Dubai International Financial Centre (DIFC), an international financial hub in the Middle East, Africa, and South Asia (MEASA) region, has received approval to join the World Alliance of International Financial Centers (WAIFC). WAIFC is described as a non-profit association registered in Belgium, representing 19 leading international financial centers of four continents. WAIFC members are city governments, associations, and similar institutions developing and promoting their financial centers. WAIFC notably facilitates cooperation between its members, the exchange of “best practices, and communication” with the general public.
While speaking about the approval, Dr. Jochen Biedermann, Managing Director of the WAIFC, stated:
“DIFC has been an observer to WAIFC since last year, and we are delighted that it will join WAIFC as a full member now. DIFC has had a phenomenal development: in less than twenty years from its first steps to one of the world’s leading financial centers. We are very much looking forward to exchanging best practices and learning from each other.”
Arif Amiri, CEO of DIFC Authority, added:
“DIFC is pleased to be joining the World Alliance of International Financial Centres. The Centre is looking forward to representing Dubai and building partnerships with other members so we can be a collective force for good. Together we can make progress on areas such as FinTech, innovation, sustainable finance and developing digital economies. We can align our approaches which will allow us to cohesively drive the future of finance.”
DIFC claims to be one of the world’s most advanced financial centers, and the leading financial hub for the Middle East, Africa, and South Asia (MEASA). The center consists of 72 countries with an approximate population of 3 billion and a nominal GDP of $7.7 trillion.