“Expansion plans of JPMorgan Chase bank discussed by Sheikh Maktoum and its president”

Dubai aims to strengthen its position as a global financial center by continuing to deepen partnerships with major international financial services, according to Sheikh Maktoum bin Mohammed, Dubai’s Deputy Prime Minister, Minister of Finance, and Deputy Ruler. Sheikh Maktoum hosted a meeting with the President and COO of JPMorgan Chase, Daniel Pinto, at the Dubai International Financial Centre on Wednesday, and they discussed how Dubai’s economic agenda could position it among the world’s four most important financial centers.

Officials who attended the meeting included Abdullah Al Basti, Secretary General of the Executive Council of Dubai, Helal Al Marri, Director General of Dubai’s Department of Economy and Tourism, and Essa Kazim, DIFC governor. They talked about the vast new opportunities for financial companies emerging from ambitious development projects in the UAE.

Dubai continues to provide one of the world’s best ecosystems for financial services, and JPMorgan Chase reported a full-year net income of $37.7 billion in 2022, with $3.7 trillion in assets as of December 31. The US-based financial firm which operates in more than 60 countries and serving many of the globe’s most prominent corporate, institutional and government clients is seeking to expand and extend its reach and capabilities in the region.

Dubai’s Economic Agenda D33 launched in January, aims to double the size of Dubai’s economy to $8.71tn by 2033 and seeks to establish the emirate among the top three global cities. It aims to create a Digital economy leader, the fastest-growing and most attractive global business centre, a hub for sustainability and economic diversification, talent incubator and enabler, and a preferred destination for major international companies and investments.

Sheikh Maktoum provided an outline of the role played by Dubai in providing “a supportive platform for tapping the vast avenues for growth and innovation” arising from fast-growing emerging markets in the UAE that is going through rapid transformation. The focus of the meeting and Dubai’s Economic Agenda D33, is to further advance the goals of the city’s financial services, advance growth, innovation, and excellence. They discussed plans to deepen public-private partnerships and establish Dubai as a top-ranked global hub for financial services and technologies.