UAE deepening ties with global financial institutions: Maktoum

Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, and President of the Dubai International Financial Centre (DIFC), on Thursday met with Masahiro Kihara, President and Group CEO of Mizuho Financial Group, one of Japan’s largest financial institutions.

The meeting took place at The Ruler’s Court in Dubai. During the meeting, Sheikh Maktoum reaffirmed the UAE’s commitment to deepening ties with leading global financial institutions as part of its strategic vision to expand its role as a pivotal player in the international financial industry.

Sheikh Maktoum noted that the UAE’s robust infrastructure, streamlined regulations and progressive business environment offer global financial firms an ideal platform to tap into fast-emerging growth opportunities across the Middle East, Africa and South Asia (MEASA) region.

The discussions highlighted Dubai’s ambitious roadmap for the growth of its financial sector, including plans to enhance capital market depth and liquidity, and establish the city as one of the world’s top four financial centres, in line with the Dubai Economic Agenda D33.

The meeting also highlighted Dubai’s pro-business policies, which continue to attract leading financial institutions and foster new partnerships across the world.

Furthermore, the meeting discussed potential pathways for expanding Mizuho Financial Group’s engagement in the region and opportunities to collaborate in vital financial sectors, including emerging areas driven by new financial and digital technologies.

They also discussed Dubai’s growing role as a gateway for Japanese companies seeking to scale their global footprint, particularly in the MEASA region.

The meeting was attended by Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs; Helal Almarri, Director General of the Dubai Department of Economy and Tourism (DET); Essa Kazim, Governor of DIFC; and Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD.

Mizuho Financial Group, headquartered in Tokyo, provides integrated financial and non-financial solutions combining banking, securities and asset management capabilities through its global network spanning major international markets.

The Group serves a diverse client base including large corporations, financial institutions, public sector entities and individuals. As of December 31, 2024, Mizuho Financial Group reported total assets of approximately ¥285 trillion. The Group employed over 52,000 employees as of 31st March 2024. Mizuho’s operations in Dubai are anchored by its subsidiaries, Mizuho Bank and Mizuho International, both of which have offices in DIFC.

Last month, Sheikh Maktoum received C S Venkatakrishnan, Group Chief Executive of Barclays, one of the world’s leading financial institutions. The meeting was held at His Highness’s office in Dubai.

During the discussions, Sheikh Maktoum highlighted the UAE’s goal to further enhance its financial ecosystem to ensure it remains one of the world’s most innovative, resilient, and competitive.

The meeting explored how enhanced collaboration with Barclays could unlock new growth opportunities, particularly by capitalising on the emirate’s strengths in infrastructure, regulations, and digital transformation.

He also emphasised Dubai’s role as a strategic base for international financial institutions seeking to expand their reach in regional and emerging markets.

“We are focused on cultivating long-term strategic partnerships with global financial institutions like Barclays that advance the UAE’s financial ecosystem and accelerate our broader economic objectives. We are also committed to supporting them in expanding their business in regional and international markets using the UAE as a strategic platform. This strategy is aligned with the goals of the Dubai Economic Agenda D33 to double the city’s GDP and position it among the world’s top three urban economies and top four global financial hubs by 2033,” Sheikh Maktoum said.

Barclays is a transatlantic consumer, corporate and investment bank offering products and services across personal, corporate and investment banking, credit cards and wealth management. With over 325 years of history and expertise in banking, Barclays operates in over 40 countries and employs approximately 85,000 people. The company’s Middle East hub is based in the Dubai International Financial Centre (DIFC),

The meeting was attended by Abdulla Al Basti, Secretary-General of The Executive Council of Dubai; Abdulrahman Saleh Al Saleh, Director-General of Dubai Finance; Helal Saeed Almarri, Director-General of the Dubai Department of Economy and Tourism; and Essa Kazim, Governor of the Dubai International Financial Centre.

WAM