UAE and Luxembourg strengthen economic ties and exchange expertise
The UAE and Luxembourg have signed a Memorandum of Understanding which encourages the strengthening of Islamic banking and financial products standards as well as the development of new products.
The Memorandum focuses on developing a model environment of governance and joint action in the Islamic banking and finance sector. The UAE is seeking to benefit from the expertise of Luxembourg, which is a global financial centre, for the issuance of Islamic bonds (Sukuk). Discussions focused similarly on the growing convergence between Islamic and sustainable finance, and how Luxembourg can transfer its confirmed expertise of its financial centre in the field of green and sustainable finance.
The UAE minister of State and his counterpart from Luxembourg highlighted the importance of cooperation between the two countries to develop Islamic banking and finance. Both nations are international financial centres and are established gateway vehicles to finance and investment in their respective regions.
Furthermore, a business delegation, composed of 90 representatives of Luxembourg companies, attended an economic seminar organized by the Luxembourg Chamber of Commerce with local partners at the Chamber of Commerce and Industry in Dubai. The objective of this seminar was to look for additional synergies and new business opportunities between the two countries.
Luxembourg in turn has invited UAE businesses and entrepreneurs to visit the Luxembourg House of Financial Technology, LHoFT, a 60-member multi-purpose financial technology centre.
Both nations are committed to strengthen their partnership and cooperation, as well as the exchange of expertise, which provides great marketing and investment opportunities and bolster the UAE's position as a fintech hub in the Middle East and North Africa, MENA region.
In case you wish to know more about how the strengthening of economic ties between the UAE and Luxembourg may benefit you, please contact our director in the UAE, Alexandros Philippides at email@example.com for a complimentary consultation.