DIFC Governor Hosts Malaysian Crown Prince

The Dubai International Financial Centre (DIFC) today welcomed HRH Prince Duli Yang Teramat Mulia Raja Muda Perak Darul Ridzuan Raja Dr Nazrin Shah Ibni Sultan Azlan Muhibbuddin Shah who is visiting Dubai to explore opportunities between the UAE and Malaysia.

Accompanying the HRH the Prince is Dato' Mohd Razif Abd Kadir, Deputy Governor, Bank Negara Malaysia (BNM) and Dato' Zarinah Anwar, Chairman, Securities Commission (SC), Malaysia.

His Excellency Dr. Omar Bin Sulaiman, DIFC, Governor of the DIFC said, "The DIFC is delighted to welcome His Highness and the Malaysian delegation to Dubai and in particular to the DIFC. We had very productive discussions on the further development of the relationship between the Malaysian government and the DIFC. This visit will help us further strengthen political and economic ties between the UAE and Malaysia and, more specifically with Dubai and the DIFC. This event was also an excellent opportunity for us to showcase Dubai's success in its growing role as an international business hub."

"In March 2007 the Dubai Financial Services Authority (DFSA) entered into a Memorandum of Understanding (MoU) with Bank Negara Malaysia and entered into a mutual recognition agreement with the Securities Commission of Malaysia. The objective of these agreements is to facilitate Islamic finance transactions between the DIFC and Malaysia" he added. Strong commercial relations between the UAE and Malaysia have long been in existence and the Malaysian delegation arrives in Dubai when trade between the two countries is at an all time high hitting AED12.61 billion (US$3.44 billion) in 2006, an increase of 20.65 per cent.

UAE is Malaysia's key trading partner; the Malaysian Tourist board has recently announced that in 2007's 'Visit Malaysia Year' it will achieve its targets of attracting 50,000 UAE visitors to the country.

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