A delegation from Jersey, led by its Chief Minister and including senior government and industry figures, is visiting the UAE this week to strengthen and broaden its relationships with the country and the wider region.
During the visit between 20th and 23rd April, government authorities, including Jersey’s Chief Minister Senator Ian Gorst, representatives of Jersey’s business community and Jersey Finance, the organisation that represents Jersey’s finance industry, will meet with a range of senior government officials and business leaders in Dubai and Abu Dhabi to discuss a wide range of issues, including financial services, international development, renewable energy and education.
Richard Corrigan, Global Head of Business Development for Jersey Finance, and Sean Costello, Chief Representative Officer for Jersey Finance in the GCC and India, will also be seeking to galvanise the existing relationships Jersey’s finance industry has in the UAE through meetings with firms in the UAE that also have offices in Jersey and a number of leading banks that have a significant interest in Jersey, including HSBC, Abu Dhabi Commercial Bank (ADCB) and National Bank of Abu Dhabi (NBAD).
Jersey Finance is also sponsoring the Queen’s Birthday Party celebrations at the UK Embassy in Abu Dhabi for the third consecutive year, and will host a dinner for the Jersey Advisory Group, a group of senior UAE-based individuals who provide insight and guidance on Jersey’s business development efforts in the UAE. Additionally, Richard Corrigan and Sean Costello of Jersey Finance will present to the Emirates Institute for Banking and Financial Studies with Trevor Norman of Jersey trust company Volaw, on Private Wealth Structures concentrating on the Shariah compliance of Trusts and Foundations.
The visit comes shortly after the second anniversary of the opening of Jersey Finance’s office in Abu Dhabi and builds on a busy programme of activity for Jersey in the region. Financial services links between Jersey and the UAE remain strong, with bank deposits held in Jersey emanating from the Middle East representing over 13% of the £152.1 billion total. In addition, ADCB became a full branch in Jersey and the National Bank of Abu Dhabi launched the first UAE expat pension scheme through NBAD Trust Co Jersey Ltd in 2013.
Senator Gorst said: “There are well-established political and commercial links between Jersey and the UAE, and I will be looking to enhance and strengthen these relationships during my visit. The UAE is an important gateway to the Gulf region and, as such, is of great value to Jersey businesses operating in a number of sectors.”
Sean Costello said: “During the visit, Jersey Finance will continue to highlight the depth and breadth of the expertise Jersey’s financial services industry can offer, particularly in the banking and private wealth areas, and explore how we can diversify our financial services offering even further. The relationships Jersey has developed with the UAE are some of the best it has globally and, through further discussion, there are real opportunities to cement Jersey’s and the UAE’s positions as leaders in the international financial services marketplace and open up new opportunities beyond the financial services arena.”