Dubai's financial freezone plans a five-fold increase in the number of Indian firms to over 100 in the next 10 years to build a sustained, long-lasting partnerships with the emerging markets of India.
Dubai International Financial Centre (DIFC), as part of its 2024 growth strategy, aims to increase the number of Indian firms to over 100 from 20 by 2024, the centre said in a statement at the end of its week long engagement with leading Indian businesses in Mumbai on Wednesday.
"On our second visit to Mumbai this year, DIFC has demonstrated its continued commitment to building and maintaining sustained, long-lasting partnerships with the emerging Indian market," Deputy Chief Executive Officer of DIFC Authority Arif Amiri said.
"With an ambitious 2024 growth strategy, we envisage a key role for Indian banks, insurers, law firms and wealth managers as we seek to expand our services and become a top global financial hub," Amiri said.
The initiative comes shortly after Prime Minister Narendra Modi's visit to the United Arab Emirates last month during which he pledged to improve bilateral economic ties.
DIFC, the ideal gateway for Indian investors to the Middle East, Africa and South Asia, currently hosts over 20 Indian banks and financial institutions, the third largest community of financial firms at the Centre. Besides, more than a quarter of the current workforce employed in DIFC is of Indian-origin.
DIFC, following a series of meetings with many Indian firms in Mumbai, said that it is seeing a strong interest from Indian wealth and fund management firms.
The freezone, home to 10 leading Indian banks, reiterated its commitment to India's expanding private sector and emerging market.
"Our Centre's commitment is to allocate more resources to the needs of the emerging markets, such as India, as well as to integrate and connect their trade and investment networks to the South to South corridor and developed markets in the West," Amiri said.
Non-resident Indians, who account for 30 per cent of the UAE's total population, have set up more than 40,000 Indian companies in the country and have contributed to an estimated USD 55 billion in Indian investments.
The UAE's investments in India currently stand at around USD eight billion.
