DUBAI — Dubai International Financial Centre, DIFC, is attracting a number of Indian financial services related firms, making it the destination of choice for them to access the region. This was reaffirmed during an event held on Wednesday where DIFC hosted a number of top-tier consultancy firms from India, aimed at further reinforcing the financial centre’s strong ties with the country.
DIFC’s links to India are already strong. From hosting just one financial institution in 2007, DIFC is now home to many Indian firms. DIFC’s 2024 strategy aims for even further growth, and has ambitious plans to attract more Indian banks, financial institutions and firms operating out of the centre.
Recent changes to domestic regulations in India, and the India-Mauritius tax treaty, mean that Indian asset managers are seeking alternative fund jurisdictions. DIFC’s vibrant ecosystem, coupled with its efforts to improve ease of business and an enabling Qualified Investor Funds regime, has seen significant interest from Indian asset managers.
These developments come against a backdrop of strengthened ties and cooperation between the two countries, with 14 wide-ranging, bilateral agreements signed in January this year.
Salmaan Jaffery, Chief Business Development Officer at DIFC Authority, said, “We are living in an era where UAE-India ties are accelerating. With 2.6 million Indian expats living in the UAE, 26,000 Indian firms and over 40,000 UAE-based firms owned by non-resident Indians, the bond between the UAE and India is already strong.”
“Indian institutions make up the third largest community of financial firms in DIFC, behind the US and UK, and DIFC is the ideal platform for Indian businesses and institutions as it offers political and financial stability, an investor-friendly setting, strong regulation and an English common law base. DIFC is an important link for India in the South-South corridor, connecting the subcontinent to Africa and Central Asia. There is a huge opportunity for Indian firms looking to conduct business in DIFC,” he added.
Source: Emirates News Agency