DIFC courts global businesses with new initiative

The Dubai International Financial Centre (DIFC) has launched an initiative to attract more global businesses to the emirate and enlarge the financial services sector. The three-pronged initiative will focus on attracting more foreign direct investment, from Southeast Asia especially; enabling Dubai government entities to complete financial services within the DIFC; and generating more financial products in Dubai. The DIFC’s announcement comes on the back of a promotional campaign for Dubai’s financial sector fronted by Sheikh Mohammed bin Rashid Al Maktoum, vice-president and prime minister of the UAE and ruler of Dubai, aimed at “catalysing economic growth”. “The initiatives we launched at DIFC are primarily focused on strengthening our financial platform and offering the necessary legal and regulatory framework to facilitate the flow of investments and financial services and products through Dubai,” said Essa Kazim, governor of DIFC. He added that the new initiative would strengthen Dubai’s role as “a strategic centre” for China’s Belt and Road development plan, which will involve a number of large infrastructure projects. In 2017, registered Chinese financial institutions accounted for 22% of the total assets ($33.4 billion) held within the DIFC. ©2018 funds global mena

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