Business & Money | Monday 20 April, 2015 12:16 am |

to explore ways to boost partnerships, consolidate trade ties

In a bid to strengthen the trade partnership between the UAE and India, a high-profile delegation from Dubai International Financial Centre (DIFC) visited Mumbai, India’s financial nerve-centre. During the visit, the delegation explored and identified new investment opportunities for businesses and organisations that can support and encourage the economic growth of both India and the UAE.

Led by Chirag Shah, Chief Strategy and Business Development Officer of Dubai International Financial Centre Authority (DIFC Authority), the delegation comprised of members from DIFC’s business development team.

As part of the joint meetings held recently, the DIFC delegation conducted a series of presentations and discussions in the host city with the objective of introducing the financial hub and elaborating on Dubai’s potential as a competitive business destination. The delegation held direct meetings and attracted the interest of close to 50 existing and new clients keen to benefit from DIFC’s widely-appreciated regulatory framework, legal systems and enabling infrastructure.

Speaking on the opportunities created by the India visit, Chirag Shah, Chief Strategy and Business Development Officer of DIFC Authority, said: “The historic economic cooperation between the UAE and India serves as a strong foundation for our two countries to strengthen ties in areas of mutual interest. DIFC is keen to leverage the vast investment prospects to create lucrative economic, commercial and investment partnerships besides attracting industry expertise and skilled manpower.”

Shah added: “Given DIFC’s strong regional and international status as one the most refined and mature regional financial hubs, we have received strong interest from banks, investment banks, asset/wealth managers, insurance/reinsurance providers/brokers and professional firms from India that are looking at setting-up or expanding their presence in the DIFC to tap into the opportunities in the growth markets in Middle East and Africa.”

A recent study noted that nearly 26,500 companies from the Indian Subcontinent operate in the second largest Arab economy, with an estimated combined investment of around US$52 billion.

Over the years, over 20 leading Indian banks and financial institutions have opened offices at the financial hub. These include Axis Bank, ICICI Bank, IDBI Bank, Punjab National Bank and State Bank of India.

DIFC provides a specialised platform for Indian financial institutions and corporations to leverage the growing demand for structured finance advisory, corporate finance and capital market solutions across the region. In addition, the financial hub offers easy access to the rapidly developing Middle East and Africa region.

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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.