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DIFC and MIGA to Develop Sukuk Market

DUBAI — The Dubai International Financial Centre announced on Thursday that it is working closely with the World Bank Group’s Multilateral Investment Guarantee Agency, or MIGA, on an initiative to assist and support the development of the region’s bond and 
Sukuk market.

The two institutions are also co-operating closely on their overall aim of promoting Foreign Direct Investment into the Middle East North Africa region.

“DIFC’s partnership with MIGA will contribute significantly to enhancing the growth potential of the bond and Sukuk markets in the region. This partnership supports DIFC’s long-term strategy for developing highly efficient and liquid capital markets. By providing the means for mitigating political risks, this partnership can play a significant role in stimulating foreign investment, which is critical to the region’s economic growth,” said Dr. Omar Bin Sulaiman, Governor of the Dubai International Financial Centre, and Vice-Chairman of UAE Central Bank. As part of the initiative, the DIFC and MIGA hosted a conference for the region’s capital markets industry at the DIFC Conference Centre. The delegates were welcomed by Abdulla Al Awar, Chief Executive Officer of the DIFC Authority.