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Luxembourg And Dubai Boost Financial Cooperation,
by Ulrika Lomas, Tax-News.com, Brussels
Thursday, January 14, 2010
A senior finance delegation from Luxembourg met with senior officials from Dubai and the United Arab Emirates (UAE) in an effort to increase financial services cooperation between the two countries, and expand business opportunities for Luxembourg's entrepreneurs in the Middle East and North Africa (MENA) region, and vice versa.
The delegation, led by Prince Guillaume, Crown Prince of Luxembourg, visited the Dubai International Finance Centre (DIFC) for a seminar, which explored possible opportunities and discussed greater collaboration in financial services.
At the seminar, a delegation from the DIFC and Luxembourg for Finance, the agency responsible for developing the financial sector in Luxembourg, signed a Memorandum of Understanding (MoU) to promote cooperation and industry development across a wide range of areas – including market access, financial regulations and infrastructure, training, and industry development for firms located in the two jurisdictions.
Some of the MoU’s key areas of focus include promoting the exchange of information on banking, financial services and securities legislation and regulation; sharing trends in financial services and products; and promoting events taking place in the two jurisdictions. Other areas include welcoming delegations from each jurisdiction, cooperating in financial services training and facilitating collaboration among universities located in the two jurisdictions.
The MoU and the seminar are particularly significant given the regional and global roles of the two financial centers, as well as the strong and growing relationship between the UAE and Luxembourg in a range of areas, such as trade and investment. At the seminar it was noted that the two financial centers are complementary; the DIFC is a leading financial center and a global gateway for capital and investment in a region stretching between Europe and Asia, while Luxembourg is the second largest investment fund center in the world and the Eurozone’s premier hub for private banking.
Ahmed Humaid Al Tayer, Governor of the DIFC, said: “By working with other leading international financial centers such as Luxembourg, the DIFC brings business opportunities and a continually expanding scope of financial products and services not only to DIFC-based firms, but also to the UAE and wider region. Luxembourg is a natural partner for DIFC, with each center’s strengths complementing those of the other, and opening many possibilities for cooperation among our regulators, as well as among the many firms located in our two jurisdictions.”
Fernand Grulms, CEO of Luxembourg for Finance, added: “Between Luxembourg and Dubai we see huge potential for bilateral business. However, in the complex world of finance, this can only be achieved by building partnerships among foreign financial centers, so that’s why we are pleased to be here today and to have signed this memorandum with DIFC. Luxembourg has enormous expertise to offer clients in the region and opportunities for collaboration with firms based in the MENA region.”
“International investors, including sovereign wealth funds from the MENA region, rely on Luxembourg’s expertise to structure their worldwide investments, namely in the area of real estate and private equity,” Grulms added. “For example, local know-how in setting up, administering and distributing investment funds has led the Bank of London and the Middle East to launch a Shari’ah-compliant dollar income fund from Luxembourg.”
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