Luxembourg and DIFC signs MoU

DIFC-LogoLuxembourg and the Dubai International Financial Centre (DIFC), housing 249 regional and international banks, insurers and asset managers, has signed a Memorandum of Understanding (MoU) which is aimed to roll out a new era of mutual co-operation and development in areas such as market access, financial regulation and infrastructure.

The MoU was signed by DIFC Governor and Luc Frieden, Luxembourg's Minister of Finance in the presence of officials from both sides. Hailing the recent development, Ahmad Humaid Al Tayer, Governor of the DIFC, added, "Today's event represents the opportunities that new partnerships can bring even in a challenging global environment."

Frieden hoped that the memorandum would prove a milestone for the both centers to exchange information and look into further opportunities in the respective jurisdiction.

Luxembourg, the largest investment fund centre in Europe and second after US, can better provide business friendly environment due to its strategic location in the heart of Europe.

Dr Nasser Saidi, Chief Economist at the DIFC, informed that it has already MoU with Hong Kong and Paris in place and the recent development would enhance cooperation between the financial centers.