New Cruise Ship Port one step closer - Another boost for the Cayman Real Estate Market

More great news for the Cayman economy and real estate industry. On the heels of the announcement that Cayman was entering the Medical Tourism industry with the announcement of a 2000 bed Health City last week, a memorandum of understanding that may pave the way to create a new cruise ship berthing facility in George Town has been agreed and is now awaiting Cabinet approval. Stefan Baraud, chairman of the Cayman Islands Port Authority, and Cameron Graham, CEO of Dart Enterprises Construction Company, known as DECCO, confirmed that the terms of the agreement had been finalized. The document must now be vetted and approved by Cabinet, which met Tuesday, before it can be signed by the parties involved. “The MOU has been agreed,” Mr. Baraud said on Monday evening. “We’re just waiting for its presentation to Cabinet before we move ahead with the signing.” If Cabinet approves the MOU, an announcement and signing of the agreement will follow, he added. In November, Cabinet approved DECCO as the potential development partner to finance, design and build the proposed cruise berthing facility and cargo enhancement project. Premier Mc Keeva Bush announced at the time that the Port Authority would develop a non–binding memorandum of understanding with DECCO and the Florida–Caribbean Cruise Association.