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DIFC Launches Hosts Outreach Programme,
by Lorys Charalambous, Tax-News.com, Cyprus
Monday, April 20, 2009
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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