Senior representatives from Jersey Finance are participating in the latest visit to the UAE by a Government led delegation from Jersey which is headed by the External Relations Minister, Senator Sir Philip Bailhache.
During the visit between 9th and 13th November, the Minister will meet Government and senior commercial figures in Abu Dhabi and Dubai to foster closer commercial ties.
Jonathan White, Chairman of Jersey Finance, and Sean Costello, Head of Business Development for Jersey Finance in the GCC, who are part of the delegation, will be building on the existing links within the financial services industry, seeking to reinforce Jersey’s strong record on regulation, cooperation and transparency, which has been recognised by official bodies such as the OECD and IMF, as well as highlighting the wide range of business activity in place.
Figures* show that there is already considerable interest from Gulf investors in Jersey’s role as a leading international banking and private wealth jurisdiction and Jersey has to date attracted £20.8bn in bank deposits from the Gulf, 13 percent of total bank deposits held in Jersey.
Jersey’s strong links with the region are reinforced by the presence in Jersey of a number of Gulf based banks either directly or through association with other financial institutions. Among them are Abu Dhabi Commercial Bank, HSBC Expat, Emirates NBD, the National Bank of Abu Dhabi and the Abu Dhabi Islamic Bank.
Jersey Finance has also been fostering educational links in the region, most recently by hosting Kuwaiti banking students through the training and development scheme which is organized by the Kuwait Institute of Banking Studies (KIBS).
Senator Bailhache said: “We have a good relationship with the Emirati Government and, through the intermediary of Jersey Finance in Abu Dhabi, Jersey continues to forge close commercial ties in the region. It is also important that we remain committed to broadening our engagement with the Emirates, and I am confident that this visit will help us to make progress in that regard.”
Sean Costello, Head of Business Development in GCC, commented,
“During the visit, Jersey Finance will continue to nurture the jurisdiction’s well established links with the UAE. We will be highlighting the role of Jersey as an ideal location for UAE family firms to establish an international holding structure and we will be emphasizing the potential for further Islamic finance business with specialist practitioners based in Jersey.
We are delighted too to be able to host Kuwaiti banking students in the island as part of the wider development of the relationship between Jersey and the region. Visits such as the one headed by the Minister help to further cement the association between the locations and will encourage greater co-operation on matters such as training and education’.
The delegation will be embracing a wide range of topics during its visit including environmental conservation, commercial ties between Jersey and the UAE, and renewable energy.