Dubai Regulator Strengthens Links With Hong Kong, Asia
by Lorys Charalambous, Lowtax.net, Cyprus
23 January, 2014
In order to further strengthen relations in financial services between Dubai, Hong Kong and Asia, the Chairman of the Dubai Financial Services Authority (DFSA), Mr Saeb Eigner, delivered an address in Hong Kong on the opening morning of the seventh Asian Financial Forum.
The forum was attended by 2,400 delegates from Asia, Europe and America, where finance ministers, central bankers, heads of governments and business leaders gathered to discuss economic developments and business trends in China and the rest of Asia, the DFSA announced.
The forum focused on the challenges and opportunities facing world growth. "The future will belong to vibrant cities like Hong Kong and Dubai which continue to pioneer, innovate and implement strategies quickly and efficiently with visionary leadership and efficient governments," Mr Eigner said.
Dubai enjoys excellent trade and finance relationships with Hong Kong and the rest of Asia. These will continue to grow in 2014, including in the Islamic finance arena. Since His Highness the Ruler of Dubai announced the initiative for Dubai to be the global hub for the Islamic economy, plans are moving ahead, with the necessary legislation already in place. In 2013, the DFSA witnessed many successful issues of sukuk on NASDAQ Dubai, where USD6bn worth of sukuk were listed, up from USD1bn in 2012.
Mr Eigner added: "The highly international nature of the DIFC causes us at the DFSA to place great emphasis on international collaboration with other regulators in supervisory colleges of the world's largest financial institutions, as well through active participation in the work of the global financial sector standard-setters; the Basel Committee, the International Organisation of Securities Commissions, the International Association of Insurance Supervisors and the Islamic Finance Services Board. We currently have nearly 100 bi-lateral Memoranda of Understanding (MoUs) with other regulators worldwide."
Due to the highly international nature of Dubai and the DIFC, the DFSA has placed great emphasis in its work on international co-operation and collaboration. This has included building regulatory relationships with the Hong Kong Securities and Futures Commission, the China Banking Regulatory Commission, the China Securities Regulatory Commission and with the Reserve Bank of India. Asia is now a key driver of the Center's growth.
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