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Leaders from World Alliance of International Financial Centers convene in Dubai for the first time at DIFC

DIFC's Gate Building

Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia region is hosting a meeting of WAIFC members in Dubai today for WAIFC’s Annual General Meeting 2021. 35 member representatives took part in the meeting.

The WAIFC General Meeting unanimously approved the membership of The Italian Banking, Insurance and Finance Federation (FeBAF). FeBAF was an observer before, and all WAIFC members are very much looking forward to continue working closely together with FeBAF and exchanging best practices.

Eleven members of the board of directors and the managing director were re-elected for a second term. Furthermore, Jersey Finance has joined WAIFC as an observer.

The delegates also discussed current issues, e.g., the joint activities in supporting the economic recovery from the current pandemic, the transition towards a sustainable financial industry, innovative trends in finance like artificial intelligence, financing of SMEs, and inclusive finance.

Further member events will take place during the next two days, including a roundtable for discussing the future of financial centers, a visit to DIFC’s Innovation Hub and FinTech Hive, as well as a gathering at the Dubai Expo.

Arif Amiri, CEO of DIFC Authority, commented: “DIFC is delighted to be hosting the World Alliance of International Financial Centers’ Annual General Meeting. It is the first time leaders from financial centers across the globe have chosen to convene in Dubai. We are looking forward to leading important discussions with our fellow members, especially in the areas of the future of finance and innovation where we have made substantial progress, as well as highlighting the achievements DIFC has made which contribute to our reputation as the region’s leading financial centre.”

Commenting on the results of the Annual General Meeting, Jennifer Reynolds, Chairwoman of the WAIFC, stated: “Today’s Annual General Meeting of WAIFC was an opportunity to reflect on the important role financial centres play in supporting the recovery from the pandemic and the growth in the real economy. Our members all agree on the importance of collaborating on how best to accelerate sustainable economic growth and innovation in the delivery of global financial services. We were also delighted to welcome our newest member, the Italian Banking, Insurance and Finance Federation (FeBAF).”

Dr. Jochen Biedermann, Managing Director of the WAIFC, added: “After a long pandemic-related break, our members met in Dubai today for our Annual General Meeting and had a very intensive exchange on current topics. The focus was on sustainable finance and the economic recovery from the pandemic. We would like to thank DIFC very much for the kind invitation to Dubai, the warm hospitality and the perfect organization of our Annual General Meeting.”

Appointed to the WAIFC Board on 3 June 2021, DIFC, through its recent achievements, is working with WAIFC to address key issues surrounding resilience and recovery from the pandemic, and planning for long-term success. Being a member of WAIFC reflects DIFC’s commitment to share industry knowledge with other financial centres around the world. DIFC is focusing on driving the future of finance with WAIFC members in areas such as FinTech, Innovation, Sustainable Finance and developing Digital Economies.