The financially free zone of Dubai is looking up to the Asian and the Indian markets to boost up their economic growth in the upcoming 10 years. As a part of its building strategy, the DIFC has set its aims towards building their sector of Indian firms over by the hundred within the year 2024. The DIFC forecast said that much of their growth will be fueled by the Asian markets, particularly China and India. The idea behind this new approach is to have the entire workforce and all the operations rise to thrice its current status by 2024.
Current studies of the DIFC have shown that the community of India is now on the third position among all the other financial firms of the world. The DIFC has chosen to connect with India, not only because of the overwhelming growth of the Indian institutions, but also because DIFC already has a large number of Indian people employed in their services. India started in 2007 with just one firm, and it now has a total of 20 firms in the present- something the DIFC is hoping to achieve for Dubai by the end of 2024.
On a recent visit to UAE, Narendra Modi, the Prime Minister of India, has announced that India will do everything to help the current situation of Dubai, in turn, strengthening the economic ties between India and the UAE. The discussion with the PM ended with plans being made with 10 other banks in India. The DIFC have had several meetings with many of the financial firms in Mumbai and have gotten a good response from the Indian insurance and re-insurance markets along with much interest from the Fund and Wealth Management firms of the country as well. DIFC currently has 10 Indian banks and with the addition of 10 more, the economy is sure to benefit if the plans to build up the base in the area finally succeed.
The Deputy Chief Executive of the DIFC, Mr. Arif Amiri, has said that the increase of surplus wealth in the UAE by the last 10 years has been quite extraordinary, with the maximum of the money stored as the sovereign wealth funds, which are currently running the economic growth of the East and Middle East. Of the top 20 sovereign funds in the world, North Africa and the Middle East are the bases of nine, with their combined assets having a total value of $2 trillion.
After the financial crisis, however, there has been a huge shift in the control of the financial flows and markets by the West, but with the help of our new associate, almost 80% of the business is being run from the Asian and the Middle Eastern markets. The DIFC will continue looking to find more resources in emerging marketplaces like India along with working with the developed markets of the West. Essa Kazim, DIFC’s centre governor, has said that if the plans run smoothly, the Indian and the Chinese markets will be able to support 50% of the growth of the UAE economy by the next ten years.