The Ministry of Economy and Labour is pleased to provide a further update on the Minister of Economy and Labour, the Hon. Jason Hayward, JP, MP's visit to the United Arab Emirates.
Minister Hayward attended the Investopia conference in Abu Dhabi, United Arab Emirates (UAE) between February 28-29, 2024. This event, a crucial gathering of global economic leaders, served as a platform for Minister Hayward to present Bermuda as a prime jurisdiction for business and investment and to discuss Bermuda’s ongoing enhancements to its family office framework.
Minister Hayward engaged in dialogue with his counterpart in the UAE, His Excellency Abdullah bin Touq Al Marri, Minister of Economy. Minister Hayward reaffirmed Bermuda's commitment to foster deeper bilateral economic relations with the UAE.
Following H.E. Abdulaziz Alnuaimi, Assistant Undersecretary at the UAE Ministry of Economy, visiting Bermuda with his senior adviser in June 2023, Minister Hayward welcomed greater knowledge transfer between Bermuda and UAE-based family offices.
And so, considering the upcoming upgrades to Bermuda's family office framework, one of Minister Hayward's primary areas of focus is advancing the island's family office agenda in the UAE. To that end, Minister Hayward spoke with H.E. Alnuaimi, whose responsibilities include UAE family office developments.
Minister Hayward also met with Yasmin Almostehy, Executive Director of the Emirates Family Office Association (EFOA), to discuss the next steps regarding the Memorandum of Understanding signed between the EFOA and the Ministry of Economy and Labour in December 2023.
The Ministry of Economy and Labour is pleased to advise that the EFOA is in the final stages of establishing a branch in Bermuda and plans to send a delegation of UAE family offices to Bermuda later this year.
The "Family Wealth 2.0" panel delved into the evolving global investment landscape for family offices. Among the many topics, panellists discussed the growing role of digitalisation and digital assets in investment strategies and as providing new avenues for family offices to enhance wealth. The Minister obtained new techniques and ideas for strengthening and developing Bermuda’s services to cater to the evolving needs of family offices as they move past the first and second generations.
Minister Hayward also met with Ahmed Al Nowais, CEO of Annex Investments and son of the Chairman and Owner of the Rotana Hotels & Resorts chain, further promoting the island's economic development agenda by discussing Bermuda's allure as a destination for hospitality and tourism investments.
In the "Strategic Priorities in a Shifting Global Landscape: A Policy Perspective” panel, the discussion focused on how nations can adapt to global economic shifts, highlighting the importance of digital, environmental, and trade innovations, and in particular how decarbonisation will be a key economic driver over the next twenty years.
Having obtained valuable insight from government leaders at the forefront of global economic policy, Minister Hayward explained, “These areas are crucial for Bermuda as we seek to bolster our position on the global stage as they align with our strategic goals to foster resilient and sustainable economic growth that will benefit us all.”