Gulf visits to boost business

Thursday 05 June 2014

Following increased contact between the Island and the Gulf states Jersey Finance is planning to make a staff appointment to spearhead business development in the region.

Jersey Finance is also to co-sponsor the Super Return Conference in Dubai - a three-day event in October which attracts senior delegates from the region - and a conference staged by Euromoney in Qatar later in the year.

Activity between Jersey and the Gulf this year has included: a visit to Qatar and Saudi Arabia for the Treasury and Resources Minister, Senator Philip Ozouf, and a visit to the United Arab Emirates by a  Jersey delegation led by Chief Minister Ian Gorst, which included Jersey Finance representatives.  Senator Gorst also visited Abu Dhabi, where Jersey Finance has its office.

Last month the hospitality was returned when a delegation of Arab ambassadors spent two days in the Island.

Richard Corrigan, deputy chief executive, Jersey Finance, said that Jersey Finance was grateful for the support of the States support and the regulator in continuing to build important ties in the region.  

He said:  “It’s important to maintain the momentum which has seen Jersey attract increasing business from the region in recent times. For example, we have nearly £19 billion on deposit from the Gulf, approximately 14% of Jersey’s overall bank deposit total, we have welcomed a bank from the United Arab Emirates which set up a branch in 2012 and a number of other Gulf based finance industry firms who are providing services using Jersey based service providers.”