Dubai International Financial Centre joined a global group of peers as the newest member of the World Alliance of Financial Centres.
The financial free zone will enjoy closer links and share best practice with other international financial centres such as London, Frankfurt, Paris, Tokyo and Toronto as a member of the Brussels-based not-for-profit organisation.
"DIFC ... is looking forward to representing Dubai and building partnerships with other members so we can be a collective force for good. Together we can make progress on areas such as FinTech, innovation, sustainable finance and developing digital economies," Arif Amiri, chief executive of the DIFC Authority, said.
DIFC is ranked as the biggest finance hub in the Middle East and Africa, and the 19th-biggest globally, according to the latest edition of the Global Financial Centres Index released earlier this month. The number of financial entities based in the centre grew 24 per cent last year to 915, with Tata Asset Management, Samba Financial Group and Caixabank among the new additions.
Two years ago, the centre set a target to triple in size and have assets worth $250bn under management by 2024.
“We are very pleased to have DIFC join our association," Jennifer Reynolds, the organisation's chairwoman, said. "Dubai is a leading global financial centre, and DIFC will undoubtedly bring a valued contribution to our initiatives."
