Dubai partnership set to boost UK financial exports
Companies across the UK are set to benefit from a new partnership between the Dubai International Financial Centre Authority (DIFC) and TheCityUK.
The DIFC has signed a Memorandum of Understanding (MOU) with TheCityUK to share financial, legal and regulatory expertise, collaborating on areas of mutual interest including closer links on education, training and qualifications. The agreement is expected to provide a significant boost to UK exports in the Middle East and North Africa region, where the United Arab Emirates (UAE) already accounts for £3.9 billion of UK exports.
The MOU has been signed by Chris Cummings, Chief Executive of TheCityUK, and Abdulla Al Awar, Chief Executive of the DIFC. The MOU was signed in the presence of His Excellency Abdullah Mohammed Saleh, Governor of the Dubai International Centre and the Lord Mayor of the City of London.
Chris Cummings, Chief Executive, TheCityUK said: "We see the agreement with the DIFC as an important gateway to the Middle East for UK firms, which will generate jobs and growth for both nations. This will be achieved by helping to build its international financial centre - so creating further opportunities for UK firms as the DIFC grows to connect the region’s emerging markets with markets around the world. UK based financial and related professional services expertise is already in high demand in the region so this is good news and will stimulate growth in the UK.”
Abdulla Al Awar, Chief Executive of DIFC Authority said: “Our status as a global hub of finance is reflected through our world-class infrastructure and common-law jurisdiction, which provides a stable platform for global and regional firms to access opportunities in the region’s emerging markets. There is no doubt that UK firms will contribute to our growth by bringing their specialised expertise, and we are committed to providing them with the gateway to opportunities in the region. This MOU will pave the way to continued and mutually-beneficial cooperation.”
Alderman David Wootton, Lord Mayor of the City of London and President of TheCityUK’s Advisory Council said: “The UK has longstanding ties with the DIFC. Both TheCityUK and the DIFC share common goals in ensuring that the financial and professional services sector can participate in a well regulated, transparent and competitive global market. This MOU is a reflection of our ongoing commitment to work in close partnership with Dubai and the DIFC across a range of different sectors for the benefit of all involved.”
The DIFC is a financial and federal zone administered by the Dubai Government. The DIFC has around 850 clients of which 18% are from the UK. Sector specialisms include: banking and capital markets, insurance, asset management and professional services. Islamic finance is a particular strength. TheCityUK and the DIFC will team up on joint events to promote London and Dubai as key areas to conduct financial and related professional services and attract investors. TheCityUK will also provide advice to the DIFC on how to establish an equivalent body within Dubai to promote the UAE financial services industry.
The initiative is supported by UK Trade and Investment, which works with UK-based businesses to ensure their success in international markets, and encourages the best overseas companies to look to the UK as their global partner of choice.
