March 5, 2024
PRESS RELEASES

DIFC, Guernsey Finance Collaborate to Unlock Dynamic Economic Growth

Dubai International Financial Centre (DIFC), the leading global financial hub in the Middle East, Africa and South Asia (MEASA) region, today announced it is joining forces with Guernsey Finance, a joint industry and government initiative established to promote Guernsey’s financial services sector internationally, to foster growth and innovation in a continued effort to drive the future of finance.

Under an agreement signed recently by Arif Amiri, Chief Executive Officer, DIFC Authority, and Rupert Pleasant, Chief Executive Officer, Guernsey Finance, both entities will work collaboratively to drive the development of the financial services industry through digital and in-person events, which will nurture talent, and support the exchange of knowledge and information.

The agreement will also strengthen the relationship between the two International Financial Centres (IFCs) and enhance commitment to global collaboration. The agreement supports investment inflows between the two jurisdictions and nurtures and protects investors.

Guernsey has a deep-rooted history of providing specialist wealth management services and is a notable Captive jurisdiction. More than 20 per cent of the UK FTSE 100 have captives domiciled in Guernsey. In addition to UK companies, several firms in Europe, USA, Middle East, Asia, South Africa, Australia, and the Caribbean have established captives in Guernsey. The first Captive that was re-domiciled from Guernsey to DIFC was licensed by Dubai Financial Services Authority (DFSA) in November 2023.

The signing took place when Guernsey Finance’s representatives recently attended the COP28 conference in Dubai to discuss how the finance sector can support a transition to net zero and a more resilient future, the importance of balanced regulation to support environmental actions, and more.

Commenting on the collaboration, Arif Amiri, Chief Executive Officer of DIFC Authority, said: “As DIFC continues to lead the way on sustainable finance in the region, this agreement with Guernsey Finance will further our common objective of unlocking investment inflows while protecting investors. This collaborative effort will foster sustainable financial innovation and knowledge exchange that will catalyse growth for the two financial ecosystems as we come together to drive the future of finance.”

Dubai possesses the highest concentration of wealth of any Middle Eastern city with over 68,400 individuals having more than USD 1mn of investable wealth, which is triple the number of any other city in the region. Furthermore, USD 4.7trn of capital is managed by Middle Eastern State-Owned investors and Dubai is regarded as a neutral territory for managing investments.

Rupert Pleasant, Chief Executive Officer, Guernsey Finance said: “I am delighted to sign this agreement with DIFC as it paves the way for the start of what we believe will be a very long and beneficial relationship for both parties. The Middle East holds many opportunities for Guernsey. There is immense wealth in this part of the world that stands to benefit from Guernsey’s international expertise and robust regulatory framework. Our expertise in ESG and sustainable finance puts us in good stead to support the increasingly complex needs of investors in the UAE and the wider Middle East region.”

Following the signing ceremony, the two representatives discussed the continued impressive growth in financial services within the DIFC, global opportunities and challenges facing both IFCs, and shared knowledge of the jurisdiction’s sustainability initiatives.

Last Updated on 2 months by Middle East News 247

    Middle East News 247

    Middle East News 247

    Middle East News 247 delivers trending business and lifestyle news and essential infotainment for, and from the Middle East region, with key focus on the GCC nations: United Arab Emirates (UAE), Saudi Arabia, Qatar, Bahrain, Kuwait, and Oman.
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