Dr. Omar addressed SIBAC in his key note speech at the organisation's annual meeting in Seoul, South Korea.
SIBAC is an important advisory body established to advise the Seoul Metropolitan Government on a range of issues, including the development of Seoul as a major business hub in northeast Asia. SIBAC sees Dubai as the ideal benchmark, having established itself as a highly credible destination for investment and financial services, with a reputation for modern technology and infrastructure. His Excellency was invited as a representative of Dubai to talk about its internationally acclaimed success.
The UAE and South Korea have enjoyed strong business relations in recent years. DP World holds a 25% stake in South Korea's Pusan container terminal and was in talks about participating in Gwangyang ports. South Korean firms have secured export orders worth US$8.7bn into the UAE in 2005, up 222% from US$2.7bn in 2004. The UAE is South Korea's second largest supplier of crude oil, having shipped 150 million barrels of oil in 2005. Abu Dhabi National Oil Company (ADNOC) now hopes to use South Korea as an oil storage centre to supply oil throughout Asia, much as South Korea's chaebol's (business conglomerates) have used Dubai to penetrate the Middle East. The two countries' bilateral trade is today worth more than US$12.7bn.
South Korea has also played a part in the construction of modern Dubai. Both Hyundai and Samsung have won multibillion dollar contracts to participate in prestigious projects, such as the world's tallest tower, Burj Dubai. South Korean companies are also involved in Dubai Silicon Oasis and Ubiquitous City projects.
Dr. Omar Bin Sulaiman, Governor of DIFC, said: "I was delighted to accept the invitation from Oh, Se Hoon, the Mayor of Seoul to give the keynote address to the Seoul International Business Advisory Council. Seoul is on its way to projecting itself as a business hub for northeast Asia and I truly admire the ambition of Oh, Se Hoon and the Seoul International Business Advisory Council as they push forward to achieve their goal. I have first-hand experience of the hard work, effort, and subsequent reward involved in building a major financial centre, and we are certainly seeing our endeavours in Dubai pay off. Yet what has been achieved in Dubai and Seoul thus far is just the tip of the iceberg, since both countries have not reached the peak of their development and have yet to reach their full potential. Partnerships with progressive countries like South Korea have been key to Dubai's success. The UAE Government strongly supports the development of closer trade links with South Korea. and I look forward to the growth of this relationship, enabling the two countries to further build their economies."
Oh, Se Hoon, Mayor of Seoul, commented: "The council members of SIBAC have provided us with invaluable suggestions and proposals on topics such as 'What Makes a Financial Service Center,' 'Seoul as a Regional Hub,' and 'Seoul - the Alternative Choice' to make Seoul an international business city. To help Seoul join the ranks of the world's top ten business and cultural cities, I have chosen the two keywords 'culture' and 'tourism' which suit this age of 'high-concept'. The city of Seoul will focus on fostering the six industries which will be the new driver for Seoul's future development, and they are: tourism, fashion & design, distribution services, digital contents, R&D, and convention industries. I hope this meeting will become the basis of ideas as Seoul seeks to make another leap forward."
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Dubai set as benchmark for economic development in Seoul
- United Arab Emirates: Thursday, November 09 - 2006 at 08:14
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The Governor of the Dubai International Financial Centre (DIFC), His Excellency Dr. Omar bin Sulaiman, told the Seoul International Business Advisory Council (SIBAC) that they could look to Dubai and the UAE as a key trade partner to help both financial hubs prosper in the future.
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About the DIFC:
The Dubai International Financial Centre (DIFC) is an onshore hub for global finance. It bridges the time gap between the financial centers of Hong Kong and London and services a region with the largest untapped emerging market for financial services.
In just under two years, over 270 firms have registered at the DIFC. They operate in an open environment complemented with world-class regulations and standards. The DIFC offers its member institutions incentives such as 100 per cent foreign ownership, zero tax on income and profits and no restrictions on foreign exchange. In addition their business benefits from modern infrastructure, operational support and business continuity facilities of uncompromisingly high standards.
The DIFC is made up of the following core bodies:
1. The DIFC Authority (DIFCA) - Responsible for the Companies and Security Registries and attracting financial as well as non-financial institutions to set up in the DIFC. The DIFC Authority is also responsible for developing the financial services industry. (www.difc.ae)
2. The Dubai Financial Services Authority (DFSA) - An independent, unitary regulatory authority, responsible for the regulation of all DIFC operations. Its principle-based primary legislation is modeled on that used in London and New York and its regulatory regime operates to standards that meet or exceed those in major financial centers. (www.dfsa.ae)
3. The DIFC Courts - An independent court system set up to uphold the provisions of DIFC laws and regulations, the courts provide comprehensive legal redress in civil and commercial matters within the DIFC. The DIFC Courts system is especially designed to deal with all of sophisticated transactions that will be conducted within DIFC. The DIFC Court laws, based on the common law, not only sets out the jurisdiction of the court but also provides for a dispute resolution services, including arbitration and mediation, thus allowing for the independent administration of justice in the DIFC. ( www.difccourts.ae)
DIFC Investments- The creation of DIFC Investments will result in the allocation to it of all non public administration activities previously carried out by DIFC Authority. This will include amongst other things all commercial and other activities such as the operation and management of any current and future subsidiaries, the development of the centre's investment strategy and relevant policies and any other strategic investments or alliances which will further the goals and objectives of the Dubai International Financial Centre and contribute to the fulfillment of the Centre's vision. Some of the companies and organizations that DIFC Investments owns include:
1. The Dubai International Financial Exchange (DIFX) The DIFX is the region's first international financial exchange for equities, bonds, Islamic products, funds, index products and (subject to regulatory approval) derivatives. The target areas of the DIFX for seeking issuers include the Middle East and North Africa, as well as South Africa, Turkey and the Indian sub-continent. The regulator of the DIFX is the Dubai Financial Services Authority. The DIFX is located in the Dubai International Financial Centre (DIFC) and its owner is the DIFC Authority. (www.difx.ae)
2. Hawkamah- the first Institute for Corporate Governance in the region, has been established in partnership with a group of international institutions, including the Dubai International Financial Centre (DIFC), Organisation for Economic Cooperation and Development (OECD), UAE Ministry of Finance and Industry, Centre for International Private Enterprise (CIPE), International Finance Corporation (IFC), the Union of Arab Banks (UAB), Dubai School of Government (DSG), Young Arab Leaders (YAL), and the Institute of Management Development (IMD). (www.hawkamah.org).
Posted by Anne-Birte Stensgaard, Senior News EditorThursday, November 09 - 2006 at 08:14 UAE local time (GMT+4)
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This article was updated on Tue Nov 28 2006.
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