U.S.- U.A.E. Business Council Hosts DIFC Governor, Treasury Department Official in D.C.Press Release 09 Oct 2014 06:26 am
The U.S.-U.A.E. Business Council hosted Dubai International Financial Centre Governor His Excellency Essa Abdulfattah Kazim in Washington, D.C. to celebrate DIFC's 10th anniversary. The event, held on the sidelines of World Bank/IMF meetings, featured remarks by U.S. Assistant Secretary of the Treasury Daniel L. Glaser. Senior officials and executives from the United States and United Arab Emirates joined U.S.-U.A.E. Business Council President Danny Sebright in welcoming the DIFC delegation to Washington, D.C.
"Over the last decade, the DIFC has successfully built the most significant and advanced financial center in the Middle East, Africa and South Asia, connecting these regions with the markets of Europe, Asia, and the Americas," said DIFC Governor Kazim.
Sebright kicked off the policy event with welcome remarks highlighting the importance of DIFC to the U.A.E.'s efforts to develop and enhance financial connections with the global market. In doing so, he applauded the DIFC's leadership for visionary measures to increase transparency and open the door for international partners. Following Sebright's remarks, Assistant Secretary Glaser took the podium to provide scene-setting remarks prior to DIFC Governor Kazim's presentation, congratulate DIFC officials on the organization's milestone anniversary, and emphasize the key global role the U.A.E. plays in delivering a responsible financial sector while working to curb illicit financing.
"As a key regional financial center, the United Arab Emirates has a vital role in the fight against terrorist financing," said Treasury Assistant Secretary for Terrorist Financing and Financial Crimes Daniel L. Glaser. "We are working closely with the U.A.E. to help protect its financial system from money laundering, terrorist financing, and other forms of illicit finance."
Following Assistant Secretary Glaser's remarks, DIFC Governor Kazim provided the audience of senior executives and government officials with an overview of DIFC's progress over the last ten years, current growth initiatives, and objectives for the future. In doing so, His Excellency Kazim pointed to Dubai's growing role as a financial hub for the broader Middle East North Africa region and DIFC's efforts to broaden its scope to allow for increased global partnership. His Excellency Kazim noted the significance of the U.A.E.'s Vision 2021 economic development plan and World Expo 2020 hosting duties to the further development of the country's financial sector.
"As we look to the future of the DIFC, and in turn the strengthening of U.S.-U.A.E. relations, we are set for further success," said DIFC Governor Kazim. "The U.A.E. and GCC are emerging as great forces in the global economy, contributing to the major shift in global capital flows from developed countries, such as the U.S., to growth markets. The DIFC is at the heart of these capital flows and is facilitating the innovations and the conversations through its secure and well-positioned platform."
"Dubai and the U.A.E. are at the forefront of financial sector development in the broader MENA region and, increasingly, on the global stage," said Sebright. "Today's event was a celebration of DIFC's first decade in operation and an opportunity for business and government leaders to exchange ideas about the future of U.S.-U.A.E. financial sector and security partnership."
The visiting DIFC delegation is currently in the United States to attend the International Monetary Fund (IMF)/World Bank annual meetings, and meet with U.S. financial services and asset management industry to discuss partnership opportunities in the U.A.E. during their time in Washington, D.C.