Dubai International Financial Centre Gets Full-Service Immigration Office for Convenience of Member Firms

A VIP delegation from the Dubai Naturalization and Residency Administration (DNRA), paid an official visit to the full-service immigration office at the Dubai International Financial Centre (DIFC), which caters to the needs of the growing DIFC community.Marwan Lootah, Chief Corporate Affairs Officer at the DIFC Authority, welcomed the top-level delegation, which was led by Lt. Col. Awad Alowaim, Assitant Director for Management and Finance.

Members of the high-ranking DNRA delegation included Lt. Col. Khalifa Matar Mubarak, Assistant Director for External Centres Sector, as well as Khalid Adullkarim, Director of Finance and Investment; and 1st. Lieutenant Salem Bin Ali Head of Naturalization & Residency – DIFC.

Marwan Lootah, DIFC Authority Chief Corporate Affairs Officer, said: “We have created a lifestyle option at the DIFC, making it a preferred destination to live and work in for the global financial industry.

“Today, the DIFC is ranked the world’s fastest growing international financial hub. We have 20 of the world’s top 25 banks and 6 of the world’s 10 largest asset managers. Attracting top institutions from across the world has been helped in a major way by the ease of doing business from the DIFC. The partnership with the DRNA has brought another added convenience to the DIFC Community,” Lootah added.

LT. Col. Awadh Al Owaim Director of General Dep. Of Human Resourses & Finance at Department of Naturalization & Residency– Dubai (DNRD) said, "This visit comes in line with strengthening the strategic partnership and finding ways for collaboration with DIFC. He stressed the Department’s efforts to expand its corporate and community relations to execute one of the strategic plan goals that the Department pursues and to reinforce the integral and strong role between DNRD and its major strategic partners so they can achieve security system for the community in the Emirate of Dubai.

Lt. Col. Khalifa Matar Mubarak Asst Manager of External Centres Sections praised the efforts of staff in specialised areas at DIFC and pledged to overcome any obstacles facing them. He asserted his endeavour to enhance DNRD work at DIFC through creating a distinguished work environment to raise the performance level and support the sense of professional dedication of staff.This strengthens DNRD role, according to Balqoubaa, and its responsibilities in community through its contribution to the development of its political systems and internal communications and sustainability of the high quality and excellence in achievement.

DIFC’s Leading Role In The Regional Financial Industry Highlighted To A Top-Level Delegation Of Swiss Bankers

The Dubai International Financial Centre (DIFC) received a top-level delegation of bankers from Switzerland.

DIFC Authority Chief Executive Officer Nasser Al Shaali, Managing Director Abdulla Al Awar, Executive Director of Corporate Affairs Marwan Lootah, Chief Economist DIFC Authority Dr. Nasser Saidi, Chief Legal Officer Dean Ferris and all the heads of Business Development, were present to welcome the Swiss bankers.

The nine-member Swiss delegation was led by Pierre G. Mirabaud, Chairman of Swiss Bankers Association (SBA) and Senior Partner with Mirabaud & Cie, Geneva. Other members included Dr. Urs P. Roth, SBA Chief Executive Officer and Delegate of its Board of Directors, Jean-Marc Felix, SBA Head of Communication and Member of the Executive Committee, Wafa Y. Hijjawi, Commercial Counsellor, Swiss Business Hub GCC, Claude-Alain Margelisch of SBA, Professor Jordan of Swiss National (Central) Bank, H.E. Wolfgang Amadeus Bruelhart, Ambassador of Switzerland, Gerhard Brügger, Consul General and Christian D. Watts – Regional Director Swiss Business Hub IMEA.

Dr. Nasser Saidi, Chief Economist DIFC Authority, referred to the close and long history of banking relationship between Switzerland and the Gulf. "We have attracted some ten major Swiss banks and financial institutions as members of the DIFC and they are involved in a wide array of activities ranging from private banking and capital markets to wealth and asset management.

“Swiss banking is famous across the world and we, as the fastest emerging global financial hub, can benefit from the knowledge and experience of the Swiss banking industry.”

„« He pointed out that the DIFC is centrally located to serve the GCC bloc which is emerging as the economic and financial hub for the MENASA region, which accounts for a quarter of the world’s population, with a GDP of more than US $2 trillion and some US $1.9 trillion invested abroad. The GCC achieved average real GDP growth of 6.9%e over 2004-2008 vs. 4.6% in 1998-2003, with increased diversification of economic activity and increased links with Asia and other emerging markets. “As the centre of world’s economic geography moves East, the DIFC will be the hub of MENASA financial flows and capital markets” he said.

„« During a presentation, Dr. Saidi highlighted DIFC’s crucial role in the growth and innovations in Islamic Finance in a region where Islamic Finance is an integral part of banking infrastructure. “We have a model regulatory framework that makes us the international financial centre of choice for financial institutions offering Islamic products.”.

He pointed out that the DIFC has created an international base for providers of Islamic financial products, including Sukuk, that meet the needs of both institutional and individual investors, whose appetite for such products is increasing both in the Muslim World and across the globe.

The DIFC also offers a new domicile for the registration of Islamic collective investment schemes, reflecting an increasing investor preference for Shariah-compliant investment products originating and managed in the region.

The DIFC, through Nasdaq Dubai, offers a pool of liquidity for the primary listing and secondary trading of sophisticated Islamic financial instruments, such as Sukuk. Nasdaq Dubai is the largest exchange with listed value of Sukuk.

Dr. Saidi went on to explain about the trends and development of Dubai as a Financial Centre : “the UAE and GCC banking and financial sector has proved resilient to the global financial crisis”, with a multitude of factors contributing: limited direct exposure to ‘toxic assets’ and the small stock of outstanding domestic securitised/structured products; regulatory and prudential requirements that limited exposure to sub-investment grade investments & instruments; the growing importance of Islamic banking & compliance with Shari’a principles; ample liquidity from accumulation of current account surpluses and international reserves; and the sound mix of monetary, fiscal & financial policy measures taken by the authorities that strengthened the soundness of the banking systems. “The financial crisis and the policy response is leading to a stronger and sounder banking and financial sector in the UAE and the GCC , with higher capital adequacy ratios, better risk management and greater transparency and disclosure standards. We are well poised to enter a period of greater economic & financial integration in the GCC, with the impending Gulf Monetary Union and eventually a Gulf Common Currency. The new emerging opportunities create potential synergies between Dubai and the Swiss banking & financial sectors.” Dr. Saidi also discussed the role of the DIFC in lowering access barriers to financial services by providing quality retail services, building linkages between the region’s financial markets, striving for a greater harmonization of laws & regulations in the region, and developing a Regional Bond Market.

Ian Johnston, Deputy CEO of Dubai Financial Services Authority (DFSA) and Mark McGuiness, Director International Relations, spoke about the unique regulatory structure of the DFSA regime and how effective it has been to cope with the current economic scenario and issues such as combating money laundering.

In his speech the President of Swiss Bankers Association, thanked the hosts and said there were several areas where the DIFC and Swiss banking industry could complement and benefit from each other.

Mohammed Bin Rashid Al Maktoum Foundation Hosts High-Level Delegation From The Comoros

The Mohammed bin Rashid Al Maktoum Foundation hosted a high-level delegation from the Union of the Comoros including His Excellency Mdahoma Youssouf, Consul of the Comoros in the UAE, Dr Mohammad Rachadi, President of the University of Comoros and Dr Abdul Hakim Mohammed Shaker, Vice-President of the University, as well as key members of the communications team.

His Excellency Adel Al Shared, Vice-Chairman of the Mohammed bin Rashid Al Maktoum Foundation, welcomed the visiting delegation and discussed with them opportunities to build knowledge resources at the University of Comoros. The delegation expressed keen interest in leveraging the Foundation’s expertise in launching several key projects, particularly in the areas of translation and entrepreneurship that aim to empower the Arab world with a well-informed resource base of potential Arab leaders.

Dubai School Of Government Hosts Delegation From University Of Comoros

The Dubai School of Government (DSG) today announced it hosted three members of a high-level delegation from the University of Comoros, comprising its President Dr. Mohamed Rachadi, and Vice-President Dr. Abdul Hakim Mohammed Shaker, as well as key communications experts.

Dr. Tarik Yousef, Dean of Dubai School of Government, received the delegation and held discussions on collaboration between the two institutions. The two sides explored possibilities of DSG offering executive education leadership and management development modules at the University of Comoros, as well as participation in DSG’s Master of Public Administration programme. The delegation concluded its visit with a tour of the DSG premises.

Dr Tarik Yousef said: “We are delighted to welcome high-ranking officials from the University of Comoros. The visit has paved the way for exploring future collaboration opportunities between us. As a leading institution focusing on better governance in the region, the DSG has initiated several programmes for the benefit of the Arab world. We look forward to sharing this learning through furthering our discussions with the Comoros team.”

Dr. Mohamed Rachadi said: “Established in February 2004 to boost the human capital of the country, the University of Comoros has been playing an important role in the development and retention of indigenous talent while building our human resource capabilities.

“We constantly seek partnerships and collaborations with renowned institutions to adequately equip our youth with skills that will allow them to effectively contribute to the progress of the country. We are confident our visit to DSG will lead to a fruitful sharing of cutting-edge resources that will benefit both countries.”

Established in 2005 in cooperation with the Harvard Kennedy School, the Dubai School of Government is committed to the creation of knowledge, dissemination of global best practices and the training of policy makers in the Arab world. The school is focused on capacity building and conducts various programmes that seek to promote good governance through enhancing the region’s capacity for effective public policy.

For more details, visit www.dsg.ae or call 04-329 3290.

Thales International Of France Expands Regional Operations

HH Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of Dubai Airport Free Zone has expressed satisfaction at the level of cooperation and strategic partnership between Thales International Co. and the Dubai Airport Free Zone where the French company has its regional office.

HH Sheikh Ahmed said: “Thales presence in the Dubai Airport Free Zone supports the commercial and business co-operation between UAE and France and the global business opportunities that have become a major necessity in the information based economy”.

HH Sheikh Ahmed and Dr. Mohammed Al Zarouni, Director General of the Dubai Airport Freezone met the company’s high-level delegation led by Alexandre de Juniac, Executive Vice President of Thales and Chairman of Thales International Asia, Afica, Middle East and Latin America, . Also present were Olivier Badard, the President, Thales International, Middle East based in the Dubai Airport Free Zone and Raphael Eskinazi, Director General, Thales International and Michael Licoc, Director of Abu Dhabi branch.

HH Sheikh Ahmed added: “Many big companies such as Thales have established operations in Dubai and this underscores the emirate’s good investment environment and the required infrastructure for these companies to do business.”

HH Sheikh Ahmed noted that Dubai is looking forward to more cooperation between the Dubai Airport Free Zone and the global companies and businessmen in UAE and neighboring countries as well.

He emphasized the importance of supporting the commercial goals of these companies through facilitating measures to achieve Dubai’s strategy to attract international organizations to the Dubai Airport Free Zone.

“”Over the past 30 years, Thales has been a proud industrial partner of the UAE both in the civilian and defence markets. In Dubai alone, with more than 250 local staff based in the Emirate, Thales is a major contributor to the Dubai Airport and Metro projects in the field of security and signalling and look forward to continuing supporting DCAA and RTA over the next many years.
Dubai also houses Thales’ Regional Headquarter for the Middle East region. The Dubai Airport Free Zone under leadership of Dr Zarouni has proven to be the ideal vehicle to base its regional operations and benefit from Dubai ’s unique airport infrastructure.”” said Mr. Badard.

The company’s office, located in the Dubai Airport Free Zone, adjacent to Dubai International Airport, represents an extra boon to connect Thales to its strategic partners in the region and helps more efficient work, Mr. Badard added.

Dr. Al Zarouni added that the Dubai Airport Free Zone, with more than 1500 multinational companies, over 70% of which are international companies, saves no effort to provide the best facilities and services for these companies. He stressed that Thales is one of the leading companies in our list of global organizations choosing Dubai as a base.

Speaking on behalf of Thales, Mr. De Juniac said, “Over the past 30 years, Thales has been a proud industrial partner of the UAE both in the civilian and defence markets. In Dubai alone, with more than 250 local staff based in the emirate, Thales is a major contributor to the Dubai Airport and Metro projects in the field of security and signaling and look forward to continuing supporting DCAA and RTA over the next many years.”

“Dubai also houses Thales’ Regional Headquarter for the Middle East region. The Dubai Airport Free Zone under leadership of Dr Zarouni has proven to be the ideal platform to base its regional operations and benefit from Dubai’s unique airport infrastructure,” Mr. De Juniac concluded.