI?
No, the activities seem to eventually fall under the jurisdiction of the SEC, and CBP/DoJ.
Orange jumpsuits for all.
CIMA needs to wake up.
That has been the recurring complaint from CFATF/OECD and others. Top-heavy and clueless isn’t working.
The concept of CEC is brilliant, but the campus is unnecessary. $8 million, 18 months, and just the foundations? What a waste. CEC needs an anchor company before building a campus. They need a FAANG not crypto.
Interesting. Does Berman Fischer assert the +$50mln as the gross contribution or the net territorial gain after deducting the costs and reputational damage for allowing CEC to host their unregulated and headline-grabbing frauds/scandals, unregulated fintech exchanges/ICOs pump N dumps and SEC-led arrests and trials?
Ironwood style.
Can someone please tell me how many years have we been waiting on the campus now? And where is the latest location supposed to be anyways?
In the middle of what’s left of the black mangrove forest in South Sound. A very large hole right now.
its being built in a swamp with no current road access….
being built in swamp land between the female prison and randyke gardens….awesomeness!
CEC. Biggest shell game in Cayman’s history.
You clearly have absolutely no idea what you’re talking about nor any real understanding of business. Very few of the zone companies would be here if they had to operate in the regular business environment of the island, dealing with immigration alone would be a deal breaker. Sure, some of them would have come here either way, but they could also have left again.
CEC is a win, win for Cayman and has indeed contributed much to the economy. Just because it didn’t come directly to your pocket doesn’t mean you haven’t benefited.
Suggest you do some research and educate yourself on how many CEC companies and individuals are under investigation by US authorities. You are however correct in you assertion that without CEC they would not have some here. But only because they probably couldn’t pass the due diligence and fit and proper process.