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Dubai International Financial Centre (DIFC), the leading international financial hub in the Middle East, Africa and South Asia (MEASA) region, announced today three new strategic initiatives as part of the economy-boosting initiatives His Highness Sheikh Mohammed bin Rashid Al Maktoum Vice-President and Prime Minister of the UAE and Ruler of Dubai, has recently reviewed, aimed at catalysing economic growth in Dubai and cementing its global status as a competitive business destination.
DIFC’s three initiatives focus on (1) attracting foreign direct investment (FDI), particularly from south-east Asia, (2) enabling Dubai Government entities to complete financial services within DIFC, and (3) facilitating the provision of financial products through Dubai.
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, assigned the Executive Council to oversee the execution and delivery of these initiatives.
His Excellency Essa Kazim, Governor of DIFC and Chairman of the DIFC Authority Board of Directors, commented: “Dubai’s leading global position on the global map is only a result of the great efforts and vision of its leadership, represented by His Highness Sheikh Mohammed bin Rashid Al Maktoum, and the effective strategies he has launched for the wellbeing of the UAE and its people. Today we are at an intersection point in Dubai’s history, not only as a global economic centre, but also given the strong foundations it has built for a sustainable economy. The initiatives we launched at DIFC are primarily focused on strengthening our financial platform and offering the necessary legal and regulatory framework to facilitate the flow of investments and financial services and products through Dubai. They also reflect our ongoing role in offering an integrated, advanced business environment aimed at catalysing economic growth and cementing Dubai’s competitiveness in the global investment marketplace.”
His Excellency added: “DIFC has recently made significant achievements contributed to cementing Dubai’s global position to become one of the world’s top 10 international financial centres and the number one in the MEASA region. We remain committed to continuing these efforts and supporting the development of Dubai’s financial ecosystem, guided by the directives of His Highness Sheikh Mohammed bin Rashid, and his vision towards building a sustainable economy and an ideal investment environment in Dubai.”
Dubai as a dynamic centre to attract FDI, particularly from south-east Asia, to the region
Dubai has always played a key role in facilitating trade and investment flows between the east and the west, building on its strategic location as well as the world-class infrastructure and logistics it is home to. This DIFC-led new initiative aims at attracting FDI, particularly from south-east Asia, through Dubai.
This initiative also aims at cementing Dubai’s role as a strategic centre for China’s Belt and Road initiative.
DIFC remains focused on enhancing the integrated platform it offers to Chinese financial institutions and providing them with greater access to the South-South economic corridor. Registered Chinese financial institutions in the Centre continued to report growth in 2017, where the total value of their assets reached USD 33.4 billion, accounting for 22% of total assets booked in the Centre as at the end of Q3 2017, a 30.5% increase from year-end 2016.
DIFC is also home to China’s four largest banks in terms of total assets; Bank of China, Agricultural Bank of China, ICBC and China Construction Bank Corporation.
Enabling Dubai Government entities to complete financial services within DIFC
This initiative aims at offering the necessary regulatory and legal framework to enable government and semi-government entities to complete all activities relating to financial services, including deposits, IPOs, and mergers and acquisitions, from within DIFC. This will in turn contribute to boosting the size of financial operations in Dubai and re-directing a large portion of these entities’ deposits. It will also cement DIFC’s role and increase its quantitative and qualitative contribution to the sustainable economic growth of Dubai and the UAE’s economy.
Facilitating the provision of financial products through Dubai
DIFC’s third initiative aims at facilitating the provision of financial products from Dubai to local and regional markets, by coordinating with local and federal regulatory bodies and deploying capabilities to avoid any obstacles facing the provision of these products. This initiative is expected to increase financial investments in Dubai and boost Dubai’s wealth management capabilities, with 195 Wealth and Assets Management firms currently operating from DIFC.
Sheikh Mohammed bin Rashid Al Maktoum has recently enacted two new DIFC-related laws, which are the Trust Law and Foundations Law, aiming to improve and expand the Centre’s already successful private wealth management and succession planning platforms.
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