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Home Financial Performance

DIFC Advances Dubai’s Status as Preferred Global Financial and Innovation Hub with US Institutions

The Wealth Today by The Wealth Today
June 9, 2022
in Financial Performance, Foreign Ownership
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  • His Excellency Essa Kazim, Governor of DIFC, led a senior delegation on a US roadshow
  • The delegation met with senior executives from over 100 leading US financial services and technology companies
  • Demonstrates DIFC’s commitment to supporting Dubai’s diversification goals by building international partnerships and attracting companies to establish operations in the Emirate

Dubai, UAE; 6 June 2022: Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA), has generated a new wave of interest in Dubai from US financial services companies that are keen to access regional opportunities by having a presence in the Centre.

The interest was stimulated when a DIFC senior delegation, led by His Excellency Essa Kazim, Governor of DIFC met with prospective and existing clients as well as industry bodies in New York and San Francisco.

The Governor’s delegation explored collaboration opportunities and secured commitments by highlighting Dubai’s role as a regional business hub and the DIFC’s English common law platform and talent ecosystem. The roadshow showcased how DIFC is enabling the future of finance and helping prospective clients navigate a route to MEASA markets, funding, and talent.

DIFC, Standard Chartered Bank and the US-UAE Business Council hosted an exclusive discussion on Dubai’s role as a global business hub and the efficacy of DIFC’s platform in attracting top firms and talent. The event was attended by the UAE Consul General in New York, Amna Binzaal Almheiri. Her Excellency highlighted the USD 23 billion US-UAE bilateral trade relationship, the UAE and Dubai’s role as centres for commerce as well as the DIFC’s world-class infrastructure. The event spotlighted market access, innovation, and talent as key reasons for DIFC’s success as a global platform.

His Excellency Essa Kazim, Governor of DIFC, said: â€śThe unparalleled demand from US firms seeking to move their finest talent to Dubai reinforces the depth of the region’s markets. Dubai’s reputation as a global hub for talent and innovation makes the Emirate the top destination for US organisations seeking this regional growth. US firms have been choosing DIFC as their preferred location since our establishment in 2004 and now account for 9% of our financial services clients.

Our first official trip to the US since the pandemic has generated particular interest from wealth and asset management and FinTech firms, which are relocating talent to Dubai and DIFC. We will continue to deepen these strategic partnerships to help our US clients realise their growth aspirations and to contribute to the growth of our economy.”

DIFC banks hold approximately USD 200 billion of assets from the Centre while DIFC Asset Managers currently oversee more than USD 450 billion of AUM. DIFC is home to 17 of the top 20 global banks, 5 of the top 10 asset managers, and is home to the top advisory, global law and accounting firms including companies such as Millennium Management, KKR, Franklin Templeton, Bank of America Merrill Lynch, Goldman Sachs, JP Morgan, Latham & Watkins and White & Case.

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Disclaimer: The content of the above information is sourced (or provided), in entirety or in parts from an external source and the content may or may not be edited. The Wealth Today shall not be held liable for damages arising out of any action taken with respect to the use or consumption of information or service published above or anywhere else on the website. This website does not guarantee the accuracy, views, opinions, or any promises expressed in the above news. 

If you find any errors or discrepancies in the above information, you can write to us at editor@thewealth.today.

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