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, to be sited Morgan’s Point.

David Burt made the announcement at the Cabinet Office yesterday.

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 said: “Its team of experts has worked on more than 300 international healthcare centre projects in 30 countries.

“Best of all, it’s 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.

Mr Burt said: “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 as well as 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, it is expected that there will be 275 full-time staff at the facility.

Mr Maroun said the facility, which is expected to break ground within six to 12 months, can be used to help manage capacity issues and specialised surgery needs beyond the present levels in Bermuda while reducing the high costs incurred for overseas care.

Mr Pearman said: “From the standpoint of any improvement in medical services being delivered, particularly by an independent provider, that does not go without synergistic relationships with the anchor institution, which is the Bermuda Hospitals Board.

“We welcome the opportunity to be working at the front end with the team so that we can build a comprehensive, integrated service.”

Mr Maroun 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.”

He said the development marked “an extraordinary chapter in Bermuda’s healthcare journey”.

“We are here not only to sign an agreement but to set in motion a vision — one that will touch lives, strengthen our economy and position Bermuda as a leader in healthcare innovation in the region,” he added.

Mr Burt said that Morgan’s Point had been identified as a 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.

Medical tourism has been touted as a potential industry for Bermuda since 2012, and was featured in the 2023-24 Budget Statement.

Mr Burt acknowledged that a previous attempt at medical tourism about 20 years ago in Bermuda had not materialised and that a facility ended up being developed in the Cayman Islands instead.

He said: “That is why it is important that you have a future vision and take advantage of the trends so we talk about research and other things that can be done under international standards.

“This has taken a little longer than we would have liked but that was to get it to the point where we know we have done all the necessary research and we are comfortable that we can make this work inside of the Bermuda context.”