Dubai Chamber promotes Dubai’s financial hub status in Lisbon

As part of its strategic role in the expansion of global and inter-regional trade and as host of the ICC Regional Banking Commission Middle East and North Africa (MENA) headquarters, the Dubai Chamber of Commerce and Industry promoted Dubai’s status of a financial hub in the region at the ICC Banking Commission biannual meeting in Lisbon recently.

Held under the theme “Lisbon 2013: ‘The Fast Evolving Trade Finance Landscape’, the meeting was attended by over 300 bankers, trade finance practitioners, senior business executives, as well as policymakers and representatives of the leading multilateral financial institutions.

During his participation in a panel discussion, Why Dubai is the ideal location chosen for the ICC Regional Banking Commission Mr. Hassan Al Hashemi, Director, External Relations, Dubai Chamber, informed that the trust enjoyed by the emirate as an established business trade and logistical hub to reach emerging markets, particularly in the MENA region, offering world-class infrastructural and financial services, and business-friendly environment are behind the decision to set up the ICC’s regional banking commission in the emirate.

Al Hashemi further stressed that under the directives of H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to enhance the status of Dubai as the region’s leading Islamic banking and financial hub as well as the presence of top global financial institutions and banks and the services offered to attract foreign direct investment show that the emirate is headed in the right direction to meet its vision.

The Director of External Relations pointed out that the presence of the Regional Banking Commission is to effectively coordinate and communicate with the MENA region as well as to promote the activities of the ICC Banking Commission to meet increasing demands for premium trade finance information and up-to-date policy and market intelligence by the business community.

On Dubai Chamber’s role in promoting Dubai’s economic growth, Al Hashemi added that trade is one of the leading drivers of the emirate’s economic engine and complements the Banking Commission’s concept of promoting global trade and commerce.

Also the establishment of the Commission’s regional office in Dubai follows the new decree issued late last year by H.H. Sheikh Mohammed bin Rashid Al Maktoum, empowering Dubai Chamber to represent Dubai businesses in global forums by linking up with international non-profit business organisations and associations and help them set a base in Dubai to expand into the region.

On his part, Mr. Kah Chye Tan, Chair of the ICC Banking Commission, stated that the Lisbon meeting has been specially designed to provide delegates with key information on the fast evolving trade finance landscape and included topics such as trade asset management in the next 10 years, green growth, sustainability and trade finance, the changing landscape of banking and the role of arbitration in banking.

In order to consolidate the position of Dubai as a global business hub, the Dubai Chamber in partnership with the International Chamber of Commerce (ICC) launched the ICC Regional Banking Commission Middle East and North Africa (MENA), a chapter of ICC’s influential rule-making body for the banking industry, in March last year.

The Chamber also signed a Memorandum of Understanding (MoU) with ICC with the aim to foster cooperation in areas of common interest and to create a long-term institutional relationship at a regional and global level facilitating trade in the MENA region.

The agreement provides broader role for Dubai Chamber to meet increasing demands for premium trade finance information and up-to-date policy and market intelligence by the business community. It also allows the Chamber to strengthen the Banking Commission’s outreach at regional level, organise conferences and workshops on best practice implementations in trade finance, rules-writing for business, supply chain financing, regulatory environment in banking, dispute resolution in trade finance and developing a mechanism to better understand the regional needs for exchange of information and consultation.

With over 600 members the Banking Commission is ICC’s largest commission. The Regional Banking Commission initiative effectuates a better understanding of regional needs in terms of policy advocacy. It also extends the reach of ICC banking rules and related services including ICC rules and guidelines on documentary credits, UCP 600 – the most successful privately drafted rules for trade ever developed – and forthcoming Bank Payment Obligation rules on supply chain finance.