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Mohammed bin Rashid meets Bank of America chairman

Sheikh Mohammed discusses the vast opportunities emerging for global financial institutions from the UAE’s ambitious growth aspirations

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, met Brian Moynihan, chairman and CEO of Bank of America, at the Za’abeel Palace, in Dubai on Tuesday.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, also attended the meeting.

Sheikh Mohammed discussed the vast opportunities emerging for global financial institutions from the UAE’s ambitious growth aspirations. The meeting also explored how the UAE and Dubai can further support Bank of America in enhancing its business operations both in the country and across the region.

Sheikh Mohammed said the UAE continues to build a strong network of partnerships with global banking and financial services companies to realise its vision of being one of the largest global destinations for innovation, investment, enterprise and talent in the industry. The meeting touched on the UAE’s plans to further consolidate its status as an international focal point for generating economic value and catalysing transformation in the financial sector.

Highlighting one of the key goals of the recently announced Dubai Economic Agenda D33 to transform Dubai into one the world’s top four global financial centres, Sheikh Mohammed said the UAE continues to be at the forefront of adopting new technologies and innovative models that are changing the face of the financial industry.

Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving approximately 68 million consumer and small business clients with about 3,900 retail financial centres. The conglomerate has operations in 35 countries and has a global workforce of over 213,000. Bank of America subsidiary Merrill Lynch, one of the world's leading financial management and advisory companies, established its headquarters for the Middle East and North Africa region in the Dubai International Financial Centre in 2007.

The Chairman and CEO of Bank of America said the UAE and Dubai represent a major global base for the company to expand its worldwide business and advance innovation.

“The company continues to be committed to growing its business out of the UAE,” he added.

Sheikh Ahmed bin Saeed Al Maktoum, President of the Dubai Civil Aviation Authority and Chairman and Chief Executive of Emirates Airline and Group; Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Chairman of the Dubai Media Council, and Sheikh Mansoor bin Mohammed bin Rashid Al Maktoum, Chairman of the Dubai Sports Council, were also present on the occasion.

— business@khaleejtimes.com