The conference aims to provide insight into the financing requirements of planned projects in the GCC region worth more than $1 trillion. Bringing together developers, financiers and other interested parties, the conference will focus on the latest trends and opportunities within this sector. The prominent line up of speakers from institutions including HSBC, Dubai Islamic Bank and BNP Paribas will provide invaluable market analysis and intelligence, highlighting the challenges facing borrowers and lenders in financing major infrastructure projects across the region.
His Excellency Dr Omar Bin Sulaiman, Governor of Dubai International Financial Centre, commented:
"The areas of focus to be addressed during this conference are of enormous interest, considering the current construction boom we are witnessing across the region, particularly here in Dubai. Growing at an annual rate of 29%, the construction sector has come to play a significant role in our economy and we must ensure that there are financial resources and stability to support this growth. The DIFC is aware of the challenges to be faced and is keen to ensure that the necessary measures are taken to expand the region's horizons at a steady and sustainable pace."
The conference will look at general economic trends across the region as well as key developments in financing energy, power and real estate projects. It will also offer an analysis of the infrastructure finance market and examine the emerging role of Islamic finance in financing infrastructure. A range of expert speakers will also provide insight into a range of more specific issues including a borrower's perspective on the current market situation and a lender's perspective on infrastructure financing.
Dr Omar Bin Sulaiman, continued: "We are all abundantly aware of the current construction boom that is taking place on our very door step. There are a number of fascinating developments planned or underway and we are now witnessing increasing private sector participation in infrastructure across the region. There is a clear sense of anticipation and enthusiasm from local and international partners who are ready and willing to be involved in this exciting phase in Dubai's history."
It is widely recognised that there is an increasing demand for financing, and whilst this project finance is becoming cheaper, it is stretching banks' capacity to breaking point, requiring tens of billions of dollars of debt. As such, it is important that these subjects are addressed in order to raise awareness and understanding, enabling the necessary infrastructural development and economic growth across the region.
Today, the construction industry in Dubai is considered one of the key sources of employment, income and growth, due to the building boom currently taking place; in 2005 this sector contributed almost 12% to GDP. According to MEED Projects, $264 billion worth of construction projects are currently planned in the UAE alone. With over 24 million square feet of commercial office space currently under development, Dubai has four times the shopping area per capita compared to the US.
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DIFC and MEED host Infrastructure Finance seminar
- United Arab Emirates: Wednesday, November 29 - 2006 at 08:50
- PRESS RELEASE
The Dubai International Financial Centre (DIFC) together with MEED (Middle East Economic Digest) Magazine will host a seminar on Infrastructure Finance in the GCC on 29th November 2006 at the DIFC Conference & Exhibition Centre in Dubai.
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Notes and media contacts
Media enquiries:Amira Abdulla
Dubai International Financial Centre
Tel: +971.4.362.2433
Shaima Al Zarouni
Dubai International Financial Centre
Tel: +971.4.362.2432
Notes to Editors:
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 295 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 EditorWednesday, November 29 - 2006 at 08:50 UAE local time (GMT+4)
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