DIFC inks deal with Gujarat finance zone

The Dubai International Financial Centre (DIFC) has signed an information-sharing agreement with an emerging financial zone in the Indian state of Gujarat.

The Gujarat International Finance Tec-City, which is under construction, aims to provide half a million finance and technology jobs. Developers hope the centre’s modern infrastructure will attract existing companies to relocate from cities such as Mumbai and Bangalore.

“India represents the UAE’s third largest trading partner as well as one of the world’s fastest growing economies, and natural synergies between the two centres exist which will certainly benefit our respective clients,” said Arif Amiri of the authority that promotes the DIFC.

As well as cooperating on regulation and other matters, the two financial centres aim to establish an exchange programme that will allow companies to set up entities in either zone “on mutually agreed terms”, said a report by UAE state media.

The DIFC says it is now host to more than 25 Indian companies, making them the third largest cohort after American and British firms.

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