DIFC Signs MOU with Pudong Financial Services Bureau for Financial Services Exchange and DevelopmentPress Release 13 Sep 2011 06:05 am
The Dubai International Financial Centre (“DIFC”), the financial and business hub connecting the region’s emerging markets with the developed markets of Europe, Asia and the Americas, announced today that it has signed a Memorandum of Understanding (“MOU”) with the Chinese Pudong Financial Services Bureau (“PFSB”). PFSB of Pudong New Area Government, a district of Shanghai, China, is dedicated to the financial development of the core financial functional zone. The MoU sets out the frameworks agreed between the two parties regarding the cooperation within several financial activities for the mutual development of their financial service offerings.
The MOU was signed in Dubai by Abdulla Mohammed Al Awar, Chief Executive Officer of DIFC Authority and Shi Haining, Director General of Pudong New Area Financial Services Bureau in a ceremony attended by senior representatives of both parties including Dr Nasser Saidi, Chief Economist of DIFC, Kevin Birkett, Head of Financial Services of DIFC Authority, Chirag Shah, Head of Strategy and Corporate Planning of DIFC Authority, Mr. Xu Lin, Member of Standing Committee of CPC Shanghai Committee & Secretary of CPC Pudong Committee.
Al Awar commented: “As a global financial hub and a contributor towards developing a sustainable local economy, DIFC is constantly working towards delivering world-class financial services and solutions. Our partnership with PFSB confirms our commitment towards providing a platform to support growth in the region and to continue to be a major contributor to the UAE and wider region economies.
“The Chinese economy has been one of the fastest growing in the world, and has been one of the biggest trade partners to the UAE. This MOU reinforces the economic ties between the UAE and China, and encourages the financial and business exchanges between both economies. This MOU will also give investors opportunities to invest in two rapidly growing countries. We look forward to achieving our mutual goals through this agreement.”
As per the terms of the agreement, areas of cooperation between DIFC and PFSB entail that both parties will raise awareness among potential investors or potential investment opportunities between Shanghai and the Middle East, Africa and South Asia (MEASA) region, which will stimulate further cooperation between the two countries.
The MOU also covers collaboration on education and research related programmes, whereby DIFC wishes to attract specialised Shanghai institutions and in particular those renowned for innovation in finance, with which PFSB will endeavour to assist.
Shi Haining, Director General of Pudong New Area Financial Services Bureau said: “Partnering with DIFC is a great step forward towards the development of financial services in Pudong. There is already over 3,000 Chinese companies based in the UAE, and there is a great interest from other Chinese companies to venture into the Middle East and North Africa region. DIFC offers a great platform for our investors to tap into the vast opportunities in this region. This MOU will facilitate a mutually beneficial cooperation.”
The MOU will also include jointly organising workshops, seminars, and conferences and aiming to host investment forums in Dubai and Shanghai on an alternative mode, in order to attract companies and investors. The agreement covers facilitating contacts between financial institutions in Dubai and Shanghai that are interested in expanding internationally, further contributing and building upon DIFC infrastructure development.
DIFC continues to attract companies from around the world, with sustained interest from the Americas, Europe and Middle East and increased interest from Asia. Around 44% of new regulated companies joining in the first half of 2011 came from the Middle East and Asia and 50 % from Europe and North America, while 6% from the rest of the world, reinforcing DIFC’s position as the business and financial gateway connecting East and West.