July 18, 2024

DIFC boosts Dubai’s status as global financial, innovation hub with US institutions

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Salmaan Jaffery, Chief Business Development Officer, DIFC Authority; Sarmad Lone, Regional Head, Client Coverage Corporate, Commercial & Institutional Banking Africa & Middle East, Standard Chartered Bank; Steven Cranwell, Chief Executive Officer & Regional Head of Client Coverage Americas, Standard Chartered Bank; Stacey Bernards, Vice President of Government Relations, Honeywell; H.E. Amna Almheiri, U.A.E. Consul General in New York; H.E. Essa Kazim, Governor of DIFC; Ali Hassan, Senior Representative for Europe and North America, DIFC Authority; David Greenhalgh, Vice President of the U.S.-U.A.E. Business Council; and Arif Amiri, Chief Executive Officer of DIFC. Source: DIFC

Dubai International Financial Centre (DIFC), a leading global financial center 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.

DIFC added that 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.

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 centers 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.

Industry sources added that 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.

His Excellency Essa Kazim, Governor of DIFC

His Excellency Essa Kazim, Governor of DIFC, stated: “The 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 organizations 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.”

He also added: “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 realize their growth aspirations and to contribute to the growth of our economy.”

DIFC banks claimed that it holds 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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