The Dubai International Financial Centre (DIFC) has welcomed the new federal law allowing financial free zones to be established within the United Arab Emirates (UAE).
The law allows for the establishment by federal decree of a Financial Free Zone in any Emirate of the UAE. Critically, this law exempts Financial Free Zones from all federal civil and commercial laws within the UAE.
"The Financial Free Zone Law recognizes the unique nature and importance of the concept of the Dubai International Financial Centre," said Chief Executive of DIFC, Naser Nabulsi. "We are delighted that this law is now finalized," he said.
"Its publication is great news for many of the world's leading financial services businesses who have endorsed the DIFC by applying for a license to operate here or by issuing a letter of intent to apply." Nabulsi added.
Companies that have signaled their intent to join the DIFC include Credit Suisse, Deutsche Bank, Standard Chartered and insurance giant AON.
The DIFC has been established as part of the goal to position Dubai as a universally recognized hub for institutional finance and as the regional gateway for capital and investment to the Middle East.
The Dubai Financial Services Authority (DFSA) is the independent regulatory authority for the DIFC, responsible for the regulation of all financial and ancillary services performed in or from the center. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
