Dubai and India move closer with financial services and trade deals
The Dubai International Financial Centre (DIFC) and India’s Gujarat International Finance Tec-City (GIFT) have agreed to “cooperate and collaborate in financial activities of mutual interest” as ties between the two countries move “closer together”.
DIFC and GIFT have signed a Memorandum of Understanding (MoU) that will see both countries exchange information on banking, financial services, securities, laws and regulations and international financial services trends, the organisations confirmed in a joint statement
The two financial centres also said that they will work together to organise seminars, conferences and training as well as an international exchange program for DIFC- and GIFT-based entities.
Arif Amiri, CEO of DIFC, said that the timing of the MoU with GIFT was perfect, especially at a time when “UAE ties with India are growing ever closer”.
“India represents the UAE’s third largest trading partner as well as one of the world’s fastest growing economies, and natural synergies between the two centers exist, which will certainly benefit our respective clients,” said Amiri.
Ajay Pandey, GIFT SEZ director and group CEO, said that he was certain of the “mutual benefits that will arise as a result of the agreement”, and that he looked forward to “share the benefits” with collective clients operating in the financial services sector.
The Dubai Chamber of Commerce and Industry has also finalised its plans for its upcoming trade mission to India.
Leading the delegation will be Majid Saif Al Ghurair, the Chamber’s chairman. He will be joined by Hamad Buamim, president and CEO of the Chamber, Kulwant Singh Thiara, president of the Indian Business and Professional Council and a host of other business heads.
Buamim said that the mission is part of a strategy to expand internationally and believes that India, specifically Mumbai and Ahmedabad is an important outlet for Dubai businesses. He added that the trade mission will help the Chamber promote Dubai’s 4th Global Business Forum on Africa, which is taking place later this year.
“The high-profile event will serve as an important platform where Indian companies can learn more about growth opportunities in Africa and explore ways they can access the continent by leveraging Dubai’s status as a strategic hub,” Buamim said.