Dr. Habib Al Mulla, Chairman of the Dubai Financial Services Authority, presented the history, services and competitive advantages of the Dubai International Financial Centre to an audience of the UAE branch of the Chartered Institute of Arbitrators yesterday.
Dr. Al Mulla addressed leading UAE practitioners of Dispute Resolution at a VIP reception at the Rotana Towers Hotel, Dubai.
Dr. Al Mulla discussed the creation of the DIFC, the enactment of the Federal Law on Financial Free Zones in March 2004, and the Dubai law recognising the independence of the DIFC.
He provided insights into the need for a new international financial centre in the region, and the DIFC’s attraction to international business.
Dr. Al Mulla said: “The DIFC offers 100 per cent foreign ownership, zero tax on income and profits, and no restrictions on foreign exchange and the repatriation of capital. It is also subject to the most rigorous regulation and scrutiny administered by the Dubai Financial Services Authority, which has adopted best practice from international jurisdictions and developed its own world-class standards of regulation.”
Dr. Al Mulla explored the workings of the Dubai Financial Services Authority, and reviewed the operations of the DIFC Court and Arbitration Centre.
The DIFC houses 28 authorised firms, 19 registered ancillary services, and 50 applications from new companies are in process.
Founded in 1915 in the UK, The Chartered Institute of Arbitrators is a non-profit organisation that promotes international best practice in Dispute Resolution. The institute conducts training for members, hosts social events, and publishes a journal and regular newsletter. It also provides a library and legal information resource, and a free legal advisory service.
The Dubai Financial Services Authority (DFSA) is a central component of the Dubai International Financial Centre (DIFC), a new financial centre established to position Dubai as a recognised hub for institutional finance, and the regional gateway for capital and investment to the Middle East.
The DFSA is an independent, integrated regulatory authority responsible for the regulation of all financial and ancillary services conducted in or from the Centre, including asset management, banking, securities trading, Islamic finance, re-insurance, and an international financial exchange. The DFSA has been created using principle-based primary legislation modeled closely on that used in London and New York, and the DFSA regulatory regime operates to standards that meet or exceed those applying in the world's major financial centres.
