International Financial Community Accesses Potential Growth Opportunities in MEASA Region Through DubaiPress Release 08 Jun 2014 07:09 am
DIFC delegation at Global Financial Summit sheds light on Emirate's financial & regulatory developments
Dubai, 8th June 2014: "Through Dubai's strategic location as a gateway between East and West, and the global financial and regulatory infrastructure at the DIFC, the world's leading financial institutions have access to three of the top five fastest growing markets in the world across the Middle East, Africa and South Asia (MEASA)," said Jeffrey Singer, CEO, Dubai International Financial Centre (DIFC) Authority.
Speaking to an influential audience of the world's leading bankers, investors and policymakers, at the IIF's annual Spring Membership Meetings in London, Singer highlighted the key growth opportunities in the MEASA region which includes over 72 countries with an approximate population of 2.8 billion and nominal GDP of US$ 6.6 trillion.
Since its inception in 2004, the DIFC has attracted some of the world's leading financial and professional services companies with an interest in accessing these surrounding emerging markets. In addition to being the host for 22 of the world's top 30 banks, 11 of the world's top 20 money managers, 6 of the top 10 insurance companies, and 7 of the top 10 legal firms, last year the DIFC welcomed the Bank of London and the Middle East; Carnegie Asset Management, Samena Capital, and Wells Fargo amongst others.
Singer added: "The international financial community is vigilantly observing and acting on opportunities as they arise in these markets, particularly with regards to Islamic finance, capital markets and family businesses.
"Islamic finance currently accounts for approximately 1.5% of total assets worldwide and it has demonstrated one of the fastest global growth rates of between 15-20% a year. With industry reports expecting that the Islamic finance market may double to US$2.6 trillion by 2017, the opportunities are abound."
In line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum's to transform Dubai in to an Islamic finance capital, the DIFC continues to play an integral role in establishing the Emirate as a leading centre of excellence in Islamic finance.
The Dubai Financial Services Authority (DFSA) has put in place the necessary regulation and legislation for Islamic Finance institutions to develop and sell Sharia compliant products. This attracted listings from regional and international issuers making Dubai one of the largest centres for Sukuk with a nominal value of US$6.24 billion. Most recently, the Islamic Development Bank listed a US$1 billion Sukuk on the NASDAQ Dubai.
This year the 10th World Islamic Economic Forum (WIEF) will be hosted in Dubai, coinciding with the DIFC's own 10th anniversary celebrations. Singer commented that, "The fact that WIEF have chosen Dubai as the venue for this year's event illustrates just how swiftly we are moving along in our drive to become a global centre of excellence in Islamic finance."