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DIFC And UAE To Exchange Policy Ideas

by Lorys Charalambous,, Cyprus

01 November 2010

The United Arab Emirates Ministry of Finance (MoF) has announced the signing of a Memorandum of Understanding (MoU) with the Dubai International Financial Centre (DIFC) Authority, to promote cooperation and the exchange of expertise around financial and economic policies and strategies.

The MoU was signed at the ministry's offices in Dubai by Younis Haji Al Khoori, Director General of the MoF, and Abdullah Mohammed Al Awar, CEO of the DIFC Authority in the presence of members of senior management from both sides.

The agreement, according to the DIFC Authority, aims to establish a framework for bilateral collaboration in relation to developing the national talent pool working in the economic and financial sectors, as well as promoting best corporate governance practices. Implementing such practices, and improving employees' skillsets, will help increase the corporate value of companies and attract foreign investments, which in turn will further develop the local financial market, the Authority said.

Welcoming the agreement, Younis Haji Al Khoori, the Director General of the Ministry of Finance, said:

"The MoU's importance can be seen in exchanging ideas, consultations and studies between the MoF and DIFC Authority regarding financial and economic policies. It will help us prepare and formulate strategies, develop financial markets, and promote and develop national talent in the economic and financial sector. It will help achieve our joint strategic objectives and contribute to economic stability. It is another example of the steps taken by the Ministry to enhance cooperation and coordination with government and federal authorities. It will ultimately increase transparency and confidence levels and reinforce the UAE's financial and economic development projects."

For his part, Abdullah Mohammed Al Awar, CEO of DIFC Authority, said: "Our agreement with the Finance Ministry complements DIFC's efforts to stimulate and grow the financial and business sectors both locally and regionally. We believe that this strategic cooperation will help to further develop local fiscal policies and financial markets, which in turn contribute to the country's economic stability."

TAGS: United Arab Emirates | investment | law | banking | financial services | international financial centres (IFC) | offshore | regulation | Dubai | services

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