Dubai International Financial Centre (DIFC) has inked a memorandum of understanding (MoU) with Gujarat International Finance Tec-City (GIFT) to boost collaboration between the two financial centres.

Under the agreement, the two parties will share information on banking, financial service and securities, legislation and regulation, and on international financial services trends especially in the fintech space.

They will also collaborate in the area of training, as well as offer mutual assistance in organising seminars and conferences on issues to improve the development of the centres.

At the same time, the two parties also plan to launch a programme of International Exchange for entities based in DIFC and GIFT, which will allow them to set up entities in Gujarat/Dubai on mutually agreed terms.

DIFC Authority CEO Arif Amiri said: “We are delighted to sign this Memorandum of Understanding with GIFT, especially at a time when UAE ties with India are growing ever closer.

“India represents the UAE’s third largest trading partner as well as one of the world’s fastest growing economies, and natural synergies between the two centres exist which will certainly benefit our respective clients.”

GIFT SEZ director and group CEO Ajay Pandey added: “We are certain of the mutual benefits that will arise as a result of the agreement and we look forward to share the benefits with our collective clients operating in the financial services sector and beyond.”