City courts Arab investment

Two City of Hamilton officials met with a sheikh to encourage revenue back into the city.

Ed Benevides, the City’s chief operating officer and secretary, said he accompanied deputy mayor Donal Smith to New York to meet H.E. Sheikh Abdullah Alireza, former Minister of Commerce and Industry for Saudi Arabia.

Mr Benevides said: “We attended a luncheon with Sheikh Abdullah Alireza, plus a number of other organizations which deal with the Arab Bankers Association.

“It was arranged through Marston Webb International (consultants in international investor relations). The intention is to have someone like the prince come here and make a presentation to our financial world.

“Everyone is thinking outside of the box now, and sometimes we have the opportunity to use professional contacts and the deputy mayor had those.

“Marston Webb had been looking to discuss with us at the City of Hamilton, how to help generate business in the city.”

He said the City needed to recoup lost revenue in the recession. 

“We have 900,000 to a million square feet of empty office space, so there’s an opportunity there for the community.”

He confirmed: “There is interest in Bermuda with potential mutual benefits.”

Mr Smith has invited the sheikh to visit Bermuda to encourage awareness of business opportunities in international finance and the hospitality industry.

He said: “We want him to join us and to experience the City’s and our island’s expertise for himself, and to discuss the ways in which we might enhance Bermuda’s role within the Middle East in general, and Saudi Arabia in particular.”

Mr Smith and Mr Benevides’ trip to New York took place despite Premier Craig Cannonier’s attendance at the 2013 World Islamic Economic Forum this week.

Mr Cannonier and Minister of Finance, Bob Richards, aim to encourage ties between Bermuda and the Middle East.

Mr Benevides said: “This is not a competition. The Premier didn’t announce he was going until we were in New York and were on our way back.”

He said the costs of the US trip only involved “two people, one night at a hotel”. n