England-born Mahika Gaur was only 12 when she made her debut for UAE women's cricket team. Now she is the key pace bowler in England team
Luxembourg is the second largest investment fund centre in the world after the United States, and the eurozone’s premier hub for private banking.
“We see a lot of people from this region are looking for places where their assets are managed well,” Luc Frieden, Minister of Finance of the Grand Duchy of Luxembourg, said.
Frieden was talking to reporters on the sidelines of a seminar called: “Luxembourg, a Global Financial Services Centre,” jointly organised by the Dubai International Financial Centre and Luxembourg for Finance, the agency responsible for developing the financial sector in the Grand Duchy.
“So many people after the crisis are looking for alternative places, he added. Frieden highlighted the range of products and services offered from the European centre and identified potential areas.
“International investment firms with local know how offer opportunities to invest all over the world in quite sophisticated manner [in Luxembourg].”
Earlier during the seminar, Fernand Grulms, Chief Executive Officer of Luxembourg for Finance, said, “International investors, including sovereign wealth funds from the MENA region, rely on Luxembourg’s expertise to structure their worldwide investments, namely in the area of real estate and private equity.”
“For example, local know-how in setting up, administering and distributing investment funds has led the Bank of London and the Middle East (BLME) to launch a Shariah-compliant dollar income fund from Luxembourg.” Grulms said that Luxembourg has enormous expertise to offer clients in the region and opportunities for collaboration with firms based in the MENA region.
Frieden said, “Financial services is key priority of the government and we are leading in private banking in the European Union.”
“We have signed double taxation treaties with Kuwait, Saudi Arabia, Qatar and Bahrain, he said, adding: “At the moment there is no plan for more treaties. Prince Guillaume, Crown Prince of Luxembourg highlighting the importance of its country in the eurozone.
He said, “Because of strategic location in-between the French- and German-speaking cultures, an important number of internationally oriented companies have established their headquarters in Luxembourg.
“For instance in the area of multimedia and telecommunications — which are of genuine cross-border nature — Luxembourg constitutes a cornerstone headquarter location. The world’s largest satellite operator company, SES Global, is based in Luxembourg and various Internet sales providers like Amazon, Skype and Ebay equally have chosen Luxembourg as their European headquarters.”
England-born Mahika Gaur was only 12 when she made her debut for UAE women's cricket team. Now she is the key pace bowler in England team
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