A delegation from Bermuda attended a major hedge fund conference in Dubai this week as they looked to forge financial links between the Island and the rapidly developing Middle Eastern financial centre.

Bermuda International Business Association (BIBA) chief executive officer Cheryl Packwood said it was clear from her dealings at the GAIM Middle East Conference at Jumeirah Beach that Bermuda was "known in the region" and that reciprocal listings between the Bermuda Stock Exchange (BSX) and the Dubai exchange would be desirable.

Greg Wojciechowski, CEO of the BSX, added there were obvious similarities between the two jurisdictions and that the Island could help Dubai bridge the gap from Asia to the US and Europe.

The GAIM (Global Alternative Investment Management) conference was attended by nearly 150 delegates from many top financial centres, including Bermuda. The focus of the conference was Dubai's emergence as a financial hub of the GCC (Gulf Cooperative Council) and the growth potential of investment out of the Middle East and the Gulf.

"Bermuda's strength and experience as a domicile for the incorporation of fund structures could be beneficial to Dubai entities," Ms Packwood said.

"In this regard, it was apparent that some work would need to be undertaken by the regulatory authorities in Dubai so as to recognise the BSX which would in turn allow reciprocal listings.

"It was clear to us that Bermuda was known in this region and that several of its products and/or financial services were being reviewed as potential instruments and industries for Dubai."

The GCC is attracting significant attention and many of the world's leading financial institutions are establishing operations in the Dubai International Financial Centre.

Many of Bermuda's financial service products including the insurance sector are being reviewed and two Bermuda entities have already established operations there — Apex Fund Services and Conyers Dill & Pearman.

"We believe the opportunity in this region is huge and assets and financial services are seeking new opportunities in this region and abroad, going forward perhaps Bermuda could play a strategic role in providing support to the GCC region in the Western Hemisphere," Mr. Wojciechowski said.

"Interestingly enough, it was very quickly apparent that Bermuda and Dubai have similar characteristics with respect to their innovativeness in providing financial services and solutions that meet the needs of clients who come from many economic regions.

"As Dubai strives to be the gateway between Europe and Asia, Bermuda has opportunity to be the bridge to Europe and North America as a reputable offshore jurisdiction."

Susan Attride-Stirling, BIBA's director of marketing, also attended the event, along with several other Bermuda executives. The delegates attended and participated in a number of panel discussions as they tried to expand Bermuda's business connections into the Gulf region.