The Dubai International Financial Centre (DIFC), the financial and business hub connecting the region’s emerging markets with the developed markets of Europe, Asia and the Americas, and which has a zero rate of corporation tax among other fiscal advantages, has announced that it has signed a Memorandum of Understanding (MOU) with the Chinese Pudong Financial Services Bureau (PFSB).
Pudong New Area Government is a district of Shanghai and the MOU sets out the frameworks agreed between the two parties regarding cooperation within several financial activities for the mutual development of their financial service offerings.
The MOU was signed in Dubai by Abdulla Mohammed Al Awar, Chief Executive Officer of the DIFC Authority, and Shi Haining, Director General of the PFSB.
Al Awar commented: “As a global financial hub and a contributor towards developing a sustainable local economy, DIFC is constantly working towards delivering world-class financial services and solutions. Our partnership with PFSB confirms our commitment towards providing a platform to support growth in the region and to continue to be a major contributor to the UAE and wider region economies.”
“The Chinese economy has been one of the fastest growing in the world, and has been one of the biggest trade partners to the UAE. This MOU reinforces the economic ties between the UAE and China, and encourages the financial and business exchanges between both economies. This MOU will also give investors opportunities to invest in two rapidly growing countries. We look forward to achieving our mutual goals through this agreement.”
As per the terms of the agreement, areas of cooperation between DIFC and PFSB entail that both parties will raise awareness among potential investors of potential investment opportunities between Shanghai and the Middle East, Africa and South Asia region, which will stimulate further cooperation between the two countries.
Shi Haining said: “Partnering with DIFC is a great step forward towards the development of financial services in Pudong. There are already over 3,000 Chinese companies based in the UAE, and there is great interest from other Chinese companies wanting to venture into the Middle East and North Africa region. DIFC offers a great platform for our investors to tap into the vast opportunities in this region. This MOU will facilitate a mutually beneficial cooperation.”
The MOU will also allow both parties to hold workshops, seminars, and conferences and investment forums in Dubai and Shanghai in order to attract companies and investors. The agreement will also facilitate more contact between financial institutions in Dubai and Shanghai that are interested in expanding internationally.
LAWANDTAX-NEWS.COM
