Dubai ideal for financial firms to advance growth

Sheikh Maktoum Bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE, and President of Dubai International Financial Centre (DIFC), met with global financial industry leaders on the sidelines of the inaugural Dubai FinTech Summit.

The meeting was attended by heads of some of the world’s largest financial service companies, including Bill Winters, Group Chief Executive, Standard Chartered PLC; Jenny Johnson, President and Chief Executive Officer, Franklin Templeton; and Piyush Gupta, Chief Executive Officer, Development Bank of Singapore. Also present were Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs; Essa Kazim, Governor of Dubai International Financial Centre (DIFC); and Arif Amiri, CEO of DIFC Authority.

Maktoum bin Mohammed said, “Dubai continues to offer a base for the world’s leading financial companies to tap the vast opportunities emerging in the rapidly growing markets in the region by providing them a productive ecosystem and infrastructure that promote the creation of new economic value. As part of our strong ethos of partnerships with diverse industry stakeholders, Dubai constantly seeks new ways to work with international banking and financial companies to shape a new future for the industry in the region and contribute to the transformation of the global industry.”

Noting that Dubai is one of the world’s top-ranked cities attracting foreign direct investment (FDI) to the financial services sector, he said that the Dubai FinTech Summit reflects the emirate’s commitment to advance excellence both in the regional and global industry. Aligned with the goals of the Dubai Economic Agenda D33 to consolidate its status as one of the world’s top three cities, the emirate has launched many initiatives to support the growth and adoption of next-generation financial technologies and innovations that are accelerating the evolution of the industry and shifting paradigms in diverse sectors.

Sheikh Maktoum bin Mohammed opened the first-ever Dubai FinTech Summit, hosted by DIFC, the leading global financial centre in the Middle East, Africa, and South Asia (MEASA) region. He also toured the exhibition held on the sidelines of the Summit. Under the theme of ‘New Global Home to the Future of FinTech and Finance’, the two-day Summit held on 8th and 9th May brought together global policymakers, C-suite executives, entrepreneurs and investors to discuss emerging trends and future possibilities in the industry. The Summit featured more than 100 exhibitors, 120 speakers and delegates representing over 50 countries.

Meanwhile, the United Arab Emirates, represented by the Ministry of Finance, participated in the 68th meeting of GCC Undersecretaries of Ministries of Finance Committee yesterday, which was held in Muscat, Oman. The meeting discussed topics related to Gulf economic work and ways to enhance financial and economic cooperation and prepare for the 119th Financial and Economic Cooperation Committee meeting.

The UAE delegation was headed by Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, and included representatives of the Ministry of Finance and the Federal Authority for Identity, Citizenship, Customs and Port Security.

Al Khoori noted the importance of this meeting, which serves as a vital opportunity to strengthen cooperation in various areas of common interest, unify visions among the GCC countries, and explore new ways to enhance Gulf economic integration.

He added, “These meetings establish a pioneering platform for reviewing projects of common interest and improving their impact, foremost of which include highlighting developments on signing the agreement to link the payment systems of the GCC countries, the program to achieve economic unity among the GCC countries by 2025, as reaffirming the commitment of the Ministry of Finance to jointly work to provide the best means of living and achieve prosperity for the GCC countries and its people.”

The meeting discussed the results of several meetings related to GCC countries to achieve unified approaches, which are the 80th meeting of the GCC Committee for Central Banks Governors, the 12th meeting of the GCC Committee of Heads and Directors of Tax Administrations, the second and third meetings of the board of directors of the GCC Customs Union Authority, the 37th meeting of the GCC Common Market Committee, in addition to the results of the fifth meeting of finance ministers to discuss the initiatives of the G20 within the financial track.