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DEPT SWAP INITIATIVE COMMENDED AT THE ABU DHABI WORLD OCEAN SUMMIT

DEPT SWAP INITIATIVE COMMENDED AT THE ABU DHABI WORLD OCEAN SUMMIT

08.03.2019

Seychelles thru the Principal Secretary for Blue Economy, Mr Kenneth Racombo, Head of Seychelles’ mission to Abu Dhabi, Ambassador Jean Claude Adrienne, Vice Chairman, Professor Dennis Hardy and Acting Chief Executive Officer of the James Michel Foundation participated in the World Ocean Summit in Abu Dhabi from 5th – 7th March 2019.

The event was organised by the Economists Group’s World Ocean Initiative, under the patronage of the United Arab Emirates’ government. It is aimed at building bridges between governments and businesses, and to catalyse meaningful progress towards a sustainable blue economy.

Seychelles’ National Blue Economy roadmap that transcends all sectors has been recommended to the World Ocean Summit in Abu Dhabi as a model to follow. Discussions about financing the Blue Economy surrounded the Seychelles example, especially the debt swap initiative.

The Seychelles delegation had a bilateral meeting with billionaire Philanthropist, Raymond Dalio who is the CEO and Founder of Bridgewater Associate, the world's largest hedge fund. He is also the founder of Dalio Foundation Inc, a family philanthropic organisation.

Seychelles is a potential research ground for OceanX Initiative which he launched recently with one of his sons. It aims to unite scientific research, technology, exploration, film making and social media to explore the world’s oceans. Key to the success of the project is the M/V Alucia 2, “the most advanced science and media vessel ever built” featuring cutting edge onboard wet and dry marine research labs, manned and autonomous deep-sea submersibles, helicopters, drone and production and media facilities. The vessel is expected to be launched later this year.

The Seychelles delegation welcomed the initiative which stands to benefit the country as a whole.

The Seychelles delegation also met the Commonwealth Secretariat which reiterate commitment in exploring further support and cooperation for the development of the Blue Economy concept in Seychelles.

The Seychelles delegation also had discussions with different organisations and institutions which were present at the Summit.

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