Dubai International Financial Centre (DIFC) has announced it is joining forces with Guernsey Finance, a joint industry and government initiative, 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. 

 

Captive jurisdiction

Guernsey has a deep-rooted history of providing specialist wealth management services and is a notable Captive jurisdiction. More than 20% 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.

 

Amiri 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.” 

 

Concentration of wealth

Dubai possesses the highest concentration of wealth of any Middle Eastern city with over 68,400 individuals having more than $1 million of investable wealth, which is triple the number of any other city in the region. Furthermore, $4.7 trillion 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: “This agreement with DIFC 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.”--TradeArabia News Service