Abu Dhabi’s Global Market can happily work alongside the Dubai International Financial Centre to help attract greater capital flows to the UAE, according to Ian Gorst, the chief minister of Jersey.
Mr Gorst noted that the Jersey, an island located in the channel between the UK and France, has established itself as a successful centre for international finance, despite the location of several similar centres in close proximity.
“We in Jersey are an international financial centre, our sister island [Guernsey] is a financial centre, the Isle of Man is a different type of financial centre, and then there is London the great financial centre of the world. We benefit London and London benefits us,” he said.
“Capital today is flowing around the world in a way that we’ve never seen before,” he added. “I would see no reason why there isn’t enough business in the world for a centre in Dubai and a centre in Abu Dhabi as well.”
Having centres in both Abu Dhabi and Dubai would help the UAE attract a greater share of the global capital market, he said.
Officials from Jersey have held a series of discussions with counterparts responsible for Abu Dhabi’s Global Market free zone, announced last year.
It is unclear as to whether the laws and regulations being drafted for the free zone will draw upon those used in Jersey, said Mr Gorst.
Last week Jersey’s financial services commission signed an initial agreement with the Securities and Commodities Authority, establishing a framework for mutual assistance and the exchange of regulatory information.
“It’s extremely important for business to be able to move freely between jurisdictions and that regulators in those jurisdictions are happy with what each other is doing,” said Mr Gorst. “That’s become more and more important in the changing regulatory environment around the world.”
jeverington@thenational.ae
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Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Meydan race card
6.30pm: Maiden; Dh165,000; (Dirt) 1,200m
7.05pm: Handicap; Dh170,000; (D) 1,200m
7.40pm: Maiden; Dh165,000; (D) 1,900m
8.15pm: Handicap; Dh185,000; (D) 2,000m
8.50pm: Handicap; Dh185,000; (D) 1,600m
9.25pm: Handicap; Dh165,000; (D) 2,000m
Nayanthara: Beyond The Fairy Tale
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Director: Amith Krishnan
Rating: 3.5/5
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
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- Mortgages with better interest rates, faster approval times and reduced fees
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The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
