The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

A financial services provider yesterday said the Government’s recent trade mission to Dubai could pave the way for “a resurgence along the lines of what the Bahamas experienced in the 1990s”, as it moves to open its own office in that country in time for the New Year.

Paul Moss, head of Dominion Management Services, told Tribune Business that his Dubai subsidiary was formed and “the licences are in hand”, with a physical presence set to be established “for January 1”.

Mr Moss, who joined the Bahamian ministerial delegation for several meetings, said the Government’s goal was to establish a consulate and trade office in Dubai, giving this nation a bridgehead into that nation and the Middle East.

He added that this tied in directly to his position that the Bahamas should “pioneer” new markets for financial services, real estate and investment clients, and said creation of such an office would boost the ‘ease of doing business’ for his company and other Bahamians who followed.

Based on the meetings he attended during the Government’s Dubai trip, and the contacts made, Mr Moss told Tribune Business: “I think there’s going to be a tremendous opportunity.

“There was just an excitement and positive outlook for the Bahamas. Those people [in Dubai] are very interested in tourism, infrastructure development in the Bahamas. There’s tremendous wealth in this region.

“I believe there will be huge opportunities, and based on what I’ve seen in Dubai, there will be a resurgence along the lines of what the Bahamas went through in the 1990s.”

That economic boom, and subsequent prosperity, was fuelled by US and world economic growth, coupled with the resort investments by Kerzner International and others. Such growth has not been seen since.

Mr Moss, meanwhile, said Dominion Management (Dubai) was focusing on markets such as shipping, trusts and other traditional financial services products to help build its initial business portfolio.

“We’re going to establish a Sharia Law fund that will be familiar to Arabs and Muslims,” he added. “They know the rules with respect to Sharia Law, and the things they can invest in.”

Still, establishing Dominion Management (Dubai) has not been without challenges that will no doubt be familiar to many at home in the Bahamas.

“We had found, in trying to get documents authenticated and apostilised, it’s a hell of a thing,” Mr Moss told Tribune Business.

“If a Bahamian company needs to do business in Dubai, it needs all its documents legalised and apostilised. Those documents had to go to London to be authenticated, as Dubai is not a member of the Hague Convention, which recognises signatures from foreign countries.”

This meant that Dominion Management (Dubai’s) documents had to be sent to the Bahamian diplomatic mission in London before being returned to Dubai.

“It took two months to make that happen,” Mr Moss added. “When all is said and done, it took �3,000, and six weeks-two months later, it comes back to them. It’s not conducive to doing business.”

But, if the Bahamas was to go through with plans to establish a Dubai consulate and trade office, Mr Moss said legal documents could be authenticated “in real time” and eliminate this process.

He acknowledged, though, that the cash-strapped Public Treasury meant it was difficult for the Government to find the necessary finance for ventures such as a Dubai consulate.

To free up funds, Mr Moss suggested that the Bahamas rationalise its US consular network and eliminate offices that were not generating the required returns. And he called for tourism and trade offices to be combined into one with consular operations, so the Government got “more bang for the buck”.

Arguing that other countries, and the Bahamian private sector, were “crying out” for a diplomatic presence from this nation, Mr Moss said a Dubai move would ensure this nation “gets its name out there”.

“This is what I’ve been advocating; that the Bahamas goes out and pioneers new markets,” he told Tribune Business.

“The advantage of this [Dubai] is that we have an opportunity to promote the Bahamas brand, particularly as it relates to companies, and have that advantage of being right on the ground.”

Pointing out that Dubai was merely one of the United Arab Emirates (UAE), alongside Abu Dhabi and the Gulf States, Mr Moss said the Bahamas “needs to put a face” on itself, as too many potential investors/clients did not know where it was or what it provided.

“I believe the way forward for the Bahamas is to be bold, in many respects, and find these kinds of markets,” he added. “We’ve been to traditional markets, and seen they’ve really become closed shops.”

As an example, he pointed to Switzerland’s decision to chase out any accounts where beneficial owners could not prove they were in compliance with home country tax laws.

“Those accounts are going to find a place and come to countries like the Bahamas, Singapore and Dubai. The Bahamas is poised to get a windfall based on what’s going on in Switzerland,” Mr Moss told Tribune Business.

“Those markets are closed now, and we have to look outside for future markets. If we are going to be in business, we have to actually do that. We cannot sit here in the Bahamas and believe our laws in the Bahamas are sufficient to drive people to us.

“Many people in Asia and the Middle East don’t know where this country is.”