The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The Bahamas needs to establish a physical commercial, as well as diplomatic, presence in the United Arab Emirates (UAE) if it is to make further inroads into attracting investment and high-end Middle East investors, a leading realtor said yesterday.

Fresh from participating in a 10-day Bahamian business delegation to Dubai and Abu Dhabi, Mario Carey told Tribune Business there were clear parallels to his Chinese promotional trip, as only “a miniscule percentage” of persons they met knew where the Bahamas was.

Emphasising that “getting us on the map” was critical for the Bahamas if it was to be successful in doing business with the UAE, Mr Carey nevertheless said the potential was there provided this nation got creative and “worked for it”.

‘They had no idea who we were,” he told Tribune Business. “What we found is that, first of all, I don’t even know if there was a miniscule percentage that knew where the Bahamas was.

“Most of the people outside the Chambers of Commerce did not know where the Bahamas is. We saw the same thing in China: 99 per cent of the people didn’t know where we were. They have some of the wealthiest tourists, and don’t know where the Bahamas is.”

Once introduced to the merits and advantages of this nation, Mr Carey said Dubai and Abu Dhabi-based businessmen immediately saw the benefits of doing business in, and with, the Bahamas.

“They all felt the way to do business there [in the UAE] was to have a physical presence there,” he explained.

“For business to work in that environment, and get people to respond to you, they felt you need to have a physical presence there.”

This was separate and apart from a Bahamian diplomatic presence, and Mr Carey said: “They’re looking forward to the time when we have a consular office there, although I’m not sure what’s happening there.

“The Chamber of Commerce felt the Bahamas can be important for the UAE, and the diplomatic ties parallel the business ties.”

Mr Carey emphasised that the Bahamas was not the first ‘sun, sand and sea’ destination to come calling on the UAE for business, and said this nation needed to get creative in inducing its nationals to spend 17 hours flying to this nation for tourism and recreational purposes.

“We might have to get creative in what we offer, what we have to present,” Mr Carey told Tribune Business.

“I think it’s there. We’ve just got to find it, work for it and be creative, but it’s there.”

The Mario Carey Realty head gave numerous presentations on the Bahamas’ real estate market, and said it offered an opportunity for UAE residents to invest and have portfolio diversification.

Many high net worth residents, including the Royal Family, were educated or based in the US, placing them in close proximity to the Bahamas and meaning they were ‘Western thinking’.

“It was worth every hour, every penny of it,” Mr Carey told Tribune Business of the Dubai/Abu Dhabi trip, put together by FTC head, Tony Joudi.

“It starts the road map. We’re working on the next step. We got a lot of advice, and certain doors opened up that we need to explore. People are very open.”