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.
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