The Dubai International Financial Centre, a tax-free business park in the United Arab Emirates’ financial hub, plans to offer a “real time” multi-currency and multi-country clearing and settlement system next year.
“It will be used for banks’ operations and there is huge demand for it in the region,” chief economist Nasser Saidi said in an interview in Dubai today. The dollar and euro system “will be integrated with Hong Kong’s payment system and eventually a payment link” with China’s yuan, he said.
Dubai set up DIFC in 2004 to attract international banks, asset managers and insurers to help diversify its economy. International banks such as Goldman Sachs Group Inc. and Citigroup Inc. have their regional offices in the DIFC. Bahrain and Qatar have also set up financial districts to attract foreign banks.
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