Dubai International Financial Centre Highlights the Significant Role of International Financial Centres in Economic Growth at City Week 2015Press Release 25 Mar 2015 02:18 pm
Dubai, UAE- 25 March 2015: Dubai International Financial Centre (DIFC) concluded its participation at the annual City Week forum in London underpinning its status as a mature global financial hub connecting the Middle East, Africa and South Asia (MEASA) markets with the economies of Europe, Asia and the Americas.
The three day event focusing on 'The Role of International Financial Services in Driving the Global Economic Recovery' ran from 23 - 26 March at the Mermaid Conference & Events Centre, London.
As part of DIFC's participation, Chirag Shah, Chief Strategy and Business Development Officer, Dubai International Financial Centre (DIFC) Authority, headlined a panel discussion on 'Competition and Collaboration between Global Financial Centres to Create Economic Growth'. Hosting thought leaders from a number of international financial centres, including Istanbul Financial Centre Initiative, Casablanca Finance City Authority, Jersey Finance, Abu Dhabi Global Market Financial Services Regulations Bureau and Hong Kong Securities and Futures Commission, the panelists deliberated on topics such as financial regulation, financial reporting, corporate governance, education, training and qualifications, benefits of collaboration between established and emerging financial centres, and the competition between financial centres.
Commenting on DIFC's participation at City Week, Shah said, "We are pleased to have participated in this significant event that featured two days of cutting edge conferences, seminars and exclusive networking opportunities. The forum enabled us to gain insights into the latest issues facing the international financial services industry.
"DIFC provides the perfect base to access regional wealth and investment opportunities. Our engagement at the event reiterates DIFC's status as a destination of choice for regional and international financial services firms looking to access the growing opportunities available in the Middle East, Africa and South Asia."
Furthermore, Chirag Shah moderated a panel titled 'Dubai as the Gateway to the MEASA Region.' Featuring 20 industry experts, the panel discussion explored the potential of the MEASA region and DIFC's significant role as the gateway to those markets. It explored the impact on UAE and Qatar having recently been upgraded to Emerging Market status which had a direct correlation with investor confidence, both from global investors and from regional investors.
The panelists also discussed the increasing demand for financial services in the MEASA region due to the implementation of economic policies, strengthening of institutional quality, particularly of the legal system.
The panel concluded with a discussion on the steps to be taken for driving Islamic finance as a mainstream financial product offering.
DIFC's high standard of laws, rules and regulations, 100 percent foreign ownership, zero percent tax rate on income and profits and wide network of double taxation treaties available to UAE incorporated entities make it the ideal platform for players from advanced financial centres to take advantage of the region's rapidly growing demand for financial and business services.
A much-awaited forum in the financial services events calendar, City Week was organ ised under a partnership between the UK Government, TheCityUK and City & Financial. The 2014 edition attracted more than 800 delegates from over 55 countries.