Jersey Finance signed a Memorandum of Understanding (MoU) with the Dubai International Finance Centre (DIFC) Authority, paving the way for closer collaboration over the coming years.

The MoU followed shortly after the Government of Jersey also signed a new Bilateral Investment Treaty with the UAE to support investment flows between the jurisdictions and protect investors.

The signing was attended by Joe Moynihan, CEO of Jersey Finance; An Kelles, director - GCC and Faizal Bhana, director - Middle East, Africa and India.

Arif Amiri, CEO of DIFC Authority, said: "Our relationship with Jersey continues to grow and today's partnership is testament to our joint commitment to driving the future of finance and innovation. The agreement puts in place a comprehensive framework to facilitate new ways of working to position DIFC and Jersey as global business and innovation hubs."

Joe Moynihan, CEO of Jersey Finance,said: "Jersey has a well-established relationship with the UAE and today our office in the DIFC is the central hub for us in the GCC region. Our strong partnership with the DIFC is the fruit of a real commitment from both sides for over a decade. Today that mutually beneficial relationship has put us both in a really good position, able to support the increasingly complex needs of investors in Dubai, the wider GCC region and around the world."

This year marks 15 years since Jersey's regulator, the Jersey Financial Services Commission (JFSC), signed its first agreement with the Dubai Financial Services Authority, while in 2011 Jersey set up its first office in the UAE and a further agreement was signed with the Central Bank of the UAE. In 2018, Jersey became the first IFC to have an office within the DIFC.

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