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November 17, 2008
DUBAI: The Dubai International Financial Centre (DIFC) is preparing itself in the face of the global financial crisis to act as a major channel for capital flows between emerging economies like India, China, the Middle East and North Africa. "Today we have reached a situation where capital flows between emerging economies can be channeled directly without the intermediation of financial centers in developed countries," Omar Bin Sulaiman, vice-chairman of DIFC, said while speaking at the three-day 'Leaders in Dubai Business Forum' which got under way here Sunday.
"DIFC is focusing on a project to develop a major node where companies from Egypt, India or Azerbaijan, basically, the Middle East, North Africa and South Asia (MENASA) region, could find capital from emerging markets through a listing or through private equity deals or any other convenient instrument. In other words, we are trying to bypass the old channels," he added. The DIFC is an onshore hub for global finance designed to bridge the time gap between the financial centres of Hong Kong and London |
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