Dubai International Financial Centre Delegation Visits India to Explore Ways to Boost Partnerships, Consolidate Trade TiesPress Release19 Apr 2015 01:00 pm
DUBAI, UAE April 19, 2015: In a bid to strengthen the trade partnership between the UAE and India, a high-profile delegation from Dubai International Financial Centre (DIFC) visited Mumbai, India's financial nerve-centre. During the visit, the delegation explored and identified new investment opportunities for businesses and organisations that can support and encourage the economic growth of both India and the UAE.
Led by Chirag Shah, Chief Strategy and Business Development Officer of Dubai International Financial Centre Authority (DIFC Authority), the delegation comprised of members from DIFC's business development team.
As part of the joint meetings held recently, the DIFC delegation conducted a series of presentations and discussions in the host city with the objective of introducing the financial hub and elaborating on Dubai's potential as a competitive business destination. The delegation held direct meetings and attracted the interest of close to 50 existing and new clients keen to benefit from DIFC's widely-appreciated regulatory framework, legal systems and enabling infrastructure.
Speaking on the opportunities created by the India visit, Chirag Shah, Chief Strategy and Business Development Officer of DIFC Authority, said: "The historic economic cooperation between the UAE and India serves as a strong foundation for our two countries to strengthen ties in areas of mutual interest. DIFC is keen to leverage the vast investment prospects to create lucrative economic, commercial and investment partnerships besides attracting industry expertise and skilled manpower."
Shah added: "Given DIFC's strong regional and international status as one the most refined and mature regional financial hubs, we have received strong interest from banks, investment banks, asset/wealth managers, insurance/reinsurance providers/brokers and professional firms from India that are looking at setting-up or expanding their presence in the DIFC to tap into the opportunities in the growth markets in Middle East and Africa."
A recent study noted that nearly 26,500 companies from the Indian Subcontinent operate in the second largest Arab economy, with an estimated combined investment of around US$52 billion.
Over the years, over 20 leading Indian banks and financial institutions have opened offices at the financial hub. These include Axis Bank, ICICI Bank, IDBI Bank, Punjab National Bank and State Bank of India.
DIFC provides a specialised platform for Indian financial institutions and corporations to leverage the growing demand for structured finance advisory, corporate finance and capital market solutions across the region. In addition, the financial hub offers easy access to the rapidly developing Middle East and Africa region.