Economic Zones World and DIFC to collaborate on economic development of DubaiPress Release 16 Dec 2010 09:30 am
Partnership will lead to improved financial services for businesses based in Jafza and lead to greater visibility of DIFC based institutions.
Economic Zones World ("EZW") today signed a memorandum of understanding ("MoU") with the Dubai International Financial Centre Authority ("DIFC Authority") on identifying and developing products that will enhance financing services offered to companies based in the Jebel Ali Free Zone (Jafza). The MoU confirms the parties' joint commitment to Dubai's economic development.
The collaboration is in line with a directive by the Government of Dubai for enhanced partnership and cooperation between Government bodies and organizations.
According to the MoU, EZW and DIFC Authority will work together to explore and develop a mechanism for inventory financing for Jebel Ali Free Zone customers. The design and development of a legal and regulatory framework and procedures in which to operate the system will also be covered in the agreement.
The MoU also allows for further development of financial services by both parties.
Salma Ali Saif Bin Hareb, CEO of Economic Zones World, said: "Access to timely finance is a lifeline for our corporate partners. This agreement with DIFC Authority reaffirms our continued commitment to support our partners through innovative product development." She added: "As Dubai entities, together, we seek to leverage each other's strengths through collaboration to achieve Dubai's economic objectives. It is our deep commitment to add value to our customers that prompted us to seek the best possible support in the development of financial services. The association with DIFC, with its expertise and reputation, will help us reach our collective goals."
Abdulla Mohammed Al Awar, CEO of the Dubai International Financial Centre Authority said: "Jafza is home to thousands of regional and global companies with their own complex business and financial needs. Our joint efforts with Jafza will ensure that customers are maximizing their options and can access the best possible financial services which meet their specific requirements. The DIFC has set high standards in creating a regulatory and legal framework based on the best global practices. This MOU enables us to explore with Jafza how their registered businesses could have access to these services and will also see both the DIFC and Jafza promoting each other's services and further supporting the economic development of Dubai"