DIFC Governor hosts Lord Mayor of the City of LondonPress Release13 Feb 2007 04:03 pm
- Stresses mutual benefits of economic ties
- Highlights growth of London-based companies at DIFC
His Excellency Dr. Omar Bin Sulaiman, Governor of the Dubai International Financial Centre (DIFC), today welcomed the Right Honourable the Lord Mayor of the City of London, Alderman John Stuttard. The visit underscored the growing economic ties between London and Dubai, two of the world’s most dynamic investment capitals, and the strategic importance of that relationship.
“Since its founding, the DIFC has emerged as the world’s fastest growing financial centre, and as the international investment hub for the time zone between Europe and Asia. Our relationship with London has been integral to this success,” said His Excellency Dr. Omar Bin Sulaiman, Governor, DIFC. “HSBC, Lloyds TSB, Barclays and a number of other prestigious London-based institutions have made a base for themselves at the DIFC. We expect that number to continue to grow to the benefit of both the City of London and the DIFC. This relationship also offers clear benefits for Dubai, the UAE and the wider region.”
He added: “At a time of especially strong economic relations between the UK and the UAE, I take particular pleasure in welcoming the Lord Mayor of London, Alderman John Stuttard, to Dubai. In a long and distinguished career in finance, which included 40 years at PricewaterhouseCoopers, Alderman Stuttard displayed integrity and vision, distinguishing himself as a champion of global economic cooperation. I am confident his visit to the DIFC will further strengthen the already close ties between our two economies.”
Commerce between the UK and the UAE has soared in recent years, with annual bilateral trade now exceeding £6 billion (AED 40.24 billion). The financial sectors of London and Dubai are expected to play an increasingly central role in what Bin Sulaiman described as a “partnership for prosperity.” He cited the DIFC’s regulations, transparency and efficiency as being at the core of its appeal to London-based firms.
The Lord Mayor is Head of the City of London, which provides local government services for the Square Mile, the financial and commercial heart of Britain, and is committed to maintaining and enhancing the status of the City as a leading international financial and business centre through its policies and services. The Lord Mayor acts as ambassador for the UK financial services industry.