GIFT City to tie up with DIFC and DMCC -

Hon’ble Minister for Finance, Planning, Energy, Shri Saurabhbhai Patel led a high level delegation to Dubai on August 8-10, 2014.

During the visit, Hon’ble Minister met various authorities dealing with Dubai International Finance Centre (DIFC), Dubai Multi Commodity Centre (DMCC) and Dubai Metro,as the same are considered relevant to the development of GIFT City as a Global Financial Hub, being promoted by the Govt. Of Gujarat. During the visit he had a vide range of discussion with Chairman and top officials of these organisations. Overwhelming response to participate in the development of GIFT City and in Gujarat particular shows the confidence being posed in India by Dubai.

The authorities of these organisations shared their experience of developing DIFC and the DMCC and they also agreed to exchange informations with GIFT officials. These organisations have also agreed to enter into MoU to collaborate with each other in the development and promotion of GIFT City. They have shown keen interest in the International Financial Services Centre (IFSC) in GIFT City. As GIFT City is on fast track development and is making in roads in the map of Global Financial Hubs and Dubai has already created financial hub under DIFC, a collaboration for mutual promotion fits in the objective of both centres.

It may be noted that developing country’s first Global Financial Hub at GIFT City as smart city has been the vision of Shri Narendra Modi, Hon’ble Prime Minister of India and the Gujarat Government with the help of Central Government is taking all necessary steps to implement this vision which will transform State of Gujarat and India as a whole and create large number of jobs said Shri Saurabhbhai Patel, Hon’ble Minister.

It may be further noted that as Gujarat is getting ready to host Diamond business. Hon’ble Minister had detailed discussion with the Gold Souk authorities and DMCC in Dubai for establishing India’s largest Diamond Business in Surat. Gold Souk and DMCC agreed to form alliance with GoG to help it establish Diamond Business in Surat.

During the visit Hon’ble Minister meet the key officials of Road & Transport Authority (RTA)- (Dubai Metro) to understand the planning, development and operation of the Metro system in Dubai and the possible areas of cooperation between GoG and RTA, Dubai.

The list of the key officials of DIFC, DMCC and RTA-Dubai is placed at Annex-1

During the visit Hon’ble Minister also met large Indian Community at India Club and financial services delegation led by Bank of baroda, Dubai.

Dubai wants to expand its business ties with India and projects like GIFT City, Metro & Diamond business, provides great opportunity for both the countries to partner in the development and business operations for mutual benefits.

Hon’ble Minister also extended invitation to business leaders in Dubai to participate at the ensuing Vibrant Gujarat Global Investor Summit 2015 scheduled in January 11-13, 2015 at Gandhinagar.


Visit to Road and Transport Authority (Metro), Dubai on August 10, 2014:

Met the following Key Officials of RTA, Dubai:
  1. H.E. Matter Al Tayer – Chairman of the Board and the Executive Director


  1. Mr. Abdulla Yousif Al Ali – CEO Rail Agency



Visit to Dubai International Finance Centre (DIFC), Dubai on August 10, 2014:

Met the following Key Officials of RTA, Dubai:
  1. Jeffrey Singer, CEO, DIFC


  1. Chirag Shah, Head Strategy, DIFC


Visit to Dubai Multi Commodity Centre (DMCC), Dubai on August 10, 2014:

Met the following Key Officials of DMCC, Dubai:
  1. Ahmed Bin Sulayem, Executive Chairman, DMCC
  1. Gautam Shashithal, CEO, DMCC

Name of the Government of Gujarat Delegation:

  1. Shri Saurabh Dalal
    Hon’ble Minister – Finance, Energy & Petrochemicals, Mines & Minerals, Cottage Industries, Salt Industries, Printing and Stationary, Planning, Tourism, Civil Aviation, Labour and Employment.
  1. Shri Sudhir Mankad : Chairman, Gujarat international Finance Tec- City, Company Limited
  1. Dr. Hasmukh Adhia : Additional Chief Secretary, Finance Department, Government of Gujarat.
  1. Shri Ramakant Jha : Managing Director & Group CEO, Gujarat International Finance Tec-City Company Limited
  1. Shri Dipesh Shah: Vice President, Business Development, Gujarat International Finance Tec- City Company Limited.