Mr Speaker, I rise today to provide this Honourable House with an overview of my recent visit to the United Arab Emirates for Abu Dhabi Finance Week and the 28th session of the Conference of the Parties, more widely known as COP28, in Dubai. COP28 is the largest and most important environmental event of the year and also a diplomatic event where government leaders, business leaders, innovators, scientists and more gather in one location.
This provides the opportunity for valuable meetings, both scheduled and unscheduled, that are of great benefit to the governments or organisations represented; which emphasises the need for the Government to ensure that Bermuda is well represented throughout the duration of this annual meeting.
Abu Dhabi Finance Week is a gathering of global financial leaders featuring the leaders of the most significant hedge funds, family offices, financial services firms, regional regulators, and high-level representatives from the United Arab Emirates Government.
Mr Speaker, one of my first engagements was with officials from the Mubadala Investment Company at their headquarters in Abu Dhabi. This formal meeting was a follow-up to informal discussions the Chairman of the Bermuda Public Funds Investment Committee, Mr Barclay Simmons and I held with the Chairman and Managing Director of Mubadala in March. At this meeting, representatives from Masdar were also present, where we outlined opportunities for renewable energy investment in Bermuda and infrastructure investment opportunities that were of interest to Mubadala.
Following that productive meeting, I met with His Excellency Abdulla Nasser Lootah, the Deputy Minister of Cabinet Affairs responsible for Competitiveness and Knowledge Exchange, to discuss the Government Experience Exchange Programme currently offered by the UAE. This meeting was a follow-up to meetings I held with UAE government ministers in Abu Dhabi in March, where this programme was initially discussed.
The UAE has extended this programme to over 30 countries, including CARCICOM countries with close relations with the UAE, such as Barbados and Guyana. The programme includes extended ministerial visits & technical officer training in the UAE. In addition to enhancing human resources, this programme assists governments in setting up one-stop-shop customer service centres and establishing government accelerators with the ultimate objective of embedding a culture of continued enhancement of government processes.
According to the International Institute of Management Development, the UAE currently ranks number one in the world in the ability of government policy to adapt to change, while the World Economic Forum ranks the UAE third globally for its responsiveness to change. Participation in this programme can only benefit Bermuda, and I’m pleased that this has advanced from informal discussions in March, to concrete next steps for Bermuda’s involvement.
Mr Speaker, during Abu Dhabi Finance Week, a significant milestone was achieved with the signing of a Memorandum of Understanding (MOU) with the Emirates Family Office Association (EFOA), which I signed on behalf of the Honourable Member, the Minister of Economy and Labour. This MOU advances Bermuda's initiative to attract additional high-net-worth family offices, in line with the Government’s Economic Development Strategy.
Mr Speaker, under the terms of the MOU, the EFOA will establish a physical branch in Bermuda within the next 12 months. This commitment signifies the strengthening ties between Bermuda and the Middle East, both in the public and private sectors. Furthermore, we anticipate family office delegations from the Emirate Family Office Association to visit Bermuda next year. I commend the Honourable Member, the Minister of the Economy of Labour and his team, supported by our Middle East representative, Ms Alexia Hefti, for securing this agreement.
Following the signing of the MOU, I was invited by the Commonwealth Secretary General, Baroness Patricia Scotland, to attend a reception with His Majesty the King, highlighting Women Climate Leaders & Small Islands Developing States organised by the Commonwealth Secretariat and the Foreign, Commonwealth & Development Office (FCDO). At this event, global insurance leaders were also assembled as one of the themes for COP 28 was climate finance, a space where Bermuda has expended significant effort. At the event, I was pleased to share with His Majesty and Baroness Scotland the work that Bermuda has done to promote our island as a hub for climate finance. The reception also allowed me to meet and have an extended discussion with Lord Cameron, the United Kingdom Foreign Secretary.
Mr Speaker, it is also vital that every opportunity is taken to engage with key stakeholders with a significant presence in Bermuda who were present in the UAE for COP 28. Following our meeting at the Commonwealth reception, and at their request, I met with Eric Anderson, President of Aon Global, and Bridget Gainer, Global Head of Public Affairs and Policy, to have a frank exchange on matters related to Bermuda’s insurance industry and how to advance the climate risk finance goals of Bermuda.
Mr Speaker, on Sunday, December 3rd, I had the honour of meeting with Deputy Director General Khalifa Abdulla Al Qubaisi and Investment Department Director Rashed Al Kaabi of the Abu Dhabi Fund for Development (ADFD). Our discussions centred around several renewable projects in Bermuda as highlighted in our new investment brochure that was prepared for this trip - and potential support from the ADFD, particularly through the IRENA-ADFD Energy Transition Acceleration Financing Platform, to which Mr Al Quabaisi signalled his support.
Mr Speaker, the same day, I had the pleasure to tour Dubai's Sustainable City hosted by Chairman Fares Abu Baker of the SEE Institute. The Sustainable City is a pioneering community of 500 villas that spans 113 acres and is the Middle East’s first fully operational sustainable community. Further sustainable cities are planned or under construction by this organisation in the Middle East, Africa and North America.
The SEE Institute also hosted the entire Bermuda delegation, including Bermuda’s youth delegation to COP 28, for what was designated Bermuda Day. About 100 attendees joined us as Bermuda showcased our island’s commitment to sustainability and contributions to the global fight against climate change. The highlight of the event was a keynote address from the Honourable Member, the Deputy Premier. In addition, there was a youth panel featuring Bermuda’s youth Delegate, Ms Noelle Young, a showing of a video highlighting Bermuda’s coral reefs, and a “dune-side chat” where I highlighted Bermuda's vision for a robust partnership with the UAE grounded in shared values and collaboration.
Mr Speaker, my engagements continued on Monday, December 4th, with an interview on Dubai TV where I discussed our COP28 objectives, Bermuda's commitment to decarbonising Bermuda through the electrification of our island’s vehicles and aiming for NetZero by 2050 in alignment with the Paris Agreement.
Later that day at COP 28, I met with Peter Abraham, Chief Strategy and Growth Officer of International Holding Company (IHC), the largest public company in the UAE. IHC subsidiaries hosted a presentation for Bermuda showcasing their technology solutions for governments in digital health and digital tax collection, which were appropriate given the recent announcements by the Honourable Member, the Minister of Health, and the forthcoming Global Minimum Tax.
Mr Speaker, as part of our COP28 participation, on Tuesday, December 5th, I delivered the keynote address on the Island of Hope Stage at the Island Voices at COP28, a gathering of small island states hosted by Island Innovation. This was an occasion where we celebrated the unique identities, cultures, and traditions of small island states while recognising our pivotal roles in the pressing need for global action on climate change and environmental conservation.
I shared the rich history of our sustainability and conservation initiatives, which date back centuries to the passing of legislation to protect sea turtles in 1620. At the same time, I highlighted Bermuda's role in the global insurance and reinsurance sector, which is crucial in managing climate risks. Our experience in underwriting catastrophe reinsurance positions us as leaders in climate risk finance, aiming to close the global protection gap.
This effort is part of our broader commitment to combating climate change, demonstrating the impact that small island states can have. We are not just participants but active contributors, sharing our expertise and plans for a sustainable future. I called for all small island states to continue punching above our weight in protecting the environment as we have done in other sectors.
Later that day, Bermuda sponsored a lunch at the DMCC in Dubai, where I delivered an address to Mr Massamba Thioye, head of the UN Climate Change Global Innovation Hub, and assembled delegates. Following this address, I was invited to an impromptu meeting with the Executive Chairman of the DMCC, Mr Ahmed Bin Sulayem, who is one of the largest real estate developers in Dubai responsible for the construction of Jumeirah Lakes Towers development, which consists of 87 high-rise towers that make up the DMCC.
That afternoon, to close out a hectic day, at the invitation of HSBC, I opened a session at COP 28, which was attended by finance officials from Saudi Arabia, Germany, and Singapore to discuss ESG financing and investment strategies for countries.
Mr Speaker, on December 6th, the final engagement of my visit to the UAE was a meeting with His Excellency Dr Thani bin Ahmed Al Zeyoudi, the UAE’s Minister of State for Foreign Trade, where we advanced the development of economic cooperation between the UAE and Bermuda, focusing on hospitality and infrastructure opportunities. It was my second meeting with Dr Thani this year, and it was an excellent close to a productive trip where we were able to review the entirety of our visit to the UAE, advance the renewal of agreements signed in 2015 between Bermuda and the UAE, and discuss the next steps for further agreements to increase investment flows from the UAE to Bermuda.
Finally, Mr Speaker, on December 6th, due to the work of the teams in the Ministry of Economy and Labour and the Bermuda Business Development Agency, there was a Bermuda insert in Gulf News, the most circulated English language paper in the region, which highlighted Bermuda and the investment opportunities that we have been promoting in the region. This well-timed insert resulted from months of planning and punctuated Bermuda’s re-introduction to the region.
Mr Speaker, it should be noted that during this time, I still participated in remote meetings in Bermuda, including this week’s Cabinet meeting, the Association of Bermuda Insurers and Reinsurers’ quarterly board meeting, and the December meeting of Bermuda’s Financial Policy Council. In addition, I held media engagements with local and international news, including interviews with Bermuda Broadcasting, Dubai TV, and Insurer TV.
Mr Speaker, Bermuda’s visit to the United Arab Emirates surrounding COP28 was a success, marking significant advancements in Bermuda's global partnerships and our ongoing leadership in environmental initiatives. We forged new partnerships, strengthened existing relationships, and showcased Bermuda's dedication to sustainable development and climate action on the global stage.
The Honourable Member, the Deputy Premier, is still in the UAE participating in negotiations. I look forward to him updating this Honourable House on his engagements in the UAE upon his return next week.
Thank you, Mr Speaker.