PFSB of Pudong New Area Government, a district of Shanghai, China, is dedicated to the financial development of the core financial functional zone. The MoU sets out the frameworks agreed between the two parties regarding the cooperation within several financial activities for the mutual development of their financial service offerings.
The MOU was signed in Dubai by Abdullah Mohammed Al-Awar, chief executive officer of DIFC Authority, and Shi Haining, director general of Pudong New Area Financial Services Bureau at a ceremony attended by senior representatives of both parties including Nasser Saidi, chief economist of DIFC, Kevin Birkett, head of financial services of DIFC Authority, Chirag Shah, head of strategy and corporate planning of DIFC Authority, Xu Lin, member of standing committee of CPC Shanghai Committee and secretary of CPC Pudong Committee.
As per the terms of the agreement, areas of cooperation between DIFC and PFSB entail that both parties will raise awareness among potential investors or potential investment opportunities between Shanghai and the Middle East, Africa and South Asia (MEASA) region.
The agreement covers facilitating contacts between financial institutions in Dubai and Shanghai that are interested in expanding internationally, further contributing and building upon DIFC infrastructure development.