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March 1, 2024

DIFC & Guernsey Finance unite to unlock sustainable opportunities

Dubai International Financial Centre (DIFC), the leading global financial hub in the Middle East, Africa and South Asia (MEASA) region, has joined forces with Guernsey Finance, a joint industry and government initiative established to promote Guernsey’s financial services sector internationally, to foster growth and innovation in a continued effort to drive the future of finance.

The agreement, signed by Mr. Arif Amiri, Chief Executive Officer of DIFC Authority, and Mr. Rupert Pleasant, Chief Executive Officer of Guernsey Finance, will see both entities working together to drive the development of the financial services industry through digital and in-person events, which will nurture talent, and support the exchange of knowledge and information.

The partnership will also strengthen the relationship between the two International Financial Centres (IFCs) and enhance commitment to global collaboration. The agreement supports investment inflows between the two jurisdictions and nurtures and protects investors.

Guernsey has a deep-rooted history of providing specialist wealth management services and is a notable Captive jurisdiction. More than 20 percent of the UK FTSE 100 have captives domiciled in Guernsey. In addition to UK companies, several firms in Europe, the USA, the Middle East, Asia, South Africa, Australia, and the Caribbean have established captives in Guernsey. The first Captive that was re-domiciled from Guernsey to DIFC was licensed by the Dubai Financial Services Authority (DFSA) in November 2023.

Dubai possesses the highest concentration of wealth of any Middle Eastern city with over 68,400 individuals having more than $1 million of investable wealth, which is triple the number of any other city in the region. Furthermore, $4.7 trillion of capital is managed by Middle Eastern State-Owned investors and Dubai is regarded as a neutral territory for managing investments.

Mr. Rupert Pleasant said that, “I am delighted to sign this agreement with DIFC as it paves the way for the start of what we believe will be a very long and beneficial relationship for both parties. The Middle East holds many opportunities for Guernsey. There is immense wealth in this part of the world that stands to benefit from Guernsey’s international expertise and robust regulatory framework. Our expertise in ESG and sustainable finance puts us in good stead to support the increasingly complex needs of investors in the UAE and the wider Middle East region.”

Following the signing ceremony, the two representatives discussed the continued impressive growth in financial services within the DIFC, global opportunities and challenges facing both IFCs, and shared knowledge of the jurisdiction’s sustainability initiatives.