Dubai International Financial Center, the tax-free business park for financial-services companies, will help neighboring Abu Dhabi set up its financial district if needed, its chief executive officer said.
“Our strategy is always to collaborate with Abu Dhabi and the federal authorities,” Abdulla Mohammed Al Awar said in an interview in Dubai today. “One financial center is not sufficient” for the Middle East, North Africa and South Asia region, and DIFC is prepared to share its experience of operating the center in the past six years.
Dubai set up DIFC in 2004 to attract international banks, asset managers and insurers to help diversify its economy. Abu Dhabi, the richest of the seven states that make up the United Arab Emirates and holder of about 8 percent of the world’s oil reserves, is also boosting investments in industry, tourist attractions and infrastructure to diversify away from oil.
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