PHOTO
The landmark agreements signed by the Dubai International Financial Centre (DIFC) during its recent Global Financial Forum have the potential to transform Dubai into one of the world’s top financial hubs, according to global accountancy and finance body ICAEW.
The forum was held on 11 March and organised by DIFC in partnership with the Financial Times. Key announcements included: DIFC’s rise from 15th to 12th position on the latest Global Financial Centres Index; MEVP and Wamda Capital appointed to manage part of USD 100 million FinTech fund; and FinTech Hive signing knowledge-sharing memoranda of understanding with three new global Fintech accelerators. DIFC has been bolstered further by its growing wealth and asset management sector valued at around USD 424 billion, equivalent to roughly 30 percent of the combined GDP of all GCC countries.
Commenting on growth of DIFC and its forthcoming initiatives, Michael Armstrong FCA and ICAEW Regional Director for Middle East, Africa and South Asia said: “DIFC’s rise in the latest Global Financial Centres Index highlights the strong momentum in Dubai’s financial services landscape. Improvements in governance standards combined with the progressive forward thinking of the leadership team underscore the government’s willingness to embrace disruptive technology and thrive in this fast-paced, changing world.
“The launch of a $100m fintech fund and the announcement of FinTech Hive’s MoUs with FinTech Saudi, Milan’s FinTech District and FinTech Istanbul—which bring its growing global network to 14 fintech hubs—is proof of Dubai’s commitment to the future of finance. In today’s globalised world, such collaboration and knowledge sharing is crucial to optimise innovation and generate exciting business opportunities for the region.
“The financial services sector is highly competitive, innovative and fast-moving, playing vitally important roles in encouraging economic development and investment. The need to incentivise and attract capital, talent and customers in highly competitive markets calls for commercial flair and focus. If regulations are kept up to date, which has been the case, by working together to build confidence and trust, Dubai’s financial services sector has great potential to continue to attract investment and significantly contribute to the region’s economy. Dubai also has the potential to realise its ambition to become among the world’s top financial hubs.”
–Ends–
Media enquiries:
Jamie Douglass,
ICAEW press office, on
+44 (0)20 7920 8718, or
email james.douglass@icaew.com
Pedro Wisden,
Mojo PR, on
+971 (0)52 527 4062 or
email pedro@mojo-me.com
About ICAEW
- ICAEW is a world leading professional membership organisation that promotes, develops and supports over 150,000 chartered accountants worldwide. We provide qualifications and professional development, share our knowledge, insight and technical expertise, and protect the quality and integrity of the accountancy and finance profession.
As leaders in accountancy, finance and business our members have the knowledge, skills and commitment to maintain the highest professional standards and integrity. Together we contribute to the success of individuals, organisations, communities and economies around the world.
Because of us, people can do business with confidence.
- ICAEW is a founder member of Chartered Accountants Worldwide and the Global Accounting Alliance.
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
