It is the organisation’s first trip to the Gulf since Jersey last year introduced legislation permitting the creation of foundations. These are legal structures similar to trusts but often preferred by investors in certain jurisdictions with a tradition of civil law, rather than common law – a group that historically has included many Middle Eastern investors.
Jersey’s introduction of foundations was seen as an effort to maintain its appeal as an offshore financial centre at a time of growing global competition. At present, neither Guernsey nor the Isle of Man offers a foundations option.
Jersey Finance chief executive Geoff Cook will be accompanied on the five-day trip by Jersey lawyers Raulin Amy of Ogier Jersey and Trevor Norman of Volaw. In addition to explaining the workings of Jersey foundations to UAE wealth managers and finance professionals, they will outline Jersey’s other options for structuring financial transactions and for private wealth management, Jersey Finance said.
The main sessions will take place at the Dubai International Financial Centre on Monday and at the Beach Rotana Hotel in Abu Dhabi on Wednesday.
Charlie McCreevy to speak at London event
In other Jersey Finance news, former European Commissioner for the Internal Market and Services Charlie McCreevy, who was a co-author of the controversial proposed EU legislation aimed at regulating alternative investments, will be the keynote speaker at Jersey Finance’s annual Funds Debate in London on 30 March.
The draft AIFM Directive is expected to feature prominently among the topics covered during the four-hour long event, during which McCreevy is expected to explain the thinking behind the drafting of the directive.
PricewaterhouseCoopers CI partner Brendan McMahon will also speak, and a panel and audience discussion is also scheduled.