Jersey Returns To Bolster Its Reputation In The Middle East

by Lorys Charalambous, Tax-News.com, Cyprus

26 April 2006

Jersey has returned to the Middle East once again this month with a high profile involvement in the 2006 Society of Trust and Estate Practitioners (STEP) Arabia Conference, which is currently being held at the Jumeirah Emirates Hotel in Dubai.

The 2006 STEP Arabia Conference, the second to be held in Dubai, is focusing on family and individual wealth and estate planning. As part of the programme, a range of highly respected international experts will examine the development of laws and trends in the industry and address the issues that family offices and high net worth individuals face when tackling their estate and financial planning.

Among those talking at the two day event which ends today are Peter Lucas, Global Strategist at Ashburton in Jersey who will discuss the understanding and managing risk and effective asset management. Simon Jennings, Partner at Rawlinson & Hunter, the international law firm, will focus on issues relating to holding UK property and investing in European property. Steve Meiklejohn, Partner at Ogier, the offshore law firm, will be speaking on behalf of Jersey’s Trust Industry and is delivering a presentation on ‘Jersey – Staying Ahead of the Game’.

Jersey has further representation through two Jersey firms, Volaw Trust Company and AP Executive, who are both exhibiting at the event. Also in attendance are a number of Jersey based professionals from a range of organisations including EFG Offshore, IFM Trust, Mourant, Ogier, Rathbones and Royal Bank of Canada.

Jersey’s strong presence at the Conference follows on from the Island’s Finance Industry’s 10 day visit to the Gulf region in March, which Jersey Finance has described as "another extremely successful step in cementing positive working relationships and creating exciting new business opportunities with the region."

In addition to receptions and events organised by Jersey Finance in Dubai, Abu Dhabi, Qatar and Bahrain, about 250 meetings took place between Finance Industry Members and their counterparts and/or clients in the Gulf. Such was the interest that some industry delegates delayed their return flights because additional meeting opportunities had been created.

The visit also witnessed the signing by David Carse OBE, Director General of the Jersey Financial Services Commission (JFSC) of a Memorandum of Understanding between the JFSC and the Dubai Financial Services Authority, the financial regulatory authority in the DIFC. The agreement underlines the reliance that both authorities have on the quality of regulatory standards administered in each other’s jurisdictions.

"The warmth of the welcome we received in March and the highly positive business opportunities identified underlines the importance of these visits in demonstrating our commitment to the region," observed Pierre Horsfall, CBE, Chairman of Jersey Finance.

"There is no doubt that Jersey has a range of financial services that are extremely attractive to the advisers and clients in the region and I am sure that the skills and expertise of our practitioners will once again be visible at the STEP Conference," he added.

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