The International Finance Corporation, the private sector arm of the World Bank Group, has formally opened its new office in Dubai. The IFC office will provide investment and advisory services in support of private businesses in the Middle East.
The decision to establish IFC’s office in the UAE comes as a result of the significant economic success achieved by the UAE over the years. The UAE boasts a sound and diversified economy, which has made it an attractive destination for regional and international economic activities. The IFC’s presence in the UAE is yet another testimony, from the international community, to the development of our private sector, the world-class infrastructure and logistics services offered, claims the agency.
The main objective of the Dubai office is to broaden and deepen IFC’s relationship with the countries of the Gulf Cooperation Council (GCC). This includes the provision of technical assistance to both the private and the public sector through the recently established Private Enterprise Partnership for the Middle East and North Africa, partnering with other institutions to enhance the financial markets of the region, encouraging private investment in sectors traditionally financed by governments, such as power, water and infrastructure, and the development of strong contacts between IFC and corporations in the GCC with a view toward financing their investments in emerging markets worldwide.
The IFC office in Dubai, headed by regional manager Azmat Taufique, will provide a wide range of services, including technical assistance, advisory services, targeted investment activities, and other support for private business.