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Luxembourg and UAE to Enhance Cooperation in the Financial Industry

Written by: Bridgewest

Luxembourg-and-UAE-to-enhance-cooperation-in-the-financial-industryLuxembourg and UAE representatives have been discussing for quite a while their economic relations and the way they can improve them, especially in the financial services field. In order to do that, the Crown Prince and the Minister for Finance in Luxembourg have paid a visit to Dubai in order to discuss the options they have. Our lawyers in Luxembourg can assist foreign enterprisers interested in investing in the financial services sector.

Over 300 participants attended a seminar organized in Dubai

The meeting was held in Dubai International Financial Centre and was attended by more than 300 local and foreign participants interested in Luxembourg for Finance’s investment proposals. The meeting aimed to promote Luxembourg city as financial center and also to offer a new direction to the Dubai International Financial Centre, the UAE’s largest financial center.

Luxembourg and the UAE already have a strong collaboration in the financial services industry, however these relations will be further developed with an emphasis in cross-border expertise in investment funds and wealth management. For the first time, Luxembourg will also be promoted as an European hub for private investors in the Middle Eastern region. UAE representatives also declared they have a lot to learn from Luxembourg in terms of digitization of financial services.

The Luxembourg Financial Regulator also signed a memorandum of understanding with the authority of the Abu Dhabi Global Market.

70% of the foreign funds provided in the UAE are from Luxembourg

Luxembourg and the UAE have been cooperating for a few years now, especially in the financial sector, considering 70% of the foreign investment funds marketed in the UAE are registered in Luxembourg.

Luxembourg representatives were also provided with information on the latest investment fund regulations applicable in the UAE with the purpose of attracting professional investors in the Grand Duchy seeking to expand outside Europe. Also, many UAE investors are interested in the new green securities recently launched by the Luxembourg Stock Exchange.

Foreign investors interested in setting up an investment fund in the Grand Duchy, please feel free to contact our law firm in Luxembourg

 

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