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Dubai - Dubai International Financial Centre (DIFC) concluded its participation at the annual City Week forumin London underpinning its status as a mature global financial hub connecting the Middle East, Africa and South Asia (MEASA) markets with the economies of Europe, Asia and the Americas.
The three day event focusing on 'The Role of International Financial Services in Driving the Global Economic Recovery'ran from 23 - 26March at the Mermaid Conference & Events Centre, London.
As part of DIFC's participation, Chirag Shah, Chief Strategy and Business Development Officer, Dubai International Financial Centre (DIFC) Authority, headlined a panel discussion on'Competition and Collaboration between Global Financial Centres to Create Economic Growth'.Hosting thought leaders from a number of international financial centres, including Istanbul Financial Centre Initiative, Casablanca Finance City Authority, Jersey Finance, Abu Dhabi Global Market Financial Services Regulations Bureau and Hong KongSecurities and Futures Commission, the panelists deliberated on topics such as financial regulation, financial reporting, corporate governance, education, training and qualifications, benefits of collaboration between established and emerging financial centres, and the competition between financial centres.
Commenting on DIFC's participation at City Week, Shah said, "We are pleased to have participated in this significant event that featured two days of cutting edge conferences, seminars and exclusive networking opportunities.The forum enabled us to gain insights into the latest issues facing the international financial services industry.
"DIFC provides the perfect base to access regional wealth and investment opportunities.Our engagement at the eventreiterates DIFC's status as a destination of choice for regional and international financial services firms looking to access the growing opportunities available in the Middle East, Africa and South Asia."
Furthermore, Chirag Shah moderated a panel titled 'Dubai as the Gateway to the MEASA Region.' Featuring 20 industry experts, the panel discussion explored the potential of the MEASA region and DIFC's significant role as the gateway to those markets. It explored the impact on UAE and Qatar having recently been upgraded to Emerging Market status which had a direct correlation with investor confidence, both from global investors and from regional investors.
The panelists also discussed the increasing demand for financial services in the MEASA region due to the implementation of economic policies, strengthening of institutional quality, particularly of the legal system.
The panel concluded with a discussion on the steps to be taken for driving Islamic finance as a mainstream financial product offering.
DIFC's high standard of laws, rules and regulations, 100 percent foreign ownership, zero percent tax rate on income and profits and wide network of double taxation treaties available to UAE incorporated entities make it the ideal platform for players from advanced financial centres to take advantage of the region's rapidly growing demand for financial and business services.
A much-awaited forum in the financial services events calendar, City Week was organ ised under a partnership between the UK Government, TheCityUK and City & Financial. The 2014 edition attracted more than 800 delegates from over 55 countries.
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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, international 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 financial 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 nominal 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
