City Of London Forges Stronger Financial Ties With The DIFC

Dubai International Financial Centre (DIFC) today received the Lord Mayor of the City of London, Alderman Roger Gifford, in addition to a group of high level delegates. The most recent visit is a testament to both parties’ commitment to furthering a continued historic bilateral relationship with the aim of strengthening trade and investment links.

DIFC, the global financial hub of the Middle East, Africa and South Asia, welcomed the Lord Mayor and presented DIFC Authority’s strategy for the Centre, providing deeper insights to help foster greater cooperation between the two cities.

The Lord Mayor met with Jeff Singer, Chief Executive Officer of DIFC Authority, as well as Chirag Shah, Head of Strategy and Corporate Planning in the Centre. During his two day visit, the Lord Mayor will also meet with policy makers from a number of banks and other institutions, including the Chairman of the Banking Association, HE Abdulaziz Abdulla Al Ghurair, senior representatives from Dubai Financial Services Authority (DFSA) and the DIFC Courts to discuss synergies and explore opportunities.

Commenting on the visit, Roger Gifford, Lord Mayor of the City of London, said: "The UK already has a strong partnership with the DIFC that benefits both sides but there are a number of opportunities for closer cooperation. I look forward to exploring how City firms can leverage their unique experience and expertise to further support the development of the DIFC as a gateway to the wider region while building on the recent Memorandum of Understanding with TheCityUK."

Jeff Singer, Chief Executive Officer of DIFC Authority said: “Trade and investment is at the core of our relationship with the UK and we have always collaborated on strategic areas to build stronger links between our financial centres. DIFC offers a truly open and transparent business environment, supported by an internationally recognised regulatory and legislative framework, which serves as a gateway for British firms to enter the Middle East and surrounding markets.”

The Lord Mayor’s visit comes following the recent establishment of a UK-UAE Taskforce, aimed at reinforcing the UK’s relationship with the UAE across the board: in culture, education, defence and security, trade and investment, and foreign policy co-operation. Dubai is now ranked as the top financial centre in the Middle East, Africa and South Asia, and is placed as one of the top five global centres where international firms want to open offices, alongside Singapore, Hong Kong, London and Shanghai, as reported in the 12th edition of the Global Financial Centres Index in September 2012.

The Lord Mayor of the City of London is also the Chancellor of City University London and its Cass Business School. The Cass Business School was established in 2007, in collaboration with Dubai International Financial Centre and launched with an Executive MBA (EMBA) programme.

Emirate:  Dubai

Date: Feb 19, 2013

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