Guernsey Finance signs agreement with DIFC

Posted: 15/01/2024

DIFC Guernsey MOUGuernsey Finance is joining forces with the Dubai International Financial Centre (DIFC) to foster growth and innovation in finance.

Under an agreement signed recently by Arif Amiri, Chief Executive Officer, DIFC Authority, and Rupert Pleasant, Chief Executive Officer, Guernsey Finance, the entities will work collaboratively to drive the development of financial services through digital and in-person events.

The agreement will also strengthen the relationship between the two international financial centres and enhance commitment to global collaboration. The agreement supports investment inflows between the two jurisdictions and nurtures and protects investors.

More than 20% of the UK FTSE 100 have captives domiciled in Guernsey, as do firms in Europe, the US, Middle East, Asia, South Africa, Australia and the Caribbean. The first captive to be re-domiciled from Guernsey to DIFC was licensed by Dubai Financial Services Authority (DFSA) in November 2023.

Arif Amiri commented: “As DIFC continues to lead the way on sustainable finance in the region, this agreement with Guernsey Finance will further our common objective of unlocking investment inflows while protecting investors. 

"This will foster sustainable financial innovation and knowledge exchange that will catalyse growth for the two financial ecosystems as we come together to drive the future of finance.”

Dubai wealth

Dubai possesses the highest concentration of wealth of any Middle Eastern city – more than 68,400 individuals have more than $1m of investable wealth, triple the number of any other city in the region. 

Furthermore, $4.7trn of capital is managed by Middle Eastern state-owned investors and Dubai is regarded as a neutral territory for managing investments.

Rupert Pleasant said: “I am delighted to sign this agreement with DIFC as it paves the way for the start of what we believe will be a long and beneficial relationship. 

"The Middle East holds many opportunities for Guernsey. There is immense wealth in this part of the world that stands to benefit from Guernsey’s international expertise and robust regulatory framework.

"Our expertise in ESG and sustainable finance puts us in good stead to support the increasingly complex needs of investors in the UAE and the wider Middle East region.”

Pictured: Arif Amiri, CEO of DIFC Authority, and Rupert Pleasant, CEO of Guernsey Finance

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