Strengthening ties with the UAE in financial services
A delegation of 80 representatives of the Luxembourg financial centre, headed by HRH Prince Guillaume, Crown Prince of Luxembourg, accompanied by HRH Crown Princess Stéphanie, and led by Luxembourg Minister of Finance Pierre Gramegna, visited the UAE this week with a view to strengthening existing relations between the two countries and its financial centres.
The Luxembourg delegation took part in a seminar in Dubai organised by Luxembourg for Finance in cooperation with the Dubai International Financial Centre Authority (DIFC), attracting more than 300 local participants.
As HRH Prince Guillaume pointed out in his introductory remarks, Luxembourg and the UAE have well-established economic and diplomatic relations. Luxembourg’s partnership with the UAE in the area of financial services is particularly strong, thanks to its cross-border expertise in investment fund distribution, wealth management or Islamic finance, as well as its role as a European hub for institutional and private investors from the Middle East. Moreover, a number of Luxembourg financial institutions and service providers have a presence in Dubai. Today, 70% of foreign funds distributed in the UAE are Luxembourg funds.
In his keynote speech, Minister Gramegna addressed the current economic situation and expected outlook for Europe, major geopolitical risks that currently weigh on the global economy, as well as the impacts of digitalisation on the financial services industry.
Arif Amiri, Chief Executive Officer of the Dubai International Financial Centre Authority, provided an overview of recent and forthcoming regulatory developments in Dubai.
The subsequent panels on investment funds and wealth management provided an ideal opportunity to exchange views and provide an update on recent industry developments, new trends and investment and wealth management solutions for GCC clients.
The Luxembourg business delegation was also briefed on recent developments regarding local investment fund regulation by the UAE Securities and Commodities Authority, and visited Abu Dhabi Global Market (ADGM), the new international financial centre recently launched in Abu Dhabi, for an exchange of view on key industry priorities ranging from FinTech to green securities.
On the margins of the visit, the CSSF will also sign an MoU with the regulatory authority of the Abu Dhabi Global Market.
Prior to the LFF seminar, Minister of Finance Gramegna participated together with IMF managing director Christine Lagarde in a FinTech session at the World Government Summit where he gave a keynote speech and took part in a panel discussing the impacts of financial technology. The Minister moreover addressed international finance professionals gathering for the Institute for International Finance MENA Forum in Dubai.