The genesis of a medical tourism sector in Bermuda was marked with the signing of a memorandum of understanding for a “world-class” healthcare facility, potentially to be sited Morgan’s Point.

David Burt made the announcement at the Cabinet Office this morning.

The Premier said the partnership between the Bermuda Government and island company Medical Concepts Consulting Management was formalised by the signing of the MOU, which paved the way for the development of a medical facility and the establishment of a medical tourism industry.

Mr Burt was flanked by Wayne Furbert, the Junior Minister of Finance, Lou Maroun, the chairman and founder of MCCM, Michael Warren, the company’s executive chairman, Louis Desmarais, its chief executive, and Scott Pearman, the chief executive of the Bermuda Hospitals Board.

Mr Burt described MCCM as an “internationally-recognised leader for healthcare facility development”.

He added: “It’s team of experts has worked on more than 300 international healthcare centre projects in 30 countries.

“Best of all it is a Bermuda company led by Bermuda residents who will ensure the success of the enterprise is the success of the island.”

The Premier said the decision to build the facility in Bermuda is a testament to the work of his Government, its “stability, sound governance and confidence in the future of Bermuda’s economy”.

He added that the project will be completed without government funding or loans, adding: “It delivers on a platform promise to expand Bermuda’s tourism offering and establish a medical tourism sector.

“This new healthcare medical facility will bring patients from overseas to our shores, creating new economic activity in Bermuda.

“It will not compete with, but instead enhance, local healthcare access for Bermuda and its residents.

“The development of this new facility will also create hundreds of jobs during construction and hundreds more once operational in medicine, science, diagnostics, hospitality, technical trades and support services.”

Mr Maroun said the project dated back to 2010 and was “brought to life” by the Premier in 2019.

He said the facility, to be known as the Bermuda International Healthcare Centre, will be a “comprehensive ecosystem” that will bring together clinical care, wellness, research and education services along with partnerships with internationally-recognised medical institutions.

“It will invite patients, clinicians and researchers from around the region and from around the world,” Mr Maroun added.

“The first phase begins with three cornerstone developments: an intermediary-stay behavioural health centre which addresses the ever-urgent and growing need for specialised, compassionate and high-quality mental health services; a medical hotel designed to provide comfort and convenience for patients and families; and an ambulatory surgery centre equipped with leading-edge technology to deliver same-day surgical care efficiently, safely and at the highest international standards today.”

He said the facility would provide a place where wellness and recovery are nurtured alongside scientific research, medical education and international collaboration.

“This initiative is about more than infrastructure, it’s about creating skilled jobs in healthcare research, hospitality and supporting sectors,” he added.

“It is attracting investment from regional and global partners who will see Bermuda as a trusted hub for healthcare innovation.”

Mr Maroun said the first phase of the project will represent an investment of up to $400 million with the possibility of an additional $150 million investment if an associated seniors care facility comes on board.

During construction, there will be 300 jobs a year, over a period of about 2½ years.

Once completed and operational there will be 275 full-time staff at the facility.

Mr Maroun said the facility can be used to help manage capacity issues and specialised surgery needs beyond the present levels in Bermuda while reducing the high costs for overseas care incurred on the island.

He added: “This MOU is more than a document — it’s a promise, a promise that the vision of a world-class international healthcare centre, first imagined years ago and championed by the current leadership, will take shape here for the benefit of our people and generations to come.”

Mr Burt said that Morgan’s Point had been identified as a potential location for the facility.

Mr Warren said the project could take approximately three to four years to complete but that there was no commitment on that timeline.