His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Dubai’s Deputy Ruler and Vice Prime Minister, has emphasized that the pathway to shaping the financial future lies in innovation and strategic partnerships. This statement was made during his meeting yesterday with Masahiro Kihara, President and CEO of the renowned Japanese Mizuho Financial Group, one of the largest financial corporations specializing in market, consulting, and financing solutions.
Strengthening Relations
During the meeting held at the Dubai Ruler’s Court, Sheikh Maktoum highlighted the UAE’s commitment to strengthening collaborative ties with major global financial institutions, aligning with its strategic vision to enhance its pivotal role in the global financial services landscape.
He noted the significant potential the UAE possesses, which serves as a crucial foundation for this vision, comprising world-class infrastructure, flexible and sophisticated regulatory frameworks, and a business environment conducive to creativity and innovation. These factors collectively provide global financial firms with an ideal platform to capitalize on the rapidly growing emerging opportunities in the Middle East, Africa, and South Asia.
In a post on his X account, Sheikh Maktoum stated: “We believe that the financial future is crafted through innovation, strategic partnerships, and the ability to connect the East and West through an integrated platform that creates opportunities and redefines concepts of the new economy.” He further added: “I welcomed today Masahiro Kihara, the President and CEO of Mizuho Financial Group, to discuss ways to expand strategic partnerships between global financing institutions and Dubai. Through these partnerships, we continue to solidify Dubai’s status as a global financial hub that embraces opportunities and successes, contributing to shaping the future of the global economy.”
Aspirations
The conversation also revolved around the ambitious goals set by Dubai for its financial sector, reflected in the Dubai Economic Agenda D33, particularly aiming to position Dubai among the top four global financial centers and to establish it as a global destination for financial institutions, fintech companies, and innovative enterprises. This initiative is underpinned by a robust framework of operational, legal, and regulatory standards and a collaborative approach focused on building and strengthening successful partnerships with major financial corporations worldwide.
Sheikh Maktoum and Kihara reviewed Mizuho’s plans and aspirations for its activities in the region, discussing opportunities for enhancing collaboration, especially in fintech and digital transformation.
Additionally, the meeting highlighted the key incentives Dubai offers to the global business community and investors, showcasing the advantages that make it an ideal launching pad for financial companies looking to expand their operations in the region, supported by opportunities for establishing new partnerships with emerging markets.
Attendance
Also present at the meeting were Mohammed bin Hadi Al Hussaini, Minister of State for Financial Affairs; Helal Saeed Al Marri, Director General of Dubai’s Department of Economy and Tourism; Essa Kazim, Governor of the Dubai International Financial Centre; and Hisham Abdullah Al Qasim, Vice Chairman and Managing Director of Emirates NBD Group.
Mizuho Financial Group, headquartered in Tokyo, provides comprehensive solutions that integrate banking, securities, and asset management through its global network covering key international markets. The group serves a diverse clientele, including major corporations, financial institutions, public sector entities, and individual clients.
It is noteworthy that the group announced last December that its total assets reached approximately 285 trillion Japanese yen, with over 52,000 employees reported as of the end of March 2024. The group’s operations in Dubai are centered around Mizuho Bank and its subsidiary Mizuho International through their offices in the Dubai International Financial Centre.