Dubai And The City Of London Forging Closer Links

by Lorys Charalambous, Tax-News.com, Cyprus

24 February 2011

The Governor of the Dubai International Financial Centre (DIFC), Ahmed Humaid Al Tayer, recently played host to the City of London’s Lord Mayor, Michael Bear, in Dubai. The Lord Mayor was accompanied by a financial services delegation from the City.

During the meeting, the group discussed the importance of having a presence in the region, the opportunities for the insurance sector and the wider benefits of being based in DIFC. Topics of discussion also included the importance of the insurance sector with its global benchmark and ways to work closer together, stimulating the growth of the industry as a whole.

The Governor said:
 “We were pleased to have received the Lord Mayor of London who represents one of the most prestigious financial centres in the world. There are significant opportunities for our two jurisdictions to work together and there is a lot that we can learn from each other. We had an extremely productive discussion and I look forward to further strengthening ties with British insurance companies.”

The Lord Mayor said: “From the City's perspective, we believe that sharing the skills and experiences necessary to grow both financial centres is the heart of our relationship with the UAE. In our meeting with the Governor of DIFC, we considered ways to improve the already excellent cooperation between DIFC and the City of London, including on insurance and re-insurance."

“The provision of world class education, training and qualifications has been a major factor in the UK's reputation for developing and attracting the talent needed by firms operating in the global financial services industry."

“Cass Business School and the London Business School already operate from DIFC and I look forward to building a closer collaboration between the UK and UAE in this area.”

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