Page 282 - INVESTOPIA ENGLISH PR REPORT FEBRUARY - MARCH 2024

3/20/24, 9:52 AM Bermuda and UAE Strengthen Economic Ties: Minister Hayward's Strat…
Strengthening Bilateral Economic Relations

Minister Hayward's discussions with His Excellency Abdullah bin Touq Al Marri, the UAE's Minister of

Economy, underscored Bermuda's intention to deepen economic relations with the UAE. This engagement is

timely, following a visit to Bermuda by H.E. Abdulaziz Alnuaimi from the UAE Ministry of Economy and his
senior adviser in June 2023. The dialogue centered around knowledge transfer between Bermuda and UAE-

based family offices, highlighting the upcoming upgrades to Bermuda's family office framework as a focal point

of Minister Hayward's agenda.

Advancing Family Office Collaboration

In his efforts to advance Bermuda's family office agenda, Minister Hayward met with Yasmin Almostehy,

Executive Director of the Emirates Family Office Association (EFOA). Their discussion revolved around the
Memorandum of Understanding signed in December 2023, aiming to enhance cooperation. The EFOA is

nearing the final stages of establishing a branch in Bermuda, with plans to send a delegation to the island later

this year, marking a significant step in fostering closer business and investment relationships between the two
regions.

Panel Discussions: Insights and Future Directions

Minister Hayward participated in the 'Family Wealth 2.0' panel, where he gained insights into the evolving

global investment landscape, particularly the role of digitalisation and digital assets. These discussions are
critical for Bermuda as it seeks to tailor its services to the changing needs of family offices across generations.

Additionally, the 'Strategic Priorities in a Shifting Global Landscape: A Policy Perspective' panel allowed

Hayward to delve into global economic shifts, emphasizing the importance of digital, environmental, and trade

innovations for Bermuda's future economic resilience and sustainability.

The Investopia conference has served as a cornerstone for Bermuda's strategic efforts to position itself as a

prime destination for business and investment, particularly in the realm of family offices. Minister Hayward's

engagements and the discussions that ensued highlight a proactive approach towards fostering economic
growth and sustainable development, both for Bermuda and in partnership with the UAE. As these initiatives

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