The Dubai International Financial Centre (DIFC) has exceeded 600 wealth and asset management firms to its ecosystem, triple the number of other centres in the market.
Announced during the third day of Dubai Future Finance Week, the centre announced that number of private wealth firms have exceeded 600 as the city leads in global private wealth, with institutional investors and family offices increasingly establishing regional headquarters in Dubai
DIFC has also partnered with Japan’s Mizuho Financial Group to enable and support 6,000 Japanese start-ups. Companies registered with Mizuho Financial Group, a Japanese banking holding company, will have access to DIFC’s innovation ecosystem, including market-entry and soft-landing support through the DIFC Innovation Hub.
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They will also receive access to DIFC’s flagship digital innovation platform, Ignyte, which provides curated investor and corporate connections, mentorship, and ecosystem programs to support scale-up and international expansion.
The Dubai-based financial centre is the country’s only ecosystem of Japanese financial firms, including Mizuho Bank itself, Mitsubishi Corporation, and 17 other firms. In total, the companies employ a 560-strong workforce.
Bilateral ties in financial sector
“For 20 years, we have welcomed Japanese companies to the DIFC ecosystem, and these organisations have found value in the world-class infrastructure, legal and regulatory clarity, diversified talent pool, and strategic gateway to the region that the Centre provides,” Arif Amiri, CEO of DIFC Authority, said.
In 2018 the Dubai Financial Services Authority (DFSA) and Japan’s Financial Services Agency signed a cooperation framework to form a foundation for bilateral cooperation in the financial sector. The DFSA also signed an agreement in 2012 with Japan’s Ministry of Economy and trade to promote commodity derivatives markets of both countries.
With over 50 years of successful bilateral relations, the UAE remains Japan’s top trading partner among GCC countries in terms of imports and exports, receiving 52 per cent of Japan’s exports to GCC countries. UAE investment in Japan has increased 100 per cent over the past five years, while the country accounts for 80 per cent of Japanese investments in the Middle East.
Source: Khaleej Times