The Dubai International Financial Centre (DIFC) and Luxembourg for Finance have signed a Memorandum of Understanding to promote industry development and regulatory cooperation between the two jurisdictions.
Senior delegates from Luxembourg for Finance were in Dubai as part of a visit led by Prince Guillaume, Crown Prince of Luxembourg, to encourage greater investment from UAE fund managers into Luxembourg-domiciled funds.
During the visit, delegates from both Luxembourg for Finance and DIFC held a seminar entitled ‘Luxembourg, a Global Financial Services Centre’, to explore ways of building greater partnerships between business operations in both jurisdictions.
The MoU, signed during the seminar, is aimed at promoting cooperation and industry development across a broad range of areas and will include promoting the exchange of information on banking, financial services and securities legislation and regulation.
Speaking at the seminar, Fernand Grulms, CEO of Luxembourg for Finance, said: “Between Luxembourg and Dubai we see huge potential for bilateral business.
“However, in the complex world of finance, this can only be achieved by building partnerships among foreign financial centres, so that is why we are pleased to be here today and to have signed this memorandum with DIFC.
“Luxembourg has enormous expertise to offer clients in the region and opportunities for collaboration with firms based in the MENA region.”