Private equity eyes Appleby stake as MPs weigh sovereign wealth fund

The offshore legal sector produced the day's biggest news, with the Cayman Compass reporting that a private equity firm is to buy a stake in Appleby, a transaction still subject to regulatory approval. Unconfirmed reports put the size of the holding at between 25% and 30%. Elsewhere in financial services, the Cayman Independent reported that Walkers advised Saudi Arabia on a US$3.25 billion sukuk issuance that drew orders around five times the amount issued, and that Valour has launched an AI-driven Cayman Islands hedge fund able to shift holdings as market signals change.

On the public finances, Cayman Marl Road reported that Parliament is set to consider a Government Motion supporting the establishment of a Cayman Islands Sovereign Wealth Fund, with the Cayman Independent publishing an explainer on what such a fund would involve. Fees are also under scrutiny: the Cayman Compass reported that Caymanians and non-Caymanians alike are questioning the fairness of a two-tier vehicle and driver licensing scheme, though the lower increases have been welcomed.

Little Cayman's UNESCO World Heritage bid drew conflicting coverage. Cayman Marl Road reported the island has moved closer to recognition after the UK submitted its Preliminary Assessment document, while Cayman News Service reported that a misunderstanding among landowners and Cabinet may have severely undermined the application.

In business and labour, the Cayman Independent reported construction and retail employers saying gaps in workforce readiness are holding back local hiring. Cayman Marl Road reported that Cayman Airways has launched Cayman Airways Vacations, bundling flights and hotels in one booking, and the Cayman Compass covered the launch of Let's Eat's AI shopping assistant. The Compass also reported that the 10th Caribbean Infrastructure Forum closed with a regional push to turn plans into bankable projects.