The Dubai International Financial Centre on April 19 hosted its Outreach Programme in partnership with Dubai Internet City, the region's leading ICT cluster. A first initiative of its kind, the Outreach Programme brought DIFC based institutions together with companies from Dubai Internet City, Dubai Media City, Dubai Knowledge Village - knowledge-clusters under TECOM Investments - in a half-day seminar to explore synergetic partnerships and how businesses could tap into regional liquidity.
Top officials from the Dubai International Financial Centre Authority and its leading member firms such as Standard Chartered, NASDAQ Dubai, Abraaj Capital, Al Tamimi & Company, Hawkamah, LCIA - DIFC Arbitration Centre and Mudara - Institute of Directors, made presentations on how businesses can take advantage of opportunities within the region through the world-class banking and finance services available at the DIFC.
Welcoming the Outreach Programme, Malek Al Malek, Executive Director of Dubai Internet City, said: "We are privileged to host this inaugural event in partnership with DIFC. In the past couple of decades, the world has witnessed a number of corporate mergers and acquisitions, aiming to leverage on the synergies that will accrue to companies once operations and services have been amalgamated. In these challenging times, the search for synergy can be even more rewarding, both in terms of cost benefits and greater efficiencies.”
"We are confident events such as these that bring together companies from different sectors will stimulate us to realize our collective strengths and tap into a world of opportunities."
Dr Nasser Saidi, Chief Economist of the DIFC Authority, explained about the historic linkage between Internet and Communications Technology (ICT) firms and the Finance industry, pointing to the critical role that Private Equity and Venture Capital played in the formative years of the ICT industry. In return, finance industry benefited from the products and services the ICT industry innovated.
"Building on that historic and mutually beneficial relationship, we hope to create synergies, leading to 'Economies of Scope' whereby institutions can combine their service offerings to help them provide a wider variety of goods and services both locally and regionally - and even globally, leading to greater diversification of economic activity in Dubai and the UAE," Dr.Saidi said.
He pointed out that 2009 is a year in which entities with similar objectives would "need to come together, combine our strengths and resources, create networking opportunities and leverage each other's capabilities to overcome what is likely to be a difficult year. But even in such times, there are opportunities for the taking and together, we can grow and expand our businesses."
The DIFC Authority Chief Economist explained that the DIFC Outreach Programme aims to assist free zone entities gain a competitive advantage in doing business in the DIFC Region, which stretches from North Africa, the Levant, the Gulf and the Caspian to the Indian Subcontinent - a region of 2.5 billion people with a yearly GDP of more than USD2 trillion and another USD1.3 trillion invested abroad. A region that is gaining importance as the centre of world commerce moves eastwards.
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