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City Of London Seeks Stronger Partnership With Dubai

by Lorys Charalambous,, Cyprus

19 February 2013

The Dubai International Financial Centre (DIFC) is hosting a delegation from the City of London that arrived on February 19, 2013, to investigate greater financial services synergies between the two financial hubs, and boost trade and investment links.

The group of high-level UK delegates is being led by the Lord Mayor of the City of London, Roger Gifford, who over two days will meet Jeff Singer, Chief Executive of the DIFC regulator, the DIFC Authority, as well as Chirag Shah, Head of Strategy and Corporate Planning in the DIFC. Gifford will also meet with policy makers from a number of banks and other institutions, including the Chairman of the Banking Association, Abdulaziz Abdulla Al Ghurair, and senior representatives from Dubai Financial Services Authority (DFSA) and the DIFC Courts to explore collaborative opportunities.

Commenting on the visit, Roger Gifford, Lord Mayor of the City of London, said: "The UK already has a strong partnership with the DIFC that benefits both sides but there are a number of opportunities for closer cooperation. I look forward to exploring how City firms can leverage their unique experience and expertise to further support the development of the DIFC as a gateway to the wider region while building on the recent Memorandum of Understanding with the City."

Jeff Singer, Chief Executive Officer of DIFC Authority said: “Trade and investment is at the core of our relationship with the UK and we have always collaborated on strategic areas to build stronger links between our financial centers. DIFC offers a truly open and transparent business environment, supported by an internationally recognized regulatory and legislative framework, which serves as a gateway for British firms to enter the Middle East and surrounding markets.”

According to the September 2012 Global Financial Centers Index, Dubai is now ranked as the top financial center in the Middle East, Africa and South Asia, and is placed as one of the top five global centers where international firms want to open offices, alongside Singapore, Hong Kong, London and Shanghai.

Having seen explosive growth since its launch in 2004, the DIFC tax-free zone is now home to 19 of the world's top 25 banks, 11 of the top 20 money managers, eight of the top 10 insurance companies, and six of the top 10 legal firms.

TAGS: environment | tax | investment | business | financial services | insurance | education | trade | Dubai | services

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