Dubai, UAE, March 14, 2005 – The International
Finance Corporation, the private sector arm of the World Bank Group, yesterday
formally opened its new office in Dubai. The IFC office will provide
investment and advisory services in support of private businesses in the
A ceremony, held under the patronage of His
Highness Sheikh Hamdan Bin Rashid Al Maktoum, Dubai Deputy Ruler and Minister
of Finance and Industry of the United Arab Emirates, marked the opening
of the new office.
“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. It
will also further enhance the role of the private sector in the region,”
said His Excellency Dr. Mohamed Khalfan Bin Khirbash, UAE Minister of State
for Finance and Industry, who attended the event.
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
“Opening an office in Dubai reflects continuing
commitment to supporting private business in the region, whether helping
small enterprises, developing the housing finance market, encouraging further
privatization or developing infrastructure projects,” said IFC Acting
Executive Vice President Assaad Jabre.
“We believe that having IFC staff closer
to our clients in the region will enable us to provide them with better
service. It should also enable us to develop partnerships with the growing
number of GCC companies that have regional and global ambitions where IFC
can bring them the benefit of its global experience, its network of government
and private sector relationships in emerging markets, its broad sectoral
expertise and its array of financing and risk mitigation products,” Mr.
The IFC office in Dubai, headed by Regional Manager Mr. Azmat Taufique,
will provide a wide range of services, including technical assistance,
advisory services, targeted investment activities, and other support for
The mission of IFC (www.ifc.org)
is to promote sustainable private sector investment in developing countries,
helping to reduce poverty and improve people’s lives. IFC finances private
sector investments in the developing world, mobilizes capital in the international
financial markets, helps clients improve social and environmental sustainability,
and provides technical assistance and advice to governments and businesses.
From its founding in 1956 through FY04, IFC has committed more than $44
billion of its own funds and arranged $23 billion in syndications for 3,143
companies in 140 developing countries. IFC’s worldwide committed portfolio
as of FY04 was $17.9 billion for its own account and $5.5 billion held
for participants in loan syndications.