Above: Cayman Enterprise City

By the Caribbean Journal staff

The Cayman Islands’ cabinet has approved an order naming Cayman Enterprise City Ltd as the developer of the islands’ first special economic zone, meaning CEC can now take advantage of developer benefits in the special economic zone law.

Cayman Enterprise City is a large-scale project that aims to build a technology district in Grand Cayman. It would be the first such special economic zone in the Caribbean, according to CEO Jason Blick.

“Government and CEC have worked well together in order to move this particular special economic zone forward professionally and quickly,” said Cayman Premier McKeeva Bush. “I’m particularly pleased that CEC has hired more than 20 staff, 70 percent of which are Caymanians. This is a great indication that government’s policy to make the right climate for investment is working.”

Meetings of the Special Economic Zone Authority have already begun, led by Chairman David Kirkaidy.

The project involves five phases, each covering different industries, including internet, media and biotech. The total amount of investment is valued at more than $327 million over eight years.

The SEZ status means the project is free of capital gains and corporate taxes.