DIFC to tap investor interest in Mumbai

The DIFC envisages a role for Indian businesses as it seeks to triple the size of its operations in the next decade. - Bloomberg

A delegation from Dubai International Financial Centre (DIFC) is heading to Mumbai, India's commercial capital, from August 24 to 27 to meet with decision makers in the Indian business community, including representatives of the banking, legal, wealth management and asset management sectors.
The four-day tour follows Prime Minister Narendra Modi's visit to the UAE, the first official visit by a serving Indian prime minister since Indira Gandhi in 1981.
The delegation will highlight that DIFC is an ideal gateway for Indian investors to the Middle East, Africa and South Asia (MEASA) - a region worth an estimated $7.9 trillion in annual trade.
Trade, energy and security are driving modern India-UAE relations. The DIFC envisages a major role for India's business community as it seeks to triple the size of its operations over the next 10 years.
"Dubai needs little introduction to India, but the continued evolution of DIFC is opening the door to new markets and fresh opportunities for the Indian economy and its burgeoning private sector," said Arif Amiri, deputy chief executive officer (CEO) of the DIFC Authority.
Bilateral trade between India and the UAE crossed $59 billion for the financial year 2014-2015, with Indian exports to the UAE, India's top export destination, valued at $33 billion. UAE-based non-resident Indians (NRIs) account for $15 billion in annual remittances, own more than 40,000 UAE companies and hold investments in the country worth an estimated $55 billion, including $18 billion in real estate.
Meanwhile, UAE investments in India stand at around $8 billion, of which $3 billion is foreign direct investment (FDI) and the balance portfolio investment.
DIFC representatives will promote to Indian investors and the wider Indian financial sector the stability, efficiency and world-class regulation offered by an advanced business ecosystem.
"Our visit will highlight DIFC's status as an internationally recognised platform that is stimulating trade and investment in the emerging economies of the South-South corridor as well as connecting businesses with overseas markets. The scale of our growth strategy shows that the opportunities for India are vast," added Amiri.
DIFC's visit to Mumbai is seen as a critical step in the implementation of the Centre's ambitious 2024 growth plan.
Under the strategy, DIFC aims to increase its assets under management to $250 billion from $10.4 billion today, host 1,000 financial services firms, up from its current tally of 365, more than double its workforce to 50,000, and grow its balance sheet from $65 billion to $400 billion.
Indian financial firms have the largest presence at DIFC after the United States and the UK. In addition, more full banking licences have been issued to Indian banks than to banks from any other country represented at the Centre, a total of eight.
- business@khaleejtimes.com