Jersey Assistant Chief Minister to Visit UAE

The Assistant Chief Minister of the British Channel Island of Jersey, Senator Sir Philip Bailhache, arrives here later today for talks on developing the commercial and financial ties between Jersey and the United Arab Emirates. Sir Philip, who is responsible for Jersey's external affairs, is expected to meet with a number of government and finance industry officials in Abu Dhabi and Dubai during his three day visit. He will then visit Qatar, for the signing of a double taxation agreement with the Ministry of Economy and Finances. "The relationship between Jersey and the United Arab Emirates has developed rapidly over the last decade, not just in terms of financial services but now increasingly in other areas," Sir Philip said in a statement. "The relationship is one to which Jersey is firmly committed, and I look forward to exploring ways in which we can continue to build closer commercial ties between our two countries.

" His visit follows the opening in Abu Dhabi in March 2011 of a regional GCC office for Jersey Finance, a joint government/private sector organisation promoting the island's finance industry, and the signature late last year of a Memorandum of Understanding between the UAE Central Bank and the Jersey Financial Services Commission on information exchange and co-operation on supervisory issues. Three UAE banks, the National Bank of Abu Dhabi, EmiratesNBD and Abu Dhabi Commercial Bank, have overseas operations in Jersey, while the UAE's largest foreign bank, HSBC Middle East, has its headquarters in Jersey. Sir Philip, who is making his first official visit to the region, is accompanied by Government and Jersey Finance officials.