Monday 08 August 2022 - 11:37:14 pm

DIFC advances Dubai's status as preferred global financial, innovation hub among US institutions


DUBAI, 6th June, 2022 (WAM) -- 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 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. Kazim highlighted the US$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.

The DIFC Governor said, "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 organisations seeking this regional growth. US firms have been choosing DIFC as their preferred location since its establishment in 2004 and now account for 9 percent of its 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 US$200 billion of assets from the Centre while DIFC Asset Managers currently oversee more than US$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.

 

WAM/Amjad Saleh/MOHD AAMIR