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Dubai - The Dubai model has been to create a business friendly economy, supported by robust, world-class regulatory and legal frameworks. As a result, Dubai hasorganically emerged as a leading regional trade and finance hub with minimal government control and private sector regulation backed by state-of-theart infrastructure and a world-class business environment, according to Rajesh Pareek, Chief Financial Officer, Dubai International Financial Centre Authority (DIFC Authority).
Pareek believes that since Dubai is widely recognised as a global financial hub connecting this region's markets with the economies of Europe, Asia and the Americas, DIFCplays a pivotal role inenabling domestic and foreign investment. He emphasised that DIFC is proud to be a key part of Dubai's economic vision that is built on the ambition of shaping the emirate into an international financial capital.
Pareek added:"The Middle East and North Africa is home to nine of the world's largest sovereign wealth funds with assets of approximately US$2 trillion. Private wealth in the Middle East and Africa is projected to see annual growth of 6.5% and expected to reach US$7.2 trillion in 2018.However, the Middle East's financial sector represents both an opportunity and a challenge tolocal and international financial institutions, requiring the region's policy makers to develop an indigenous financial asset management industry to encourage investment in the region."
Rajesh Pareek's comments were made in his keynote address on the opening day of the Middle East Investment Summit 2015 that runs from 30 - 31 March at the Ritz Carlton, DIFC.
Citing the successful DIFC model, ArifAmiri, Deputy CEO of theDubai International Financial Centre Authority (DIFC Authority),said:"Companies and financial firms are increasingly drawnto DIFC for its premium offering ofanattractive and enabling location. Today, DIFC is proud to host most of the world's top 25 banks, 11 of the top 20money managers, nearly all the top 10global law firms and seven top insurance companies. We will continue to serve as the business and financial hub connecting emerging economies with the developed markets."
In addition, Amiri stressed on DIFC'sstrong commitmentto consolidate its position as afinancial powerhousethat offers the most attractive infrastructure, enhanced legal and judicial framework, and investment-friendly laws. "2014 was the most successful year for DIFC with an 18% increase in the number of active registered companies operating within the centre. Today, more than 2,000 people are employed within the DIFC," Amiri concluded.
The Middle East Investment Summit 2015 focuses on investment opportunities and strategies in emerging markets. Convening the region's top financial and banking institutions, fund managers, investment analysts and asset management firms, the event comprises panel discussions that explore evolving areas of interest in the investment space.
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About Dubai International Financial Centre
The Dubai International Financial Centre (DIFC) is the financial hub for the Middle East, Africa and South Asia, providing a world-class platform connecting the region's markets with the economies of Europe, Asia and the Americas. It also facilitates the growth in South-South trade and investment. An onshore, interna-tional financial centre, DIFC provides a stable, mature and secure base for financial institutions to develop their wholesale businesses.
The Centre offers all the elements found in the world's most successful financial industry ecosystems, including an independent regulator, an independent judicial system with a common-law framework, a global financial exchange, inspiring architecture, powerful, enabling support services and a vibrant business community. The infrastructure within the district features ultra-modern office space, retail outlets, cafes and restaurants, art galleries, residential apartments, public green areas and hotels.
Located midway between the global financial centres of London in the West and Singapore in the East, DIFC (GMT +4) fills a vital time-zone gap with a workday that bridges the market and business hours of fi-nancial centres in both Asia and North America.
Currently, more than 1,225 active registered companies operate from the Centre, including 21 of the world's top 25 banks, 11 of the world's top 20 money managers, 7 of the top 10 insurance companies, and 9 of the top 10 law firms. Nearly 18,000 people work in the Centre.
DIFC continues to pursue expansion into new services and sectors within the Middle East, Africa and South Asia region, an area comprising over 72 countries with an approximate population of 2.8 billion and no-minal GDP of US$ 6.9 trillion.
For further information, please visit our website: www.difc.ae, or follow us on Twitter @DIFC.
For media enquiries, please contact:
Sonali Rekhi
APCO Worldwide
Mobile: +971 55 6264896
Email: srekhi@apcoworldwide.com
© Press Release 2015
