Arab Monetary Fund, Dubai International Financial Centre join forces to support financial development in the Arab region through technical advice and capacity development.
Dubai, UAE – The Arab Monetary Fund (AMF) and Dubai International Financial Centre (DIFC), the leading global financial hub in the MEASA region, strengthen their partnership by signing a Memorandum of Understanding (MOU) on the sidelines of Dubai FinTech Summit and the AMF Fintech events in Dubai, UAE. The agreement reaffirms the importance of collaboration and how best to leverage their respective core competencies and comparative advantages in driving financial sector development in the region, through the best use of the new technologies. The MOU was signed by the His Excellency Fahad Alturki, PhD, Director General Chairman of the Board of the Arab Monetary Fund (AMF) and His Excellency Essa Kazim, Governor, Dubai International Financial Centre (DIFC).
His Excellency Fahad Alturki, Director General Chairman of the Board of the Arab Monetary Fund, said: “The AMF is committed to working with DIFC and our other international and regional partners to support building vibrant, innovative, robust and competitive financial systems across the Arab region at both domestic and regional levels. This partnership will facilitate relations between the AMF and DIFC, improve the efficiency of their work and provide a concrete basis for further joint activities on the financial sector arena that will contribute positively to economic growth and social progress.”
His Excellency, Essa Kazim, Governor of DIFC, said: “Through this strategic collaboration with the AMF, we are set to forge new pathways of financial innovation, as we continue to drive economic resilience and growth across the region. We are delighted to join forces with the AMF to harness further cross-border collaboration as we together advance the financial landscape to ensure we continue to future-proof the sector and DIFC’s position and as a leading global financial centre”.
The agreement drives future collaboration between AMF and DIFC in financial sector development with several joint activities identified, across research and analytics; capacity development activities; events and workshops; and thought leadership.
About the Arab Monetary Fund
The AMF is a regional Arab organization of 22 member states, founded in 1976, and has started operations in 1977. The AMF’s mission is to lay the monetary foundation of Arab economic integration and to accelerate the process of economic development of its member countries, through providing training and capacity building in topics of interest, as well as financial and technical assistance to member countries to correct balance of payments disequilibria and implement structural reforms towards the modernization of their financial systems, and offering technical assistance to banking and monetary institutions in Arab countries with the objective of developing and strengthening their financial markets;
About Dubai International Financial Centre
Dubai International Financial Centre (DIFC) is one of the world’s most advanced financial centres, and the leading financial hub for the Middle East, Africa, and South Asia (MEASA). With a 20-year track record of facilitating trade and investment flows across the MEASA region, the Centre connects these fast-growing markets with the economies of Asia, Europe and the Americas through Dubai.
DIFC is home to an internationally recognised, independent regulator and a proven judicial system with an English common law framework, as well as the region’s largest financial ecosystem of over 41,500 professionals working across over 5,500 active registered companies – making up the largest and most diverse pool of industry talent in the region.