UAE. Staging the Boao Forum for Asia (BFA) Financial Cooperation Conference in Dubai is a tremendous opportunity for the emirate to further develop its role as a financial hub and gateway for China into its key markets, according to Dubai International Financial Centre (DIFC).
“The forum is recognised as the most prestigious forum in Asia and holding it in the Middle East for the first time demonstrates the growing importance of the relationship between Dubai and China and other sub-regions of Asia, as well as the impact it has on economic development,” said Chirag Shah, Chief Strategy and Business Development Officer, DIFC, speaking at a panel discussion held by DIFC to introduce its community to the event being hosted by the Dubai Government from 23-25 November 2014.
“An open and transparent regulatory framework – combined with our strategic location – have given solid foundations to China and Dubai’s relationship. DIFC, already home to four of China’s biggest banks, is a global financial hub ideally positioned to support China’s growth into emerging markets and we look forward to discussing win-win opportunities that can further strengthen our partnership.”
Joining Mr Shah on the panel was Hongbin Cong, Managing Director, Invest Dubai, Falcon, and Xiyu Yang, Executive Vice President, Boao Forum for Asia Institute.
“Dubai’s selection as the host city is recognition of its ever-increasing role as a global financial hub, facilitating trade and exchange between Asia and markets, from the Middle East, Africa, Europe and beyond,” said Mr Yang.
“Our focus is on driving the integration of Asian countries into the global economy, bringing them closer to their development goals, and Dubai and the UAE – sitting at the crossroads between East and West, within a four-hour flight from one-third of the world’s population – has a key role to play in supporting Asia’s growth momentum.
“Financial cooperation is pivotal to regional and international economic integration. We believe that this high-level dialogue and exchange is a significant opportunity for all those involved and we can discover mutually beneficial outcomes and ways we can work together to develop Asia’s financial tieswith Dubai, and the many markets it connects.
“The event will be attended by Zeng Peiyan, China’s former Vice Premier and BFA Vice Chairman, and his presence – along with 300 other high-ranking government officials, global finance leaders, policy makers and academics -will help to foster the strong and existing ties between China and Dubai and the UAE.”
The conference, facilitated by Falcon and Associates and staged at Atlantis the Palm,Dubai, will focus on the role of financial cooperation to achieve win-win partnershipsacross sectors such as energy; the opportunities presented by both Islamic Finance and Dubai as an international financial centre; innovations driving the development of financial markets; and how infrastructure connectivity propels economic growth.
Photo Caption: Xiyu Yang, Executive Vice President, Boao Forum for Asia Institute
Notes to Editors
Dubai, the UAE & China
Since the establishment of diplomatic relations between China and the UAE in 1984, the two countries have built strong and deepening bilateral relations in areas ranging from society, culture and athletics, to trade and investment.
China is Dubai’s second largest trading partner and the relationship is increasingly important. Facts and figures about the relationship include:
• Dubai is home to over 200,000 Chinese residents
• Dubai’s strong tradition of hospitality, coupled with a hassle-free tourist visa policy, helped attract over 275,000 Chinese tourists in 2013, up 11% year-on-year
• Dubai has direct flights to five Chinese cities: Beijing, Shanghai, Guangzhou, Hong Kong, and Kunming
• China-UAE trade reached $46.2 billion in 2013, a 14% increase from a year earlier. Almost 60% of the trade between China and UAE is re-exported to Africa and Europe
• China is Dubai’s second largest trading partner. Bilateral trade reached $10.5 billion in 2014 Q1, up 27% year-on-year
• More than 4200 Chinese companies operate in the UAE. There are over 2,500 Chinese companies with Dubai Chamber membership, up 18% in only two years.
• In January 2013, Dubai became an official sponsor of the Chinese National Table Tennis Team and extended the sponsorship for three more years in April 2014
The Dubai International Financial Centre (DIFC) is the financial and business hub connecting the region’s emerging markets with the developed markets of Europe, Asia and the Americas.
Since its launch in 2004, DIFC, a purposely-built financial free zone, has been committed to encouraging economic growth and development in the region through its strong financial and business infrastructure. Currently, DIFC's client base comprises almost 1,113 active registered firms, including 21 of the world’s top 25 banks, seven of the top ten insurers, seven of the top 10 law firms, 11 of the world’s top 20 money managers and seven of the top ten consultant companies in the world. Around 16, 560 employees operate in an open environment complemented by international legal and regulatory standards.
DIFC offers its member companies benefits such as 100 per cent foreign ownership, zero per cent tax rate, with no restriction on capital convertibility or profit repatriation. DIFC has its own independent financial and ancillary services regulatory body, the Dubai Financial Services Authority (DFSA). It also has the DIFC Courts, which is an independent common law judiciary based in DIFC with jurisdiction over civil and commercial disputes in or relating to the Centre.
DIFC is built upon a modern legal, regulatory and physical infrastructure, which makes it the destination of choice for Financial Services firms establishing a presence in the region.
For further information, please visit www.difc.ae, or follow DIFC on Twitter @DIFC.
About Boao Forum for Asia
The Boao Forum for Asia (BFA) is a non-government and non-profit organisation that hosts high-level forums for leaders from government, business and academia in Asia and other continents to share their vision on the most pressing issues in this dynamic region and the world at large. BFA is modeled after the World Economic Forum held annually in Davos, Switzerland. It has its fixed address in Bo'ao, Hainan, China, although the Secretariat is based in Beijing.
The Forum is committed to promoting regional economic integration and bringing Asian countries even closer to their development goals. Initiated in 1998 by Fidel V. Ramos, former President of the Philippines, Bob Hawke, former Prime Minister of Australia, and Morihiro Hosokawa, former Prime Minister of Japan, the Boao Forum for Asia was formally inaugurated in February 2001. The founding of the BFA was driven by the People's Republic of China and founded by 26 Asian and Australasian states on 27 February 2001. The organisation held its first meeting from April 12–13, 2002.
Discussions at the BFA focus on economics, integration, cooperation, society, and the environment. In the past the forum also addressed China's entry into the World Trade Organization, as well as Southeast Asia's economic crisis during the 1990s. The geopolitical strategy 'China's peaceful rise' was a topic of discussion for the forum in 2004. In addition to its annual meeting, the BFA also sponsors other forums and meetings related to Asian issues.
About Falcon and Associates
Falcon and Associates FZ-LLC is strategic advisory company working on behalf of the Dubai leadership. They build on the emirate’s many successes to date by identifying and implementing new opportunities to help Dubai fulfil its long-term potential, partnering with businesses and government departments to deliver specific social, economic and trade-related goals.