Moscow: Dubai has offered to help Russia set up and structure an international financial hub using experience it gained in setting up the Dubai International Financial Centre (DIFC).
DIFC chief executive Abdullah Al Awar told delegates yesterday at the Russia Calling Forum organised by VTB Bank in Moscow that Dubai has "rich experience" in developing an international financial centre with world-class infrastructure and regulation.
"We are willing to share our experience and expertise," he said.
Russia is in the early stages of discussions on setting up the Moscow International Financial Centre (MIFC). Municipal authorities have pledged 38 billion roubles (Dh4.61 billion) for this purpose in 2011 and a total of 140 billion roubles over the next three years, media reports said.
Russian Finance Minister Alexei Kudrin said yesterday the plan is to attract large foreign companies into making initial public offerings at the MIFC "within the next three to five years".
"Russia will put the necessary legislation in place within the next two years," he said.
The Moscow hub will operate in a real urban environment, much like the DIFC. Also like the DIFC, it aims to build world-class office facilities spacious enough to accommodate international banking organisations.
The MIFC action plan includes the creation of a transparent taxation system in Russia in order to attract more foreign investment.
