Meeting explores ways to strengthen UAE-Jersey Financial ties 

Duabi, UAE, October 25, 2016:  The UAE Banks Federation (UBF), the professional body representing 49 banks in the UAE, today (Tuesday, 25 October 2016) received a high-level delegation from Jersey, headed by Senator Sir Philip Bailhache, Minister for External Relations, States of Jersey Government. The delegation – which also included John Harris, Director General, and Jersey Financial Services Commission was welcomed by H.E. Abdul Aziz Al Ghurair, Chairman of UAE Banks Federation.

The meeting focused on strengthening the financial relationship between the UAE and Jersey, which is one of the world’s top offshore finance centers, and exploring possibilities for bilateral cooperation in the financial services sector. 

H.E. Abdul Aziz Abdulla Al Ghurair said, “We are delighted to host Sir Philip Bailhache and his delegation and explore together ways in which we can further enhance the financial relations between the UAE and the States of Jersey. Jersey is an important economic partner of the UAE, and the meeting provided an opportunity for both sides to take stock of progress made in achieving policy goals and explore future opportunities for cooperation in the wake of new political and economic realities, including Brexit and its potential impact.”

From his side, Senator Sir Philip Bailhache, Minister for External Relations, States of Jersey Government said: ““It has been extremely useful for our delegation from Jersey to have the opportunity of meeting with H.E. Abdul Aziz Al Ghurair, both in his capacity as Chairman of the UAE Bankers Federation and as CEO of Mashreq Bank. This has enabled us to discuss the relationship between the finance industries of both of our countries, which lies at the heart of our existing links. The Government of Jersey is committed to the further development of our relationship with the UAE in all fields, and today's meeting has made it plain that we share the view that there is much scope for the expanding and deepening of the existing ties. We look forward to closer collaboration in the years ahead.”

The discussions assume significance in light of recent developments such as Britain’s exit from the European Union as well as the accelerating trend of banks based in the UAE establishing operations in Jersey to capitalize on the unique opportunities offered by the Island.

A dependency of the British Crown, Jersey is a self-governing parliamentary democracy, with its own financial, legal and judicial systems, and the power of self-determination.

The Island has shared strong commercial and economic links with the UAE for over 15 years, focused principally on the financial services sector. Jersey’s stable political environment, tried and tested common-law legal system, and internationally recognized financial regulatory capability have positioned it as the wealth management destination of choice for an increasing number of UAE nationals. The Island also enjoys a growing appeal among Emiratis as a destination for onward routing of investments, mainly to the UK and Europe.

In their meeting today, the Jersey delegation held extensive deliberations with H.E. Al Ghurair and the top brass of UBF during which they reviewed the current international operating environment, discussed key aspects of UBF’s policy approach as well as effective ways of implementing the Basel III regulatory reforms. The meeting also discussed the 2016 annual report of MONEYVAL – the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism – as well as the positive implications of Brexit for Jersey’s financial services sector.