Jersey: Visit Of Jersey Government And Business Delegation Will Strengthen And Broaden Ties With UAE

A delegation from Jersey, led by its Chief Minister and including senior government and industry figures, is visiting the UAE this week to strengthen and broaden its relationships with the country and the wider region.

During the visit between 20th and 23rd April, government authorities, including Jersey's Chief Minister Senator Ian Gorst, representatives of Jersey's business community and Jersey Finance, the organisation that represents Jersey's finance industry, will meet with a range of senior government officials and business leaders in Dubai and Abu Dhabi to discuss a wide range of issues, including financial services, international development, renewable energy and education.

Richard Corrigan, Global Head of Business Development for Jersey Finance, and Sean Costello, Chief Representative Officer for Jersey Finance in the GCC and India, will also be seeking to galvanise the existing relationships Jersey's finance industry has in the UAE through meetings with firms in the UAE that also have offices in Jersey and a number of leading banks that have a significant interest in Jersey, including HSBC, Abu Dhabi Commercial Bank (ADCB) and National Bank of Abu Dhabi (NBAD).

Jersey Finance is also sponsoring the Queen's Birthday Party celebrations at the UK Embassy in Abu Dhabi for the third consecutive year, and will host a dinner for the Jersey Advisory Group, a group of senior UAE-based individuals who provide insight and guidance on Jersey's business development efforts in the UAE. Additionally, Richard Corrigan and Sean Costello of Jersey Finance will present to the Emirates Institute for Banking and Financial Studies with Trevor Norman of Jersey trust company Volaw, on Private Wealth Structures concentrating on the Shariah compliance of Trusts and Foundations.

The visit comes shortly after the second anniversary of the opening of Jersey Finance's office in Abu Dhabi and builds on a busy programme of activity for Jersey in the region. Financial services links between Jersey and the UAE remain strong, with bank deposits held in Jersey emanating from the Middle East representing over 13% of the £152.1 billion total. In addition, ADCB became a full branch in Jersey and the National Bank of Abu Dhabi launched the first UAE expat pension scheme through NBAD Trust Co Jersey Ltd in 2013.

Senator Gorst said: "There are well-established political and commercial links between Jersey and the UAE, and I will be looking to enhance and strengthen these relationships during my visit. The UAE is an important gateway to the Gulf region and, as such, is of great value to Jersey businesses operating in a number of sectors."

Sean Costello said: "During the visit, Jersey Finance will continue to highlight the depth and breadth of the expertise Jersey's financial services industry can offer, particularly in the banking and private wealth areas, and explore how we can diversify our financial services offering even further. The relationships Jersey has developed with the UAE are some of the best it has globally and, through further discussion, there are real opportunities to cement Jersey's and the UAE's positions as leaders in the international financial services marketplace and open up new opportunities beyond the financial services arena."

About Jersey's Finance Industry

Jersey Finance is a not-for-profit organisation that promotes Jersey as an international finance centre and has representative offices in Hong Kong and Abu Dhabi, and dedicated representatives in London and India.

Finance is Jersey's largest industry, with over 25% of the population employed in the sector. 2011 marked the 50th anniversary of Jersey's modern financial services industry.

Jersey, which provides a tax neutral environment, has earned a reputation as a leading, well regulated financial services centre by:

  • being one of the first international finance centres to be placed on the OECD 'white list' as having implemented internationally agreed tax standards
  • being invited by the French Chair of the OECD Peer Review Group to be Vice Chair, alongside Japan, Singapore and India, with a view to assessing how jurisdictions implement international standards of transparency and exchange of information
  • receiving a favourable British Crown Dependencies Review, conducted by the UK government
  • being rated as the top 'offshore jurisdiction' in the most recent Global Financial Centres Index
  • being rated as one of the best international finance centres globally by the IMF (September 2009), along with the UK and US
  • being the first offshore centre to become a full signatory to the IOSCO Multilateral Treaty
  • aligning itself fully with the highest standards of the 3rd EU Anti-Money Laundering Directive
  • operating to the highest standards of CFT (Countering the Financing of Terrorism) guidelines
  • operating with a Depositor Compensation Scheme
  • having operated under a 'Fund Functionaries Supervision' regime for more than 20 years
  • having had no banking failures during the recent financial crisis
  • having a comprehensive and wide-reaching TIEA and DTA network, since 2002
  • Three UAE banks, the National Bank of Abu Dhabi, Emirates NBD and Abu Dhabi Commercial Bank, have overseas operations in Jersey, while the UAE's largest foreign bank, HSBC Middle East, has its headquarters in Jersey.

Linkedin - www.linkedin.com/company/jersey-finance
Twitter - @jerseyfinance
Youtube - www.youtube.com/jerseyfinance

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

Authors
 
In association with
Mondaq Advice Centre (MACs)
Up-coming Events Search
Tools
Print
Font Size:
Translation
Channels
Mondaq on Twitter
 
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
 
Email Address
Company Name
Password
Confirm Password
Mondaq Topics -- Select your Interests
 Accounting
 Anti-trust
 Commercial
 Consumer
 Criminal
 Employment
 Energy
 Environment
 Family
 Finance
 Government
 Healthcare
 Immigration
 Insolvency
 Insurance
 International
 IP
 Law Performance
 Law Practice
 Litigation
 Media & IT
 Privacy
 Real Estate
 Strategy
 Tax
 Technology
 Transport
 Wealth Mgt
Regions
Africa
Asia
Asia Pacific
Australasia
Canada
Caribbean
Europe
European Union
Latin America
Middle East
U.K.
United States
Worldwide Updates
Check to state you have read and
agree to our Terms and Conditions

Terms & Conditions and Privacy Statement

Mondaq.com (the Website) is owned and managed by Mondaq Ltd and as a user you are granted a non-exclusive, revocable license to access the Website under its terms and conditions of use. Your use of the Website constitutes your agreement to the following terms and conditions of use. Mondaq Ltd may terminate your use of the Website if you are in breach of these terms and conditions or if Mondaq Ltd decides to terminate your license of use for whatever reason.

Use of www.mondaq.com

You may use the Website but are required to register as a user if you wish to read the full text of the content and articles available (the Content). You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these terms & conditions or with the prior written consent of Mondaq Ltd. You may not use electronic or other means to extract details or information about Mondaq.com’s content, users or contributors in order to offer them any services or products which compete directly or indirectly with Mondaq Ltd’s services and products.

Disclaimer

Mondaq Ltd and/or its respective suppliers make no representations about the suitability of the information contained in the documents and related graphics published on this server for any purpose. All such documents and related graphics are provided "as is" without warranty of any kind. Mondaq Ltd and/or its respective suppliers hereby disclaim all warranties and conditions with regard to this information, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. In no event shall Mondaq Ltd and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use or performance of information available from this server.

The documents and related graphics published on this server could include technical inaccuracies or typographical errors. Changes are periodically added to the information herein. Mondaq Ltd and/or its respective suppliers may make improvements and/or changes in the product(s) and/or the program(s) described herein at any time.

Registration

Mondaq Ltd requires you to register and provide information that personally identifies you, including what sort of information you are interested in, for three primary purposes:

  • To allow you to personalize the Mondaq websites you are visiting.
  • To enable features such as password reminder, newsletter alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our information providers who provide information free for your use.

Mondaq (and its affiliate sites) do not sell or provide your details to third parties other than information providers. The reason we provide our information providers with this information is so that they can measure the response their articles are receiving and provide you with information about their products and services.

If you do not want us to provide your name and email address you may opt out by clicking here .

If you do not wish to receive any future announcements of products and services offered by Mondaq by clicking here .

Information Collection and Use

We require site users to register with Mondaq (and its affiliate sites) to view the free information on the site. We also collect information from our users at several different points on the websites: this is so that we can customise the sites according to individual usage, provide 'session-aware' functionality, and ensure that content is acquired and developed appropriately. This gives us an overall picture of our user profiles, which in turn shows to our Editorial Contributors the type of person they are reaching by posting articles on Mondaq (and its affiliate sites) – meaning more free content for registered users.

We are only able to provide the material on the Mondaq (and its affiliate sites) site free to site visitors because we can pass on information about the pages that users are viewing and the personal information users provide to us (e.g. email addresses) to reputable contributing firms such as law firms who author those pages. We do not sell or rent information to anyone else other than the authors of those pages, who may change from time to time. Should you wish us not to disclose your details to any of these parties, please tick the box above or tick the box marked "Opt out of Registration Information Disclosure" on the Your Profile page. We and our author organisations may only contact you via email or other means if you allow us to do so. Users can opt out of contact when they register on the site, or send an email to unsubscribe@mondaq.com with “no disclosure” in the subject heading

Mondaq News Alerts

In order to receive Mondaq News Alerts, users have to complete a separate registration form. This is a personalised service where users choose regions and topics of interest and we send it only to those users who have requested it. Users can stop receiving these Alerts by going to the Mondaq News Alerts page and deselecting all interest areas. In the same way users can amend their personal preferences to add or remove subject areas.

Cookies

A cookie is a small text file written to a user’s hard drive that contains an identifying user number. The cookies do not contain any personal information about users. We use the cookie so users do not have to log in every time they use the service and the cookie will automatically expire if you do not visit the Mondaq website (or its affiliate sites) for 12 months. We also use the cookie to personalise a user's experience of the site (for example to show information specific to a user's region). As the Mondaq sites are fully personalised and cookies are essential to its core technology the site will function unpredictably with browsers that do not support cookies - or where cookies are disabled (in these circumstances we advise you to attempt to locate the information you require elsewhere on the web). However if you are concerned about the presence of a Mondaq cookie on your machine you can also choose to expire the cookie immediately (remove it) by selecting the 'Log Off' menu option as the last thing you do when you use the site.

Some of our business partners may use cookies on our site (for example, advertisers). However, we have no access to or control over these cookies and we are not aware of any at present that do so.

Log Files

We use IP addresses to analyse trends, administer the site, track movement, and gather broad demographic information for aggregate use. IP addresses are not linked to personally identifiable information.

Links

This web site contains links to other sites. Please be aware that Mondaq (or its affiliate sites) are not responsible for the privacy practices of such other sites. We encourage our users to be aware when they leave our site and to read the privacy statements of these third party sites. This privacy statement applies solely to information collected by this Web site.

Surveys & Contests

From time-to-time our site requests information from users via surveys or contests. Participation in these surveys or contests is completely voluntary and the user therefore has a choice whether or not to disclose any information requested. Information requested may include contact information (such as name and delivery address), and demographic information (such as postcode, age level). Contact information will be used to notify the winners and award prizes. Survey information will be used for purposes of monitoring or improving the functionality of the site.

Mail-A-Friend

If a user elects to use our referral service for informing a friend about our site, we ask them for the friend’s name and email address. Mondaq stores this information and may contact the friend to invite them to register with Mondaq, but they will not be contacted more than once. The friend may contact Mondaq to request the removal of this information from our database.

Security

This website takes every reasonable precaution to protect our users’ information. When users submit sensitive information via the website, your information is protected using firewalls and other security technology. If you have any questions about the security at our website, you can send an email to webmaster@mondaq.com.

Correcting/Updating Personal Information

If a user’s personally identifiable information changes (such as postcode), or if a user no longer desires our service, we will endeavour to provide a way to correct, update or remove that user’s personal data provided to us. This can usually be done at the “Your Profile” page or by sending an email to EditorialAdvisor@mondaq.com.

Notification of Changes

If we decide to change our Terms & Conditions or Privacy Policy, we will post those changes on our site so our users are always aware of what information we collect, how we use it, and under what circumstances, if any, we disclose it. If at any point we decide to use personally identifiable information in a manner different from that stated at the time it was collected, we will notify users by way of an email. Users will have a choice as to whether or not we use their information in this different manner. We will use information in accordance with the privacy policy under which the information was collected.

How to contact Mondaq

You can contact us with comments or queries at enquiries@mondaq.com.

If for some reason you believe Mondaq Ltd. has not adhered to these principles, please notify us by e-mail at problems@mondaq.com and we will use commercially reasonable efforts to determine and correct the problem promptly.