Sheikh Maktoum and JPMorgan Chase president discuss bank's expansion plans

Dubai continues to provide one of the world’s best ecosystems for financial services companies to advance growth, Sheikh Maktoum says

Sheikh Maktoum bin Mohammed, Deputy Prime Minister, Minister of Finance and Deputy Ruler of Dubai, and Daniel Pinto of JPMorgan Chase discuss the vast new opportunities for banking and financial compaShow more

Sheikh Maktoum bin Mohammed, Deputy Prime Minister, Minister of Finance and Deputy Ruler of Dubai, and the president and chief operating officer of JPMorgan Chase discussed plans to extend the reach and capabilities of the world's largest bank by market capitalisation in the region.

A statement from the Dubai Media Office said that Sheikh Maktoum met Daniel Pinto on Wednesday at the Dubai International Financial Centre.

They discussed the vast new opportunities for banking and financial companies emerging from the ambitious development projects the UAE is undertaking.

Sheikh Maktoum said Dubai is keen to further deepen partnerships with global financial services companies to advance the goals of the Dubai Economic Agenda D33 “to consolidate the city’s status as one of the world’s top three cities and top four financial centres”, the statement said.

Launched in January, D33 aims to double the size of Dubai’s economy with the goal of reaching Dh32 trillion ($8.71 trillion) by 2033 and establishing the emirate among the top three global cities.

It aims to make Dubai a global digital economy leader, the fastest-growing and most attractive global business centre, a centre for sustainability and economic diversification, an incubator and enabler of talented citizens, and a preferred destination for major international companies and investments.

Sheikh Maktoum also outlined 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 region that are going through rapid transformation.

Robust public-private partnerships play a vital role in Dubai’s efforts to establish itself as “a top-ranked global hub for financial services and technologies”, he said, according to the statement.

“As part of this objective, Dubai continues to provide one of the world’s best ecosystems for financial services companies to advance growth, innovation and excellence,” he added.

JPMorgan Chase reported a full-year net income of $37.7 billion in 2022. It had $3.7 trillion in assets as of December 31.

The US-based financial firm operates in more than 60 countries with over 240,000 employees worldwide, serving many of the globe’s most prominent corporate, institutional and government clients.

The meeting on Wednesday was attended by 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 DIFC governor Essa Kazim.