UAE will assist Russia in the creation of the International Financial Center

The United Arab Emirates offered Russia to assist in the formation and creation of the structure of the International Financial Center, using the experience of Dubai gained during the creation of the Dubai International Financial Center - DIFC. “We would very much like to and are ready to share our experience and knowledge,” said Abdullah Al Avar, DIFC Chief Executive Officer, during the annual VTB Capital investment forum, “Russia is Calling!”, Held at the WTC Congress Center in Moscow . It should be noted that Russia, at the moment, is at the initial stage of development of the Moscow International Financial Center (MIFC). Municipal authorities will allocate 38 billion rubles (US $ 1.2 billion) for its creation in 2011, another 140 billion rubles will be allocated in the next three years. According to Alexei Kudrin, Minister of Finance of the Russian Federation, Russia plans to attract large foreign companies through an initial public offering in the MIFC over the next three to five years, earlier, within two years, Russia will bring the necessary legislation into force.