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DIFC Signs MOU With Toronto Financial Services Alliance

by Lorys Charalambous, Lowtax.net, Cyprus
12 December, 2013

Dubai International Financial Center Authority (DIFCA) signed a memorandum of understanding with Toronto Financial Services Alliance (TFSA) on December 08, 2013 to foster business-to-business collaboration in their respective financial centers.

Pursuant to the agreement, DIFCA, the body responsible for the economic development and planning of Dubai's tax-free financial zone, and TFSA, a public-private partnership dedicated to growing the Toronto region's financial services cluster, will jointly promote the importance of the Toronto and Dubai financial services sectors offerings internationally.

The two organizations will share areas of knowledge and develop exchange programs in pursuit of commercial and academic partnerships. They will also commit to sharing research and information on trends affecting the sector locally and internationally, including the area of Islamic finance.

Jeffrey Singer, Chief Executive Officer of DIFC Authority, said: "We greatly welcome this strategic partnership with TFSA. The DIFC is a recognized catalyst for regional economic growth and development and we believe that it is important to promote each other's strengths in the financial services sector and to share best practices and learn from each other's successes. As global financial centers both our mandates include working towards a common interest of enhancing economic development in our respective countries and cooperating with industry peers."

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