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Jersey To Appoint Dubai Representative

by Mike Godfrey, Lowtax.net, Washington
04 June, 2014

Jersey hopes to further strengthen its political and business ties with the Gulf region with the appointment of a permanent representative in Dubai.

The move follows a two-day visit to Jersey last month by a delegation of ambassadors from Gulf states. The delegates attended meetings with Jersey's Chief Minister and representatives from the financial services industry.

Earlier last month Gorst led a delegation to the United Arab Emirates, where Jersey signed a Memorandum of Understanding with the United Arab Emirates's Securities and Commodities Authority, and Jersey's Treasury and Resources Minister, Philip Ozouf, visited Qatar and Saudi Arabia. Jersey Finance is also to sponsor the Super Return Conference in Dubai, and a Euromoney conference in Qatar later this year.

Richard Corrigan, Deputy Chief Executive, Jersey Finance, said: "Visits by Government ministers and by the regulator are hugely important in highlighting Jersey's desire to do more business across the Gulf, while Jersey's hosting of a formal visit by a prestigious delegation of Arab Ambassadors is equally significant in cementing our relationship in the region. The fact that we have hosted visits by government officials to the Gulf for twelve years is appreciated by the senior government figures we meet and is firm evidence of our commitment to the region and willingness to build on our existing relationships."

"It's important to maintain the momentum which has seen Jersey attract increasing business from the region in recent times. For example, we have nearly GBP19bn on deposit from the Gulf, approximately 14 percent of Jersey's overall bank deposit total, we have welcomed a bank from the United Arab Emirates which set up a branch in 2012 and a number of other Gulf based finance industry firms who are providing services using Jersey based service providers."

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