Dubai: Dubai International Financial Centre (DIFC) wants 100 Indian companies working in the free zone by 2024, a fivefold increase on the 20 Indian firms registered there today.
The announcement of the 2024 target follows the August visit by Indian Prime Minister Narendra Modi to the United Arab Emirates to build on commercial ties with the country.
India is seeking billions of dollars of investment that it thinks Gulf countries like the UAE have an appetite for.
DIFC officials visited Mumbai, India’s commercial capital, this week to promote the Centre as a financial gateway to the Middle East, Africa and South Asia (MEASA) region, according to an emailed statement on Wednesday.
The DIFC delegation met with high-level government authorities, private and public sector companies along with existing clients. It also partnered three industry invents hosted by KPMG, the India Merchants’ Chamber (IMC) trade association, and leading Indian law firm Khaitan & Co.
“With an ambitious 2024 growth strategy, we envisage a key role for Indian banks, insurers, law firms and wealth managers as we seek to expand our services and become a top global financial hub,” stated Arif Amiri, Deputy Chief Executive Officer, DIFC Authority.
A quarter of those working within DIFC are of Indian origin, meanwhile Indians account for 30 per cent of the UAE’s population. Over 40,000 companies in the UAE have been set up by non-resident Indian who contributed to an estimated $55 billion in Indian investments, according to DIFC. The UAE has invested $8 billion into India.
