Promoting Mauritius International Financial Centre in the Gulf

A delegation led by the Minister of Financial Services and Good Governance, Mr. D. Sesungkur, is currently on a financial services promotion mission in the Gulf region. The main objective is to increase visibility of the Mauritius International Financial Centre (IFC) in the key Gulf markets, including Dubai, Abu Dhabi and Qatar.

The mission, from 18 to 23 March, is organised at the initiative of the Ministry of Financial Services and Good Governance in collaboration with the Economic Development Board (EDB). The delegation includes the Permanent Secretary of the Ministry, the Head of the Financial Services Office of the EDB as well as representatives of private sector operators, management companies and banks.

The first leg of the mission comprised a Business Forum in the Dubai World Trade Centre. It was attended by more than 60 Dubai-based financial services professionals, including renowned tax advisors, wealth and asset managers, law practitioners, accountants, as well as decision makers in key multinational corporations.

During the Forum, there was an address by Minister Sesungkur and a technical presentation by the Head of the Financial Services Office of the EDB, was to showcase the attributes, key products and service offering of the Mauritius IFC.

The participants in the Business Forum demonstrated a keen interest for using the Mauritius IFC for UAE-based investments in emerging markets, including Africa, and vice-versa.

The mission also consisted of several highly targeted one to one meetings including a prominent Pan-African investment bank. The latter has signified its intention to set up its base and manage its operations in Mauritius. Discussions were also held with the Chief Executive and top management of a key Dubai-based international stock exchange for future collaboration with the Mauritius jurisdiction.

In the same context a field visit was held at the Dubai Campus of the Emirates Institute for Banking and Financial Services, a state-of-the art facility which trains more than 24,000 financial services professionals every year.

Other avenues which have been explored include the access by Mauritius to the e-learning facilities of the Institute, the development of an Islamic finance curriculum for Mauritian and African professionals, and exchange programs for concerned students. A Memorandum of Understanding will be signed in this respect in the near future.