Above: Cayman Enterprise City

By the Caribbean Journal staff

The Cayman Islands Government has signed a deal allowing developer Cayman Enterprise City the exclusive right to construct, develop and maintain a special economic zone.

The company’s project, Cayman Enterprise City, is intended to attract global science, technology media and other industries to Cayman.

“CEC represents an opportunity for the Cayman Islands to diversify its economic base,” said Cyman Premier McKeeva Bush. “It’s also worth noting that this project requires no government investment, as it will be completely privately funded; and the developer also has not requested waivers for duties on materials or stamp duties.”

CEC will have five so-called “parks,” with one focusing on each of five industries: media, internet, biotech, commodities and academia.

“We hope to break ground in early 2012,” said Cindy O’Hara, CEC’s director of design and construction.

The government will now begin to establish the legislative framework for CEC to operate, Bush said.