Latest news with #EssaKazim
Hi Dubai
19-05-2025
- Business
- Hi Dubai
Dubai Finance and DIFC Partner to Accelerate Cashless Transformation
Dubai Finance (DOF) and the Dubai International Financial Centre (DIFC) have signed a strategic agreement to drive forward the Dubai Cashless Strategy, marking a major step in the emirate's push towards a fully digital financial future. The Memorandum of Understanding (MoU), signed during the Dubai FinTech Summit in Madinat Jumeirah, focuses on three key pillars — Governance, Innovation, and Society. It aims to enhance collaboration on financial digitalisation, drawing on DIFC's position as the region's leading financial innovation hub. The signing was held in the presence of H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Supreme Fiscal Committee. The agreement was formalised by Abdulrahman Saleh Al Saleh, Director-General of DOF, and Essa Kazim, Governor of DIFC. Al Saleh highlighted the partnership as a crucial move in aligning with Dubai's vision to become a global financial centre. 'This agreement accelerates our shift to a fully integrated digital financial system,' he said. 'Through this collaboration, we aim to foster innovation in digital payments and build a secure, adaptable ecosystem.' Essa Kazim noted the MoU supports the broader vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum to position Dubai as a digital economy leader. 'DIFC will continue to provide an enabling environment for fintech growth and sustainable innovation,' he said. As part of the initiative, workshops, innovation programmes, and AI-driven projects will be launched to support the transition to a cashless society. The agreement also leverages the DIFC Innovation Hub to boost adoption of digital payment solutions across various sectors, including tourism and public services. News source: Emirates News Agency
Arabian Post
17-05-2025
- Business
- Arabian Post
Dubai Advances Cashless Economy with Strategic Financial Alliance
Dubai's Department of Finance and the Dubai International Financial Centre have formalised a partnership to accelerate the emirate's transition to a cashless economy. The agreement, signed in the presence of H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Supreme Fiscal Committee, underscores the shared commitment to the Dubai Cashless Strategy, which aims for 90% of all transactions to be digital by 2026. The Memorandum of Understanding was signed by Abdulrahman Saleh Al Saleh, Director-General of DOF, and Essa Kazim, Governor of DIFC. The collaboration focuses on three core pillars: Governance, Innovation, and Society, with an emphasis on enhancing the exchange of information and expertise in financial digitalisation. Essa Kazim highlighted DIFC's role as a regional leader in financial innovation, stating that the centre's ecosystem is well-positioned to support the strategy's objectives. DIFC hosts the largest concentration of fintech companies and global financial institutions in the region, providing a robust platform for implementing digital payment solutions. The Dubai Cashless Strategy, launched by Digital Dubai, is aligned with the Dubai Economic Agenda and aims to bolster secure digital payment solutions across both government and private sectors. The initiative is expected to contribute over AED 8 billion annually to the economy through fintech innovation. Abdulrahman Saleh Al Saleh noted that 97% of Dubai government transactions were digital in 2023, reflecting the emirate's advanced financial ecosystem. He emphasised that the strategy aligns with the vision of enhancing Dubai's global business position. The partnership between DOF and DIFC is part of a broader effort to position Dubai as a global hub for digital finance. DIFC has been actively involved in initiatives such as the Sustainable Finance Catalyst, which aims to scale sustainable finance flows from Dubai to USD 100 billion by 2030. The catalyst is supported by an AI-driven sustainability knowledge hub and seeks to train one million future sustainability leaders. See also Aramco Posts Drop in Q1 Profit Amid Economic Uncertainty
Zawya
16-05-2025
- Business
- Zawya
Dubai Finance, DIFC sign strategic partnership to support Dubai Cashless Strategy
Dubai Finance (DOF) and the Dubai International Financial Centre (DIFC) have signed a Memorandum of Understanding (MoU) to support the implementation of the Dubai Cashless Strategy. The agreement focuses on the strategy's three core pillars: Governance, Innovation, and Society, while strengthening the exchange of information and expertise in financial digitalisation. DIFC's standing as the leading regional financial innovation ecosystem, which is home to the largest concentration of fintech companies and global financial institutions, positions it as a key partner in this initiative. The MoU signing ceremony, held in the presence of H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Supreme Fiscal Committee, was officiated by Abdulrahman Saleh Al Saleh, Director-General of DOF, and Essa Kazim, Governor of DIFC. The signing took place during Dubai Finance's participation in the Dubai FinTech Summit held earlier this week in Madinat Jumeirah, marking a pivotal step towards advancing Dubai's digital financial ecosystem. Abdulrahman Saleh Al Saleh stated, 'This agreement marks a significant milestone in advancing the Dubai Cashless Strategy and accelerating the shift towards a fully integrated digital financial future. Guided by the vision and directives of our leadership, we are committed to positioning Dubai as a global financial hub. DIFC plays a central role in strengthening Dubai's standing among the world's leading financial centres, with its advanced regulatory framework and world-class infrastructure. Through this partnership, we aim to expand government efforts to foster innovation in digital payments, creating a secure and adaptable financial ecosystem that meets the evolving needs of individuals and businesses while keeping pace with rapid economic transformations.' Essa Kazim stated, 'This partnership with Dubai Finance supports the Dubai Cashless Strategy. At DIFC, we remain committed to fostering an enabling environment for FinTech companies to thrive, embodying the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, to transform Dubai into a global capital for the digital economy. This collaboration aims to enhance infrastructure and the digital ecosystem, contributing to the sustainable growth of financial innovation and supporting the future of the digital economy.' Under the agreement, specialised workshops will be organised to empower stakeholders in implementing best practices that support a cashless economy and accelerate the transition towards a digital society reliant on cashless payments. The collaboration will also explore opportunities with DIFC's Innovation Hub, aiming to integrate AI-driven initiatives that add value to workers, tourists, and the broader community by facilitating the adoption of digital payment channels. Additionally, the agreement includes support for innovation programmes and accelerators that contribute to the development of advanced, accessible, and highly efficient digital financial solutions.
Zawya
16-05-2025
- Business
- Zawya
China's CICC expands its global footprint with official launch of DIFC branch
DUBAI - China International Capital Corporation Limited (CICC), China's leading investment bank, officially launches its branch in Dubai, International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa, and South Asia (MEASA). The new branch operates under China International Capital Corporation Hong Kong Securities Limited (Trade name: CICC (DIFC Branch)) (CICC DIFC Branch), holds a Category 4 licence and is regulated by the Dubai Financial Services Authority (DFSA). DIFC is a strategic gateway for the region for Chinese financial institutions and multinational firms. The biggest names in the Chinese banking and financial services industry have made their presence in DIFC, out of which 30 per cent are Fortune 500 companies. As economic ties expand between the UAE and China, DIFC is committed to offering a well-developed platform that will help Chinese business expand and scale within the Middle East, Africa and South Asia region. Dubai's specific plans for the adoption of artificial intelligence in every sector with the support of the DIFC's Dubai AI Campus is synergistic with China's advanced research and technology development capabilities. Essa Kazim, Governor of DIFC, said, 'We are delighted to welcome CICC to DIFC, bolstering the strategic relations between the UAE and China. Dubai and DIFC remain a top destination for Chinese investments, further accentuated by a surge in interest from banks, wealth and asset management firms, large corporations, and insurance sector market players. It underscores our commitment to offer a vast, well-developed ecosystem to help Chinese businesses expand and scale within the Middle East, Africa and South Asia region, strengthening DIFC's position in shaping the future of finance and boosting excellence in innovation.' 'The opening of the CICC DIFC Branch marks a significant milestone in our international expansion strategy. CICC remains committed to delivering innovative financial solutions that facilitate cross-border capital flows and foster deeper economic ties between China and key global markets. From the UAE, a key gateway for the Gulf region, we will build tailored solutions to serve regional clients 'evolving needs' while supporting Chinese enterprises seeking strategic opportunities abroad, contributing financial momentum to the high-quality development of the Belt and Road Initiative," Chen Liang, Chairman of CICC, said. With Chinese roots and international reach, CICC is committed to providing high-quality and value–added financial services to a diversified set of clients, building up a balanced, full-service model based on research and information technology that empowers investment banking, equities, FICC (Fixed Income, Currencies and Commodities), asset management, private equity, and wealth management businesses. Since its inception, CICC has been at the forefront of China's capital market development, integrating international best practices with local expertise. CICC has actively expanded into global markets, establishing offices in major financial centres such as Hong Kong SAR, New York, London, Singapore, Frankfurt, and Tokyo, reinforcing its international reach. With the launch of the CICC DIFC Branch, the firm is committed to becoming the premier two-way investment banking gateway between China and the Gulf region, leveraging its expertise in facilitating capital flows, structuring cross-border investments and advising on strategic opportunities. The branch will work closely with sovereign wealth funds, financial institutions, major corporations and other partners to help them actively participate in China's capital market projects and strengthen business collaboration between China and the broader Gulf region.
Hi Dubai
16-05-2025
- Business
- Hi Dubai
CICC Launches Dubai Branch to Strengthen China-Gulf Financial Ties
China International Capital Corporation (CICC), one of China's top investment banks, has officially opened its branch in Dubai International Financial Centre (DIFC), reinforcing growing financial ties between China and the Gulf region. Operating under the name CICC (DIFC Branch), the new office is licensed by the Dubai Financial Services Authority and will serve as a key platform for the firm's Middle East, Africa, and South Asia (MEASA) operations. It also marks a significant step in CICC's international expansion strategy. DIFC, home to several major Chinese financial institutions, serves as a strategic hub for cross-border capital flows. Nearly 30 percent of the Chinese firms operating in DIFC are Fortune 500 companies, highlighting the centre's appeal to global financial powerhouses. His Excellency Essa Kazim, Governor of DIFC, welcomed the move, noting that it strengthens the UAE-China partnership and underscores DIFC's commitment to fostering innovation and financial excellence. 'Dubai remains a top destination for Chinese investments, particularly as we align on AI and digital transformation goals,' he said. CICC Chairman Chen Liang described the new branch as a vital link in the firm's global network. 'We aim to support regional clients with tailored solutions and help Chinese enterprises seize strategic opportunities abroad,' he said, adding that the branch will play a key role in driving Belt and Road Initiative projects. With established offices in global financial centres like New York, London, and Singapore, CICC is positioning the Dubai branch as a two-way investment gateway, offering advisory, asset management, and capital market services that bridge China and the Gulf. News Source: Dubai Media Office
