NSW and Dubai sign financial services agreement

18 May 2012

NSW Premier Barry O'Farrell has announced that a new  agreement has been struck for NSW and Dubai  to work together to grow their banking and financial services sectors.

While visiting Dubai as part of a trade mission to the Middle East, Mr O'Farrell oversaw the signing of a Memorandum of Understanding between the NSW Government and the Dubai International Finance Centre Authority.

"The MoU recognises that Sydney and Dubai have common interests, expertise and objectives and can work together to achieve their objectives," Mr O'Farrell said.

The agreement will facilitate greater contact between Sydney and Dubai and promote potential investment opportunities in NSW and in the Gulf Cooperation Council region.

"Sydney and Dubai will also collaborate on education and research projects and organise conferences and seminars on financial issues," Mr O'Farrell said.

"The Centre has expressed interest in attracting experts from Australian universities, institutes, companies and governments, particularly in innovation in finance, to develop the people who work in financial services in the region."

While in Dubai, Mr O'Farrell took part in an Islamic finance roundtable organised by the Dubai Government.

"Attracting conventional and Islamic finance investment into infrastructure and other sectors in NSW is an important part of my Government's efforts to enhance Sydney's position as a leading international financial services centre.

"The roundtable was an opportunity to discuss the potential of Islamic finance in NSW as the State embarks on funding infrastructure and other projects and to gain an understanding of what NSW needs to do to attract Islamic finance which is a growing source of funding."