Feb 01 2012 |
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DIFC, Luxembourg for Finance to develop financial services in GCC
By Staff Report DUBAI - The Dubai International Financial Centre , or DIFC, the financial and business hub connecting the region's emerging markets with the developed markets of Europe, Asia and the Americas, on Tuesday hosted 'Luxembourg & Dubai, a partnership for financial services', in collaboration with Luxembourg for Finance, a public-private partnership between the Luxembourg Government and the Luxembourg Financial Industry Federation that is responsible for the development of the financial sector in the Grand Duchy.The seminar which took place in the Ritz Carlton DIFC, follows the Memorandum of Understanding signed between the two parties in 2010 to promote cooperation and industry development across a wide range of areas. It explored the respective strengths of each party and the growth opportunities for the financial services sector in the GCC which is expected to drive the economic growth of the wider region.
The senior delegation of financial experts from Luxembourg, was led by Luc Frieden, Minister of Finance, Grand Duchy of Luxembourg. Luxembourg is the second largest investment fund centre in the world and the Eurozone's premier hub for private banking. Frieden said: "Luxembourg is a diversified financial centre that is finely adapted to the needs of international clients, characteristics that are also true of the Dubai International Financial Centre . As complementary regional financial centres we look forward to developing ever closer ties in the years to come."
Abdulla Mohammed Al Awar, CEO of DIFC Authority, said: "With the new regulations, it is important that we continue supporting not only DIFC-based firms, but also those in the UAE and wider GCC, by expanding the range of financial services and products available to them, especially in the current economic environment. I'm confident of DIFC's ability to respond swiftly to the changing and evolving regulations and look forward to developing today's discussions into real business opportunities."
The forum brought together senior experts from both jurisdictions, who also discussed the future of asset management, comparing the challenges that face the sector and opportunities available.
© Khaleej Times 2012
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