In order to further strengthen the relations in financial services between Dubai, Hong Kong and Asia, the Chairman of the Dubai Financial Services Authority (DFSA), Mr Saeb Eigner, delivered an address in the seventh Asian Financial Forum, Hong Kong.
The forum was attended by 2,400 delegates from Asia, Europe and America, where finance ministers, central bankers, heads of governments and business leaders gathered to discuss economic developments and business trends in China and the rest of Asia. “The future will belong to vibrant cities like Hong Kong and Dubai which continue to pioneer, innovate and implement strategies quickly and efficiently with visionary leadership and efficient governments,” Mr Eigner said.
Dubai enjoys excellent trade and finance relationships with Hong Kong and the rest of Asia. These will continue to grow in 2014, including in the Islamic finance arena. Since His Highness the Ruler of Dubai announced the initiative for Dubai to be the global hub for the Islamic economy, plans are moving ahead, with the necessary legislation already in place. In 2013, the DFSA witnessed many successful issues of sukuk on NASDAQ Dubai, where USD6bn worth of sukuk were listed, up from USD1bn in 2012.
Due to the highly international nature of Dubai and the DIFC, the DFSA has placed great emphasis in its work on international co-operation and collaboration. This has included building regulatory relationships with the Hong Kong Securities and Futures Commission, the China Banking Regulatory Commission, the China Securities Regulatory Commission and with the Reserve Bank of India.
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