GIFT City today said it has signed a pact with Dubai International Financial Centre for exchanging views and expertise in the fields of banking and financial services as well as regulatory practices. The partnership will enable both organisations to “share exchange of information on banking, financial service and securities, legislation and regulation, cooperation in the area of training, assistance in organising seminars and conferences on selected issues enhancing mutual development of the centres”.
Also, it will help in exchange of information on trends in relevant international financial services activities and products, in particular within the FinTech field. The terms of cooperation will also include intention to establish a programme of International Exchange for entities based in Dubai International Financial Centre (DIFC) and GIFT enabling them to set up entities in Gujarat/Dubai on mutually agreed terms.
“We are delighted to sign this MoU with GIFT, especially at a time when UAE ties with India are growing ever closer. India represents the UAE’s third largest trading partner as well as one of the world’s fastest growing economies, and natural synergies between the two centres exist, which will certainly benefit our respective clients,” DIFC Authority CEO Arif Amiri said in a statement.
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Gujarat International Finance Tec-City (GIFT) SEZ Director and Group CEO Ajay Pandey said: “We are certain of the mutual benefits that will arise as a result of the agreement and we look forward to share the benefits with our collective clients operating in the financial services sector and beyond”.
DIFC, a leading financial hub in the $7.4 trillion Middle East, Africa and South Asia, has witnessed an exponential growth in the number of Indian firms operating from the centre — from hosting one Indian institution in 2007 to more than 25 Indian firms at present.