Dubai International Financial Centre Signs Agreement with Dubai Economic Council to Facilitate Cooperation, Share Best Practices

Dubai-UAE: 30 April, 2016 – Dubai International Financial Centre (DIFC), the financial gateway connecting businesses and financial institutions with emerging market opportunities across the Middle East, Africa and South Asia (MEASA), today signed a strategic partnership agreement with Dubai Economic Council (DEC). The agreement mandates the two sides to share best practices in areas of financial studies, economics, research and corporate governance. The memorandum of understanding (MoU) was signed by His Excellency Essa Kazim, Governor of DIFC and His Excellency Hani Al Hameli, Secretary General of Dubai Economic Council, in the presence of Arif Amiri, Chief Executive Officer, DIFC Authority and Dr Abdul Razak Fares, Assistant Secretary General for Economic Affairs, Dr Ibrahim Badawi, Director of Macroeconomic Research and Forecasting Department at DEC, and senior officials of both entities. 

As per the agreement, DIFC and DEC will cooperate in developing programmes and projects that achieve their mutual strategic objectives and enhance the economic initiatives of Dubai and the UAE. In addition, the two entities will cooperate in the field of Islamic finance to articulate the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai to position Dubai as the capital of Islamic economy.

Speaking on the partnership with DEC, His Excellency Essa Kazim, Governor of Dubai International Financial Centre, said: “We are pleased to ratify this agreement with Dubai Economic Council. We are keen to strengthen our relationship with the economic council through developing new synergies and sharing best practices in several crucial research related projects that will accelerate the economic growth of the UAE.  “Given our mutual goal to further drive Dubai’s leading position as a global financial hub, we are confident this partnership with DEC will succeed in augmenting trade and business growth in the emirate and boost the development of the financial services sector in Dubai, the wider UAE, and the region as a whole.” Pointing out that DIFC would continue to build strategic partnerships to benefit its diverse business community, the Governor reiterated the Centre’s commitment to providing a supportive and enabling knowledge-sharing ecosystem for companies and financial institutions seeking to expand their activities in the region.  

For his part, His Excellency Hani Al Hameli, Secretary General of Dubai Economic Council, commended DIFC for its role in contributing to the economic development of Dubai and for enhancing the emirate’s status as a preferred global business destination.
 
He noted that DIFC’s internationally recognised legal and regulatory framework as well as strategic location, unique system of governance and secure business environment had registered a high uptake among the world’s financial institutions, international banks and asset managers. This in turn helped speed-up investment and trade flows to the region.
 
Reaffirming the long-term partnership between the DEC Board of Directors and DIFC, Al Hameli said: "We are confident that DIFC’s 2024 growth strategy will strengthen the Centre’s position as a gateway to the MEASA region and further encourage global and regional financial firms to set up operations in Dubai. Aligned with DEC’s strategic objectives, DIFC aims to support the financial sector in contributing 18% to Dubai’s GDP.”