Dubai continues to consolidate its position among the most important global financial centers

His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, and President of the Dubai International Financial Centre, met today with Javier Pérez Tasso, CEO of the Society for Worldwide Interbank Financial Telecommunication (SWIFT).

During the meeting, the prospects for cooperation between the UAE and SWIFT were discussed and ways to enhance them in light of the ties that bring together the two sides and the advantages that the country enjoys in terms of world-class infrastructure, flexible and advanced regulatory frameworks, the great interest in accelerating the rates of digital transformation and encouraging financial innovation, and the many advantages provided by the Dubai International Financial Centre.

His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum affirmed the UAE’s commitment to building a financial system that meets the requirements of the future, contributes to enhancing global financial flexibility and accelerates the adoption of innovative technologies, as guaranteed by the business-friendly environment and advanced financial infrastructure that enable leading global financial and banking institutions to help them expand their regional presence.

The meeting reviewed the components that have contributed to the growth of Dubai’s position as a global financial center and an important bridge linking international markets, with the emirate’s expansion in building strategic partnerships with the most important international bodies in an effort to contribute in a positive and tangible way to facilitating global financial flows, supporting trade, enhancing the integrity of the financial system, and raising the standards of safe financial transactions to their highest levels, in harmony with the objectives of the Dubai Economic Agenda D33, which aims to consolidate Dubai’s position among the four most important global financial centers.

During the meeting, His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum expressed his welcome for Dubai hosting the Sibos 2029 Conference and Exhibition, the international conference on banking operations that is organized annually by SWIFT in major cities that represent major financial centers around the world and includes approximately 10,000 leaders of financial institutions, high-level bankers, executive directors of financial technology companies, providers, and those interested in the sector from various parts of the world, stressing that Dubai’s choice of hosting reflects the advanced scope. Due to the trust that the global financial community places in the UAE, and appreciation for its pioneering role in launching and encouraging initiatives aimed at developing the financial, banking and payments sector at the regional and global levels.

His Highness said in a blog post on his official account on the “X” platform: “Today I met Javier Pérez Tasso, CEO of the Global Interbank Financial Telecommunications Society (SWIFT), and we discussed ways of cooperation in light of the UAE’s growing position as a global financial center and the presence of digital infrastructure that enhances the efficiency of global financial flows.”

His Highness added: “Dubai continues to consolidate its position among the most important global financial centers, and is preparing to host Sibos 2029, the International Conference on Banking Operations, which reflects the confidence of the global financial community in the UAE and its role in facilitating the movement of global financial flows and developing the future of financial technologies.”

The meeting was attended by Mohammed bin Hadi Al Husseini, Minister of State for Financial Affairs, Helal Saeed Al Marri, Director General of the Department of Economy and Tourism in Dubai, Issa Kazim, Governor of the Dubai International Financial Centre, Hisham Abdullah Al Qassim, Vice Chairman and Managing Director of Emirates NBD Group, and Marwan Lutfi, General Manager of Al Etihad Credit Bureau.

It is noteworthy that the Society for Global Interbank Financial Communications (SWIFT) allows communication and exchange of financial information for more than 11,000 financial institutions in more than 200 countries around the world in a safe and reliable environment, which contributes to enhancing financial and commercial exchanges around the world.