Dual-city UAE finance centres get support from Jersey chief minister
Abu Dhabi’s Global Market can happily work alongside the Dubai International Financial Centre to help attract greater capital flows to the UAE, according to Ian Gorst, the chief minister of Jersey.
Mr Gorst noted that the Jersey, an island located in the channel between the UK and France, has established itself as a successful centre for international finance, despite the location of several similar centres in close proximity.
“We in Jersey are an international financial centre, our sister island [Guernsey] is a financial centre, the Isle of Man is a different type of financial centre, and then there is London the great financial centre of the world. We benefit London and London benefits us,” he said.
“Capital today is flowing around the world in a way that we’ve never seen before,” he added. “I would see no reason why there isn’t enough business in the world for a centre in Dubai and a centre in Abu Dhabi as well.”
Having centres in both Abu Dhabi and Dubai would help the UAE attract a greater share of the global capital market, he said.
Officials from Jersey have held a series of discussions with counterparts responsible for Abu Dhabi’s Global Market free zone, announced last year.
It is unclear as to whether the laws and regulations being drafted for the free zone will draw upon those used in Jersey, said Mr Gorst.
Last week Jersey’s financial services commission signed an initial agreement with the Securities and Commodities Authority, establishing a framework for mutual assistance and the exchange of regulatory information.
“It’s extremely important for business to be able to move freely between jurisdictions and that regulators in those jurisdictions are happy with what each other is doing,” said Mr Gorst. “That’s become more and more important in the changing regulatory environment around the world.”
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Published: May 14, 2014 04:00 AM