Dubai hopes to give its mutual funds business a boost after striking a co-operation deal with Luxembourg that could funnel more business to the emirate’s financial services sector.
The financial centres of Dubai and Luxembourg yesterday agreed to work together in the areas of funds, wealth management and Sharia-compliant products. It comes as the Dubai International Financial Centre (DIFC) prepares to cut registration fees in a bit to attract more tenants.
The accord, signed by the DIFC and Luxembourg for Finance, the agency that promotes the Duchy’s financial sector, is part of the DIFC’s strategy to grow by facilitating financial transactions between major financial hubs in the East and West.
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