The NSW Government has signed a Memorandum of Understanding with the Dubai International Finance Centre Authority Dubai to work closer together to grow their banking and financial services sectors.


In Dubai, the Premier Barry O’Farrell said the MoU recognises that Sydney and Dubai have common interests, expertise and objectives and can work together to achieve their objectives.


He said the agreement will facilitate greater contact between Sydney and Dubai and promote potential investment opportunities in NSW and in the Gulf Cooperation Council region.


“Sydney and Dubai will also collaborate on education and research projects and organise conferences and seminars on financial issues.


“The Centre has also expressed interest in attracting experts from Australian universities, institutes, companies and governments, particularly in innovation in finance, to develop the people who work in financial services in the region.”


Mr O’Farrell took part in an Islamic finance roundtable organised by the Dubai Government.


“Attracting conventional and Islamic finance investment into infrastructure and other sectors in NSW is an important part of my Government’s efforts to enhance Sydney’s position as a leading international financial services centre.


“The roundtable was an opportunity to discuss the potential of Islamic finance in NSW as the State embarks on funding infrastructure and other projects and to gain an understanding of what NSW needs to do to attract Islamic finance which is a growing source of funding.”


"I was honoured to have the man many consider to be the father of Islamic finance, Dr Hussain Hassan make a presentation. He made it very clear Middle Eastern countries are ready to explore the potential to invest in NSW.


"I've received some practical ideas on how NSW and Australia can better accommodate this type of investment and I intend to feed those into the Federal Government consideration of the Islamic finance which is currently underway."