Dubai and TheCityUK Signs Partnership Agreement to Boost Collaboration between Financial CentresPress Release22 Feb 2012 12:46 pm
Companies in Dubai are set to benefit from a new partnership between 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, and TheCityUK, the independent body responsible for promoting financial and professional services in the UK and overseas.
DIFC has signed a Memorandum of Understanding (MOU) with TheCityUK to share financial, legal and regulatory expertise, collaborating on areas of mutual interest including closer links on education, training and qualifications. The agreement is expected to provide a significant boost to capacity building in DIFC given its ambitious growth plans.
The MOU has been signed by Chris Cummings, Chief Executive of TheCityUK, and Abdulla Al Awar, Chief Executive of DIFC Authority. The MOU was signed in the presence of His Excellency Abdullah Mohammed Saleh, Governor of the Dubai International Financial Centre and the Lord Mayor of the City of London.
Abdulla Al Awar, Chief Executive of DIFC Authority said: “Our status as a global hub of finance is reflected through our world-class infrastructure and common-law jurisdiction, which provides a stable platform for global and regional firms to access opportunities in the region’s emerging markets. Another factor in our advancement is the pool of qualified professionals present in the centre, both attracted from around the world and developed by leading British academic institutions present in DIFC. Our growth prospects for the coming five years include a major increase in the size of our workforce, which presents a tremendous opportunity for young and developing professionals who are interested in exposure to the worlds emerging markets, and also for the institutions present in the centre”.
“There is no doubt that UK firms will contribute to our growth by bringing their specialised expertise, and we are committed to providing them with the gateway to opportunities in the region. This MoU will pave the way to continued and mutually-beneficial cooperation”
Chris Cummings, Chief Executive, TheCityUK said: "We see the agreement with the DIFC as an important gateway to the Middle East for UK firms, which will generate jobs and growth for both nations. This will be achieved by helping to build its international financial centre - so creating further opportunities for UK firms as the DIFC grows to connect the region’s emerging markets with markets around the world. UK based financial and related professional services expertise is already in high demand in the region so this is good news and will stimulate growth in the UK.”
Alderman David Wootton, Lord Mayor of the City of London and President of TheCityUK’s Advisory Council said: “The UK has longstanding ties with the DIFC. Both TheCityUK and the DIFC share common goals in ensuring that the financial and professional services sector can participate in a well regulated, transparent and competitive global market. This MOU is a reflection of our ongoing commitment to work in close partnership with the DIFC across a range of different sectors for the benefit of all involved.”
The DIFC is a financial and federal zone administered by the Dubai Government. The DIFC has 848 active registered companies of which 18% are from the UK. Sector specialisms include: banking and capital markets, insurance, asset management and professional services. Islamic finance is a particular strength. TheCityUK and the DIFC will team up on joint events to promote London and Dubai as key areas to conduct financial and related professional services and attract investors. TheCityUK will also provide advice to the DIFC on how to establish an equivalent body within Dubai to promote the UAE financial services industry.
The initiative is supported by UK Trade & Investment, which works with UK-based businesses to ensure their success in international markets, and encourages the best overseas companies to look to the UK as their global partner of choice.