The Tribune

The Bahamas Financial Services Board (BFSB) partnered with the Ministry of Financial Services to host a successful industry briefing in Dubai on November 18.

Elsworth Johnson, minister of financial services, trade and industry and Immigration, told attendees: “Bahamians are warm people who value relationships. Hence we have come to deepen our ties with the UAE (United Arab Emirates).

“In 2017, the UAE entered into an agreement with The Bahamas government to reduce our dependence on fossil fuels through the creation of a solar park. In March of this year the solar park was officially opened. We are grateful for this generous gift, and we look forward to creating opportunities to strengthen our ties, increase trade flows in goods and services, and to provide financial services specifically.”

The briefing, held at the Dubai International Financial Centre, was designed to showcase the jurisdiction to potential clients and investors from the Middle East and North Africa who are seeking to expand their investment and financial services portfolio. The event was facilitated by Tanya McCartney, the BFSB’s chief executive and executive director.

Among the Bahamas-based financial services professionals who gave presentations were Wendy Warren, chief executive of Cay Fiduciary; Brian Jones, managing director of Leno Bahamas; Francesco Vanacore, head of fiduciary at Ansbacher Bahamas; Patrick Feuz, Gonet; and Jeffery Beckles, chief executive of The Bahamas Chamber of Commerce.

Stephen Coakley Wells, director of regulatory and international affairs in the Ministry of Finance, provided an update on The Bahamas’ legislative and regulatory response to international initiatives impacting the financial services sector.

While in Dubai, the Bahamian delegation attended the Dubai Chamber of Commerce Global Business Forum, which focused on Africa. The BFSB also arranged high-level meetings for Mr Johnson along with BFSB directors.

These meetings were aimed at reaffirming that The Bahamas is open for business and is actively seeking to strengthen its relationship with the UAE. Meetings were held with STEP Arabia executives; Dubai Chamber executives; the head of divisions at Dubai Financial Market; and the Dubai Investment Development Agency.

The Bahamas delegation also toured the World Expo 2020 site as it nears completion and visited the Bahamas pavilion. The Expo opens on October 20, 2020, under the theme Connecting minds, creating the future.