12% of the GBP161.6 billion in currency bank deposits held in Jersey originates from the GCC
Jersey plans to increase its range of Islamic financial services to complement its flexible legislation and tax neutral environment.
Jersey Finance marked the opening of its new representative office in Abu Dhabi with a reception at the British Embassy yesterday for Senator Philip Ozouf, States of Jersey Deputy Chief Minister and a Jersey Finance delegation. The reception was hosted by the British Ambassador Dominic Jermey CVO, OBE and welcomed by guest of honour H.E. Sheikha Lubna bint Khalid bin Sultan Al Qasimi, Minister for Foreign Trade.
The Jersey Finance representative office in the capital will provide support services for regional companies in the banking, fund management, trust and legal industries with existing operations in Jersey, as well as acting as a hub to communicate the breadth and depth of its offshore financial services.
Jersey Finance is a leading partner to all the major international financial centres of the world, and aims to strengthen its close ties to the UAE.
H.E. Sheikha Lubna commented: “Growth in the UAE economy will continue to rely on the flow of capital throughout the world in a safe and regulated way. Jersey already has strong bilateral relationships with UAE institutions. It is pleasing to see this crucial addition to the financial landscape of the UAE.”
Significant connections between the Gulf and Jersey range from business bank deposits, family deposits, fund management, Sukuk structures, asset management, and private wealth management.
British Ambassador Dominic Jermey CVO, OBE commented: “As Abu Dhabi develops its own Central Business District and financial services capability in line with its 2030 plan, strategic ties with jurisdictions like Jersey will be increasingly important. Jersey has important capital flows to the City of London. Jersey and London complement each other as financial centres and they are frequently part of the same transaction chain, facilitating the deployment of mobile international capital. We are confident that a similar relationship can evolve with the Abu Dhabi financial centre.”
Specialist Jersey-based trust companies with UAE offices include Minerva Middle East, Vistra and Sanne Group. Inversely, banking institutions from the UAE with offices in Jersey include Emirates NBD, National Bank of Abu Dhabi and HSBC Middle East, among others, all offering a range of services to both the local and expatriate community.
Senator Philip Ozouf, Deputy Chief Minister commented: “Jersey Finance’s presence in Abu Dhabi will serve to support the significant expected growth of the UAE’s finance sector and develop broader connections between our two countries. In turn, the launch of Jersey Finance’s representative office strengthens the reputations of both jurisdictions as world-class international finance centres and serves as a critical hub for Jersey to grow its relationships throughout the GCC and further east.”
Throughout the Gulf, Jersey Finance will concentrate on promoting Jersey’s expanding range of Shariah-compliant financial products, including Islamic asset management and fund domiciliation, Special Purpose Vehicles (SPVs), Sukuk structures and Islamic private wealth management.
The new office will supplement Jersey Finance’s existing representative office in Hong Kong, and dedicated representatives in India. Sean Costello, Head of Jersey Finance’s Business Development in the GCC and India, will oversee the Abu Dhabi office and representatives in India.
Sean Costello commented: “The GCC is a key finance and business centre that we have been visiting since 2002 and we are delighted that we now have a representative office in the region. This is a logical extension of Jersey’s growing links with the GCC and will complement our existing representative office in Hong Kong and dedicated representatives in India and is a reflection of our commitment to growing our finance industry’s presence in international markets in the coming years.”