Jersey Delegation To Promote Links With UAE

Tax-News.com, Cyprus

28 October 2002

A top level Government delegation from Jersey, the largest of the British Channel Islands, is visiting the United Arab Emirates this week for the first time to promote Jersey's reputation as an international finance centre and to strengthen commercial and cultural ties with the region.

The main purpose of the seven day visit is to strengthen the business links that already exist between Jersey and the United Arab Emirates. At the same time Jersey and the UAE both share common interests, among them, developments in the global financial services industry and the delegation hopes to exchange views on a number of issues including financial regulation and global co-operation in the fight against money laundering.

The delegation is headed by Senator Pierre Horsfall, the senior statesman in Jersey's Parliament and President of its policy making committee (effectively Jersey's First Minister). It also includes Senator Frank Walker, the Island's Finance Minister. Leading finance industry officials are also present including Richard Pratt, Director General of the Jersey Financial Services Commission, the Island¹s financial services regulator, and representatives from Jersey Finance, a joint venture company set up by the Government and the Island's finance industry to represent and promote the Island's financial sector.

Direct commercial links between the UAE and Jersey have been established for the past 40 years. Originally, expatriates working in the Gulf region and many UAE Nationals looked to Jersey for the specialist banking and investment services offered by some of the world's leading banking and financial institutions that are based in the Island. Substantial funds from the region are already under management in Jersey. A number of banks with operations in Jersey have offices and branches in the Gulf region also.

Business has grown in more recent years to encompass a range of sophisticated services for corporate clients using the Island's favourable legislative and regulatory framework. The skills available from Jersey's network of professionals has helped the Island become a preferred location for structured finance and private equity facilities, and the administration of securitisation and employee benefit schemes, frequently designed for major multi-national companies.

Senator Pierre Horsfall commented: "Jersey's relationship with the UAE is long standing and an evolving one which takes into account the depth and breadth of financial services now available in the Island. We are both important participants in the global financial services industry with a role to play in supporting improvements in regulation and standards. I am hoping that there will be many mutual benefits to explore in the friendly discussions that will take place over
the next seven days."

Senator Horsfall pointed out that the connections with the Island extended far beyond financial services. "We will be taking the opportunity to talk about our respective tourism industries and we are of course aware of the tremendous growth potential that exists for jurisdictions in the e-commerce sector. Some in the region will know of Jersey because of our agricultural heritage through the world famous pedigree Jersey cow and there are also environmental areas where we
have common links. We are looking forward to a constructive and enterprising visit."

Beginning on October 25, the tour includes visits to Abu Dhabi, Dubai and the emirates of Sharjah and Fujairah. The itinerary is wide ranging and includes meetings with the Governor of the Central Bank of the UAE and with senior business figures, presentations to senior professionals and leading business groups in the region and a number of receptions hosted by the Jersey delegation.

Phil Austin, chief executive of Jersey Finance Limited, commented: "This is an important first for the finance industry in Jersey and we are delighted to be here. It is the first time that Jersey has sent a delegation of this nature overseas and the fact that we have chosen the United Arab Emirates speaks volumes for the importance which the Island attaches to its business links with the region."

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