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Bermuda Seeks To Tap Gulf Investment

by Amanda Banks,, London

27 July 2012

Bermuda's Premier Paula Cox has held a series of London meetings with business leaders from the Gulf region to boost inward investment from the Middle East.

Noting the importance for Bermuda of strong economic synergies with businesses from the Gulf region, Cox highlighted that despite the global economic crisis, enterprises in oil-rich Gulf States like Qatar, Saudi Arabia and the United Arab Emirates have thrived.

Cox reported that the meetings provided a platform for increasing awareness of the investment opportunities in Bermuda in the area of infrastructure, tourism, insurance and reinsurance. Gulf business leaders recognized that Bermuda has the necessary frameworks in place to provide an environment conducive for investment, she added.

Commenting following the meetings, Cox stated:

"Bermuda is well positioned to forge expanded links in the area of Islamic Finance with the countries of the Gulf Cooperation Council (GCC). Our discussions during this visit primarily focused on the growing ties between these countries and Bermuda, while also touching on existing bilateral agreements with Bahrain and Qatar and plans for an autumn visit to the region."

"Bermuda has a proven record of delivering on the distinct qualities that are necessary for achieving business success. We welcome the diverse business and governments of the GCC and are ready to help them achieve even greater prosperity and success."

"While there's still more work to do before this becomes a reality, it's clear that when it comes to a vision to bring a new type of international business to Bermuda, this is a clear path forward, and we've led the way."

TAGS: United Arab Emirates | tax | investment | Saudi Arabia | law | banking | insurance | international financial centres (IFC) | Bahrain | Bermuda | Qatar | offshore | agreements | offshore banking | islamic finance | Gulf Cooperation Council

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