TIMES.KY

Cayman Islands, Caribbeanand International News
Thursday, Mar 28, 2024

Aster Cayman Medcity

Aster Cayman Medcity

Thank you for joining us today as we make this exciting announcement regarding a partnership between the Cayman Islands Government and Aster DM Healthcare to develop a new modern world-class medical facility in these Islands – Aster Cayman Medcity. Immediately following this press conference we will execute the agreement.
Dr. Moopen, I suspect, will speak to you about Aster. But to provide some background as to why this announcement today is important, I wish to point out that Aster is a large well-respected healthcare group, headquartered in Dubai and has been in existence for over 30 years. I understand that it has over 19,000 employees working in some 350 various medical facilities across eight countries.

Aster is also a publicly traded company on India’s National Stock Exchange, the leading stock exchange in that country. Dr. Moopen I am advised that when the news of Asther’s entry into Cayman was announced to the financial press a few days ago that the financial market responded very favourably indeed to the news. That in my opinion not only speaks highly of the decision of Aster’s management in expanding to this region, but it says much about how well the Cayman Islands is viewed internationally as a place for world class tourism and commerce as well as an emerging healthcare tourism centre.

My point in noting the size of Aster is to indicate that the Group is a significant medical services entity across the countries that it operates in, providing every aspect of healthcare.

Aster Cayman Medcity, when complete, will provide healthcare services primarily to medical tourists, but also to the residents of the Cayman Islands. The Project will be done in phases and will comprise a hospital, assisted-living and independent living quarters, and a medical university. The total cost of the project is estimated at some US$350m.

Phase 1 will comprise a 150-bed multi-specialty hospital on Grand Cayman offering primary, secondary, tertiary and quaternary care - very specialized medical care that is not currently available here.

Phase 1 is expected to be completed over some three years. During this phase Aster will also establish a clinic on Cayman Brac.

Phase 2 will provide an assisted-living and independent-living facilities, each comprising 100 units. The plans anticipate Phase 2 to start about three years after the hospital has been operational.

Phase 3 will comprise a medical university, which will be integrated with the hospital. It is expected that the hospital will also be expanded to about 500 beds during this phase and the assisted-living and independent living centre will also be expanded. Phase 3 is expected to start about seven years after the hospital has been operational.

As a part of this agreement, Aster will use local contractors and local service providers during construction. Additionally, the Company will be employing suitably qualified Caymanians over the various phases of construction and when the facilities are operational.

Of course those who come from elsewhere to work with the hospital will need homes to rent or buy and will shop in the local economy.

I am pleased that a local partner in the Project is Mr. Gene Thompson. Not only is Gene a successful Caymanian businessman but he was instrumental in the buildout of Health City Cayman Islands and worked to successfully establish that facility and thus brings a wealth of knowledge in the healthcare tourism sector. And as we all know, during the development of Health City Gene also worked hard to ensure that Caymanian businesses and Caymanian workers benefited from the construction of that project. I know he will do the same with this project.

As part of the agreement Aster will develop and implement, in collaboration with the Ministry of Education, an educational program for local students who are interested in healthcare. They will also fund an annual scholarship which will be administered by the Department of Education for US $50,000 yearly, for a period of 2 years, and US $75,000 yearly for the next 2 years and US $100,000 for the fifth year.

And as I have mentioned, Aster will also establish and maintain a clinic in Cayman Brac with supporting services, including telemedicine, and an infusion centre.

The Government has agreed to the following to help facilitate the earliest completion, and the future success, of the project:

No duty on life-saving equipment and medical supplies for a period of 25 years after the commencement of construction of Phase 1.
No duty on other medical equipment and supplies for a period of 25 years after the commencement of construction of Phase 1.

For clarity, Government will not defer, waive or reduce custom duty for materials, equipment, supplies or items of any kind to be used in or for the construction of Aster Cayman Medcity or any of its facilities, nor will it waive or reduce stamp duties on the purchase of any land being purchased for the development of the facility.

The duty concessions only extend to medical equipment and medical supplies intended for the use and consumption of Aster Cayman Medcity and its patients. Aster cannot re-sell any medical equipment or supplies to anyone but its patients.

The Government has also undertaken to use its best endeavours to assist Aster with efficiently moving through its various applications and license requests needed to complete the project. However, the company will need to meet the requirements of all applicable laws and regulations related to construction and development, work permit applications, or for health care facility licenses etc.

The Government has also agreed that over a five-year period from the date the hospital commences operations that no other non-Caymanian/non-existing medical tourism provider will be permitted to come to the Cayman Islands to compete in the field of large-scale medical tourism.

However, such exclusivity from competition does not extend to:

any provider of medical tourism services that is already designated as medical tourism;
to any non-Caymanian company that currently offers medical services in the Cayman Islands;
or to any Caymanian who intends to establish health-care facilities of any kind in the Cayman Islands.

Given the size of the project a five year non-compete clause is not unusual but what is important is that it is only for five years and does not apply to Caymanians or existing medical businesses here.

Before closing I want to add that I am delighted that an organisation of Aster’s caliber is investing in such a substantial way and in such a meaningful project in our Islands - especially at this time of such uncertainty globally.

Aster’s willingness to invest several hundred million dollars in the Cayman Islands economy to develop this world class facility, in spite of the global economic impact caused by COVID-19, speaks volumes of their confidence in the Cayman Islands and it also speaks volumes of its confidence in the resiliency of our economy and our people.

To sum up:

This project will not only help to further diversify and strengthen our economy, in particular our healthcare tourism product, but it will also provide employment and new opportunities for our people during the construction phase and when the facilities are completed. Aster Cayman Medcity, together with Health City and the smaller medical tourism facilities on Island, will further put the Cayman Islands on track to become the pre-eminent regional centre for healthcare tourism.

Aster will also provide needed tertiary and quaternary care services to our own domestic healthcare market, including a clinic in Cayman Brac. Add to the mix a healthcare education programme, a US$350K five year scholarship programme, a future medical school and assisted living and independent living facilities.

Again this is a very positive and beneficial project for the country.

I thank Dr. Moopen and the Aster Group for their confidence in the Cayman Islands and the Caymanian people. I also thank Gene Thompson for working to help bring Aster DM Healthcare to the Cayman Islands. And I thank the Minister for Health Hon. Dwayne Seymour and his staff as well as the Government’s legal team who have worked for several months to get us to this stage. Finally, I thank my Cabinet colleagues for supporting this important initiative
Newsletter

Related Articles

TIMES.KY
0:00
0:00
Close
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Israel: Unprecedented Civil Disobedience Looms as IDF Reservists Protest Judiciary Reform
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Joe Biden admitted, in his own words, that he delivered what he promised in exchange for the $10 million bribe he received from the Ukraine Oil Company.
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
Europe is boiling: Extreme Weather Conditions Prevail Across the Continent
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Italian Court's Controversial Ruling on Sexual Harassment Ignites Uproar
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
40,000 child slaves in Congo are forced to work in cobalt mines so we can drive electric cars.
BBC Personalities Rebuke Accusations Amidst Scandal Involving Teen Exploitation
A Swift Disappointment: Why Is Taylor Swift Bypassing Canada on Her Global Tour?
Historic Moment: Edgars Rinkevics, EU's First Openly Gay Head of State, Takes Office as Latvia's President
Bye bye democracy, human rights, freedom: French Cops Can Now Secretly Activate Phone Cameras, Microphones And GPS To Spy On Citizens
The Poor Man With Money, Mark Zuckerberg, Unveils Twitter Replica with Heavy-Handed Censorship: A New Low in Innovation?
Unilever Plummets in a $2.5 Billion Free Fall, to begin with: A Reckoning for Misuse of Corporate Power Against National Interest
Beyond the Blame Game: The Need for Nuanced Perspectives on America's Complex Reality
Twitter Targets Meta: A Tangle of Trade Secrets and Copycat Culture
The Double-Edged Sword of AI: AI is linked to layoffs in industry that created it
US Sanctions on China's Chip Industry Backfire, Prompting Self-Inflicted Blowback
Meta Copy Twitter with New App, Threads
The New French Revolution
BlackRock Bitcoin ETF Application Refiled, Naming Coinbase as ‘Surveillance-Sharing’ Partner
×