Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  News


Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesHot NewsMost Read NewsRecomm.Business LeadersCalendar 

Cayman Islands Government : Cabinet Approves Action

share with twitter share with LinkedIn share with facebook
share via e-mail
05/03/2013 | 09:34pm CEST
Cabinet Approves Action

Following Cabinet approval, Government is seeking new proposals for developing a business case for cruise berthing in George Town as a Public Private Partnership (PPP).

The formal Request for Proposals (RFP) for developing a Business Case for the cruise berthing facility is being released today (Friday, 3 May 2013).

Cabinet also approved Government's policy directive issued on 5 March for developing Grand Cayman's cruise berthing as well as improving existing facilities at Spotts Landing. The directive titled Strategic Outline Case for Cruise Berthing in the Cayman Islands is also being released today.

His Excellency the Governor, Mr. Duncan Taylor, CBE, stated, "I am happy to see that a clearly defined and robust procurement process has begun, and that the Government is committed to an open and transparent process in the development of the cruise berthing facility."

Tourism Minister the Hon. Cline Glidden Jr., JP, explained, "The policy is intended to support Government's goal of enabling success in the Islands' tourism industry. Specifically, it addresses obtaining increased representation on cruise ship itineraries for the Cayman Islands, with a view to developing more tourism opportunities for our people."

He continued, "A number of benefits will accrue from the project. The construction and development phase, followed by a fully operational facility will generate additional jobs for our people. More importantly, it will deliver significant economic benefits to the Islands, notably improving public revenue and raising the Gross Domestic Product (GDP) from increased visitor spending."

The Minister noted additional benefits include increased opportunity for the continued sustainability and profitability for the Port Authority of the Cayman Islands.

Ministry of Tourism and Development Chief Officer, Mr. Stran Bodden, JP, explained that the procurement process will follow an open, competitive process in keeping with international best practice and the Public Management and Finance Law. The exact number and size of the piers will be developed in the business case, he said.

A competitive procurement process will identify the project's private sector partner(s) who will be responsible for designing, building and financing the facility. "Operational responsibility will then revert to the Port Authority for strategic reasons," Mr. Bodden noted.

Funding is through PPP in view of Government's inability to seek further borrowings. Key stakeholders include Government, the private sector, cruise lines and the public. Identified options include moving the cargo port. The strategic policy document also notes that a major risk involved is environmental impact from construction.

distributed by
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news
Date Title
01:07a ASPEN INSURANCE : posts 3Q profit
01:06a CARPETRIGHT : Trading Update & Analyst Site Visit
01:06a PETROPAVLOVSK : Notice of IRC Announcement
01:06a MAGAZINE LUIZA : Notice to the Market - Alteration to Annual Corporate Event Calendar
01:06a IQE PLC : Director/PDMR Shareholding
01:06a KIBARAN RESOURCES : Market Update
01:06a INTU PROPERTIES : Convertible Bond Offering
01:06a EUROPEAN UNION : JHATech-2016
01:06a INTU PROPERTIES : Disposal of Intu Bromley
01:06a EYECARROT INNOVATIONS : How 2 TSXV Medical Device Stocks Power Collaborative Care
Latest news
Hot News 
7.75%KERING : shares at 15-year high as Gucci turnaround impresses
-14.41%LWPartners says Dycom shares can double or triple
-8.46%Southwest Airlines Confident It Can Return to Positive Unit Revenue Growth -- 2nd Update
-12.70%GRUBHUB : Profit Soars
-9.28%CHIPOTLE MEXICAN GRILL : quarterly restaurant sales down more than expected
Most Read News
06:07p DEUTSCHE LUFTHANSA : Lufthansa budget carriers to stage one-day strike, 380 flights affected
06:57p SOLARCITY : Tesla turns profit, Musk says no new capital needed for Model 3
06:44p Comcast posts higher revenue, helped by Rio Olympics
06:03p AT&T : Clinton expresses concern about AT&T-Time Warner deal
06:09p BARRICK GOLD : earnings climb but miner keeps lid on costs
Most recommended articles
08:15aDJS&P 500, Nasdaq Futures -- Technical Analysis
10/25 DEUTSCHE BANK : Schaeuble says monetary policy has reached its limits
10/25 APPLE : Gadgets in decline as R&D shifts to software and services - study
10/24DJGold Prices Turn Lower Amid Strong Economic Data