The Dubai International Financial Centre (DIFC) said it has signed a MoU with the Chinese Pudong Financial Services Bureau (PFSB) to boost exchange of financial services and development.

The MoU sets out the frameworks agreed between the two parties regarding the co-operation within several financial activities for the mutual development of their financial service offerings, according to a statement from the DIFC.

Abdulla Mohammed Al Awar, CEO of DIFC Authority and Shi Haining, the director general of Pudong New Area Financial Services Bureau signed the deal at a ceremony held in Dubai.

Dr Nasser Saidi, chief economist of DIFC, Kevin Birkett, head of financial services of DIFC Authority, Chirag Shah, head of strategy and corporate planning of DIFC Authority, Xu Lin, member of Standing Committee of CPC Shanghai Committee & Secretary of CPC Pudong Committee attended the ceremony.

Al Awar said as a global financial hub and a contributor towards developing a sustainable local economy, DIFC was constantly working towards delivering world-class financial services and solutions.

"Our partnership with PFSB confirms our commitment towards providing a platform to support growth in the region and to continue to be a major contributor to the UAE and wider region economies," he noted.

The Chinese economy, he said, has been one of the fastest growing in the world, and has been one of the biggest trade partners to the UAE.

"This MoU reinforces the economic ties between the UAE and China, and encourages the financial and business exchanges between both economies. This MOU will also give investors opportunities to invest in two rapidly growing countries,"
he added.

As per the terms of the agreement, areas of cooperation between DIFC and PFSB entail that both parties will raise awareness among potential investors or potential investment opportunities between Shanghai and the Middle East, Africa and South Asia (MEASA) region, which will stimulate further cooperation between the two countries.

The deal also covers collaboration on education and research related programmes, whereby DIFC wishes to attract specialised Shanghai institutions and in particular those renowned for innovation in finance, with which PFSB will endeavour to assist.

Shi Haining said partnering with DIFC was a great step forward towards the development of financial services in Pudong.

"There are already over 3,000 Chinese companies based in the UAE, and there is a great interest from other Chinese companies to venture into the Mena region."

"DIFC offers a great platform for our investors to tap into the vast opportunities in this region. This MOU will facilitate a mutually beneficial cooperation," he added.

The MoU will also include jointly organising workshops, seminars, and conferences and aiming to host investment forums in Dubai and Shanghai on an alternative mode, in order to attract companies and investors.-TradeArabia News Service