Canada is seeking to promote its financial services to Dubai and the wider Gulf region, following an agreement signed between the Dubai International Financial Centre (DIFC) Authority and Toronto Financial Services Alliance (TFSA).

The agreement also aims to encourage Gulf investors to consider investing in the North American country.

Under the terms of the memorandum, the DIFC and the TFSA, a public-private body that promotes Toronto’s financial services, have agreed to jointly promote both cities’ financial services sectors.  

The agreement forms part of a wider initiative to strengthen business and trade ties between the Gulf and Canada.

Speaking at the signing, Janet Ecker, president and chief executive officer (CEO) of TFSA said the reputation of Canada’s banks have grown after having successfully weathered the worst excesses of the global financial crisis of 2008.

“Canada’s mix of traditionally strong risk management skills in the financial services industry and a highly effective regime of regulation and supervision continues to be a model for others around the world,” she said.