MoU outlines statement of intent to encourage cooperation in financial activities of mutual interest

Aligned with wider UAE-India relations and set to encourage sharing of business and regulatory best practices

Benefits for clients of each entity to include International Exchange programme

Dubai-UAE: 26 February 2017  

Dubai International Financial Centre (DIFC), the leading financial hub in the US$7.4 trillion Middle East, Africa and South Asia (MEASA) region has signed a Memorandum of Understanding with Gujarat International Finance Tec-City (GIFT) in an effort to encourage further cooperation and collaboration between the financial centres.

The MoU was signed today by Arif Amiri, Chief Executive Officer of DIFC Authority and Ajay Pandey, Director and Group CEO of GIFT SEZ. Areas included in the MoU are the sharing of best practices of mutual interest, exchange of information on banking, financial service and securities, legislation and regulation, cooperation in the area of training, assistance in organising seminars and conferences on selected issues enhancing the mutual development of the centres, and exchange of information on trends in relevant international financial services activities and products, in particular within the FinTech field.

The terms of cooperation will also include the intention to establish a programme of International Exchange for entities based in DIFC and GIFT, enabling them to set up entities in Gujarat/Dubai on mutually agreed terms.

On this occasion, Arif Amiri said: “We are delighted to sign this Memorandum of Understanding with GIFT, especially at a time when UAE ties with India are growing ever closer. India represents the UAE’s third largest trading partner as well as one of the world’s fastest growing economies, and natural synergies between the two centres exist which will certainly benefit our respective clients.

“DIFC has provided a natural springboard from which Indian firms can access a concentrated pool of wealthy investors, all underpinned by English common law and unrivalled connectivity to the South to South corridor. We look forward to continued collaboration with India as we progress with the delivery of our 2024 Strategy, part of which is become a world-class, leading, financial hub.”

For his part, Ajay Pandey said: “We are honored to sign this MoU with DIFC, the leading financial hub located in the MEASA region, and one that we are delighted to become aligned with. We are certain of the mutual benefits that will arise as a result of the agreement and we look forward to share the benefits with our collective clients operating in the financial services sector and beyond.”

DIFC has witnessed an exponential growth in the number of Indian firms operating from the Centre - from hosting one Indian institution in 2007 to more than 25 Indian firms at present. In 2016, HDFC Life was the first Indian insurance to open a branch in DIFC. IDBI Bank expanded their offices last year preparing to bring more of their ME operation and manage it in the Centre. Indian institutions make up the third largest community of financial firms at the Centre after the United States and the UK and account for more than a quarter of the current employed workforce.

-Ends-

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 New York, London in the West and Singapore, Hong Kong 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.

In 2015, DIFC launched its 2024 growth strategy, a blueprint for the next decade of growth of the financial hub. This strategy aims to stimulate trade and investment flows along the South-South economic corridor encompassing Africa, Southern Asia and Latin America.

Currently, 1,648 active registered companies operate from the Centre, with a combined workforce of 21,611 professionals.

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 3 billion and nominal GDP of US$7.4 trillion.

For further information, please visit our website: difc.ae, or follow us on Twitter @DIFC.

For media enquiries, please contact:
Hajar Al Ketbi
Dubai International Financial Centre Authority
Vice President - Corporate Communications & Public Relations
Tel: +971 4 362 2440
Email: Hajar.AlKetbi@difc.ae  

Magdalena Stepien
APCO Worldwide
Senior Account Director
Tel: +971 56 1142948
Email: mstepien@apcoworldwide.com  

Magdalena Stepien
APCO Worldwide
Mob: 971 56 114 2948
Email: mstepien@apcoworldwide.com

© Press Release 2017