Memorandum to Promote Financial Centres
Press release
Dubai International Financial Centre Authority (DIFCA) and Toronto Financial Services Alliance (TFSA) Strengthen Ties Through
Memorandum to Promote Financial Centres
DIFCA signsa Memorandum of Agreement (MoU) with TFSA at a Ceremony in Dubai International Financial Centre
Dubai, United Arab Emirates, 8th December 2013: Dubai International Financial Centre Authority (DIFCA), the independent body corporate within the DIFC responsible for the economic development and planning of the Centre, signed a strategic agreement with Toronto Financial Services Alliance (TFSA), a unique, public–private partnership dedicated to growing Toronto region’s financial services cluster. The Memorandum of Agreement outlined a mutual agreement that both parties would work to foster a business to business collaboration in their respective financial centres.
Under the new agreement, TFSA and DIFCA will explore avenues to jointly promote the importance of the Toronto and Dubai financial services sectors offerings internationally. With DIFC widely recognised as the pre-eminent investment and business hub of the Middle East and Canada being home to the world’s leading banking sectors, there is much the two centres can expound upon. In addition, DIFCA and TFSA agree to share best practices reinforcing a shared commitment to providing the highest standards in the financial services industry. The two governing bodies agree to collaborate on areas of knowledge sharing and develop exchange programs in pursuit of commercial and academic partnerships.In addition, both parties confirm their commitment to share research and information on trends affecting the sector locally and internationally, including the area of Islamic Finance.The memorandum is in line with a host of initiatives to further strengthen Canada-UAE relationship across the board.
His Excellency Arif Lalani, Canada’s Ambassador to the UAE, commented: “This is a significant milestone in our relationship as both countries continue to discover new areas for long-term partnership. The UAE is a priority country in Canada's Global Markets Action Plan, announced last week. Cooperation between the Toronto and Dubai financial sectors is exactly what the Shared Strategic Agenda between Canada and the UAE set as an objective only last month. I congratulate the leadership of the TFSA and DIFC for demonstrating the creative and visionary collaboration that is possible between our two nations.”
Janet Ecker, President and Chief Executive Officer of the TFSA commented: “Toronto – Canada’s financial capital – is a dynamic financial services centre and one of the most diverse cities in the world. As such we welcome the establishment of this strategic partnership with the DIFC as we believe it will be a catalyst in developing stronger ties between Toronto, Dubai and the wider Gulf region. With a sound economy, stable political environment and a wealth of physical assets, we offer many opportunities for Middle East investors. Canada’s mix of traditionally strong risk management skills in the financial services industry and a highly effective regime of regulation and supervision continues to be a model for others around the world – and Canada’s reputation as a financial services centre has grown significantly as a result, especially since the financial crisis of 2008. We look forward to building on this partnership agreement.”
Jeffrey Singer, Chief Executive Officer of DIFC Authority, commented: “We greatly welcome this strategic partnership with TFSA. The DIFC is a recognised 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 centres both our mandates include working towards a common interest of enhancing economic development in our respective countries and cooperating with industry peers.”
The MoU was signed by Jeffrey Singer, CEO of DIFC Authorityand Janet Ecker,President & CEO of Toronto Financial Services Alliance. Present at the signing ceremony were also high level executives from the Department of Foreign Affairs, Trade & Development Canada including H.E. Ross Miller, Canadian Consul General and Julie Forest, Trade Commissioner for Financial Services. Jeff Graham, TFSA Board Member & Co-Chair, TFSA Islamic Finance Working Group was also in attendance.
A comprehensive version of the Memorandum of Agreement (MoU) can be found on the DIFC’s website
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About DIFC
The Dubai International Financial Centre (DIFC) is the financial and business hub connecting the region’s emerging markets with the developed markets of Europe, Asia and the Americas.
Since its launch in 2004, DIFC, a purposely built financial free zone, has been committed to encouraging economic growth and development in the region through its strong financial and business infrastructure. Currently, DIFC's client base comprises over 1,000 active registered firms, including 21 of the world’s top 25 banks, 11 of the top 20 money managers, 6 of the world’s 10 largest insurers, and 6 out of 10 top law firms in the world. Around 15,000 employees operate in an open environment complemented by international legal and regulatory standards.
DIFC offers its member companies benefits such as 100 per cent foreign ownership, zero per cent tax rate, with no restriction on capital convertibility or profit repatriation. DIFC has its own independent financial and ancillary services regulatory body, the Dubai Financial Services Authority (DFSA).
It also has the DIFC Courts, which is an independent common law judiciary based in DIFC with jurisdiction over civil and commercial disputes in or relating to the Centre.
DIFC is built upon a modern legal, regulatory and physical infrastructure, which makes it the destination of choice for Financial Services firms establishing a presence in the region.
For further information, please visit our website: , or follow us on Twitter @DIFC.