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Jersey Fostering Stronger Ties With Gulf Investors

by Lorys Charalambous,, Cyprus

05 December 2012

Jersey Finance's Chairman Jonathan White has reported on progress made towards enhancing the island's financial services ties with the United Arab Emirates (UAE), after a recent trip to the nation aimed at boosting the territory's profile in the strategically-important Gulf region.

During his official visit, White chaired the Gulf region Jersey Advisory Group (JAG), which was formed by the government to engage senior private sector individuals from the region, including regional banking heads, wealth management advisers, senior partners at major law firms and corporate listing experts, on how to improve the effectiveness of Jersey's business-development and promotional activities.

Jersey established a similar JAG in China in October, and intends to hold JAG meetings in India, China, and the Gulf region on a regular basis to support the territory's efforts to break into these key markets.

During his three-day tour, White visited a number of businesses in the region, including Abu Dhabi Commercial Bank, where his meeting with the Chief Financial Officer, Deepak Khullar, coincided with the one year anniversary of the bank establishing its first branch in Jersey.

Commenting on the trip, White said: “The Gulf Region Advisory Group will be extremely helpful as we seek to expand our presence in this market. This influential group has a wealth of knowledge, which will help us to further enhance Jersey’s reputation. With 13% of all deposits in Jersey emanating from the Middle East, it is important to nurture these relationships. Our endeavors have already started to produce results and the JAG is helping to foster even stronger ties with both officials and finance professionals, increasing business flows to Jersey from the Gulf region.”

Following White's visit, the UAE's Ambassador to the UK reciprocated with a two-day trip to the island to discuss policies and prospective business synergies with representatives from the island's financial services industry and Jersey politicians.

Welcoming the Ambassador's visit, Chief Minister, Ian Gorst stated: “Jersey enjoys strong links with the UAE and it is a pleasure to be welcoming the Emirati Ambassador to the island. Following on from very successful visits to the Emirates earlier this year, there [is] much to discuss as we continue to broaden and develop our ties with Abu Dhabi and Dubai.”

TAGS: individuals | United Arab Emirates | Wealth | tax | investment | business | law | banking | international financial centres (IFC) | Jersey | offshore | offshore banking | tax planning | Dubai | services

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