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Dubai International Financial Centre

The Dubai International Financial Centre (DIFC) is a special economic zone in Dubai covering 110 ha, established in 2004 and a financial hub for the Middle East, Africa and South Asia (MEASA) markets. DIFC has its own independent, internationally regulated regulator and judicial system, common law framework, global financial exchange, tax-friendly regime, and a large business community. The district houses hundreds of financial institutions, including wealth funds and private investors, but it also hosts multinationals, retail outlets, cafés, restaurants, residential space, public green spaces, hotels and art galleries.

Dubai International Financial Centre
IndustryBanking, financial services, insurance, wealth & asset management, brokerage & capital markets, professional service providers, corporate offices and retailers
Founded2002,[1] operations started 2004[2]
HeadquartersDubai, United Arab Emirates
Key people
Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum (President)
Essa Kazim (Governor)
Arif Amiri (DIFC Authority CEO)
Websitehttps://www.difc.ae

DIFC is one of Dubai's independent free-zones; it offers companies 100% ownership without the need for a local partner. The district is governed by a common-law framework distinct from the UAE legal system, with laws and regulations issued in English. DIFC offers clients a 50-year guarantee of zero taxes on corporate income and profits, complemented by the UAE’s network of double taxation avoidance treaties.

Contents

Independent jurisdictionEdit

The DIFC is an independent jurisdiction under the UAE Constitution, with its own civil and commercial laws distinct from those of the wider UAE. DIFC laws and regulations are written in English and default to English law in the event of an ambiguity. The DIFC also has its own courts, with judges taken from leading common law jurisdictions including England, Singapore and Hong Kong. The DIFC’s independent jurisdiction extends to a range of areas including corporate, commercial, civil, employment, trusts, and securities law matters. Other laws of the UAE or the Emirate of Dubai, such as criminal law and immigration regulations, continue to apply within the DIFC.

The DIFC-LCIA Arbitration Centre is an independent centre of international arbitration that uses rules modelled on the London Court of International Arbitration.

The principal governing body of the DIFC is the DIFC Authority. The financial services regulator is the Dubai Financial Services Authority (DFSA), which regulates the conduct of financial services in and from the DIFC. The DFSA is distinct from the UAE’s federal Securities and Commodities Authority, whose jurisdiction covers the wider UAE outside the boundaries of the DIFC.

International financial centreEdit

Licence applications are considered from financial institutions in the sectors. The units offer benefits such as 0% tax on income and profits, 100% foreign ownership, no restrictions on foreign exchange or capital/profit repatriation, operational support and business continuity facilities.

One of the key elements of the centre is a privately held financial exchange that opened in September 2005 as Dubai International Financial Exchange (DIFX) but was rebranded as NASDAQ Dubai in the year 2008.

The trading hours of NASDAQ Dubai are from 10:00 am to 2:00 pm (06:00 am to 10:00 am GMT), from Sunday to Thursday.[3]

Companies listed on NASDAQ Dubai include ordinary shares listed by DP World along with DEPA. DP World's initial public offering was the largest ever in the Middle East and raised $4.96 billion;[4] 15 times oversubscribed, it is one of the most valued companies in the Middle East Region.[5]

NASDAQ Dubai is regulated by Dubai Financial Services Authority.[6]

FinTech Hive 2017Edit

In April 2017, the DIFC announced its initiative to accelerate the growth of Financial Technology in the region.[7] Arif Amiri, Chief Executive Officer at DIFC commented: 'FinTech Hive at DIFC will connect innovators in financial services technology with the banks, financial institutions and service providers within our dynamic ecosystem at DIFC'.[8] The plan is for ten participating developers to present their products to venture capitalists.[9]

Technology partners Facebook and Envestnet | Yodlee have also been announced.[10]

HotelsEdit

The Dubai International Financial Centre has two hotels.

Art galleriesEdit

Dubai International Financial Centre is also home to several art galleries which showcase both local and international art:[11][12]

The galleries showcase works by Middle Eastern and international artists, and frequently host events to present new works from different artists. Some of the above galleries also act as auction houses.

Restaurants and cafésEdit

There are over 100 cafes and restaurants located in the Centre, featuring local and international chains; the selection of eateries includes everything from fast food outlets to fine-dining options. A wide variety of cuisines can be found.[13][14]

ShoppingEdit

Within the DIFC complex are located a variety of retail shops and convenience stores along with business services outlets:[15]

Important buildingsEdit

See alsoEdit

ReferencesEdit

  1. ^ DIFC announces project overview for real estate development | DIFC | AMEinfo.com Archived June 23, 2012, at the Wayback Machine.
  2. ^ The Dubai International Financial Centre (DIFC) is open for business | DIFC | AMEinfo.com Archived June 23, 2012, at the Wayback Machine.
  3. ^ "NASDAQ Dubai". NASDAQ Dubai. Retrieved 2011-08-09.
  4. ^ "Clifford Chance advises on the largest ever IPO in the Middle East | Clifford Chance". AMEinfo.com. Retrieved 2011-08-09.
  5. ^ "DP World nets $4.9bn in region's biggest IPO - Money Matters". livemint.com. 2007-11-21. Retrieved 2011-08-09.
  6. ^ NASDAQ Dubai Archived April 3, 2012, at the Wayback Machine.
  7. ^ "Dubai opens applications for Fintech Hive accelerator programme". Finextra. Retrieved 18 April 2017.
  8. ^ "Dubai opens applications for Fintech Hive accelerator programme". Finextra. Retrieved 18 April 2017.
  9. ^ Peyton, Antony. "Dubai International Financial Centre calls for fintech start-ups". Retrieved 18 April 2017.
  10. ^ "Dubai opens applications for Fintech Hive accelerator programme". Finextra. Retrieved 18 April 2017.
  11. ^ DIFC Galleries Night | Dubai International Financial Centre Archived October 11, 2011, at the Wayback Machine.
  12. ^ Art & Culture | Dubai International Financial Centre
  13. ^ Cafés & Restaurants | Dubai International Financial Centre
  14. ^ Dubai Restaurants, Online menu Guide, Dubai Cuisines, Dubai Menu Guide – MenuPages.ae
  15. ^ Retail & Convenience | Dubai International Financial Centre

Coordinates: 25°12′51″N 55°16′53″E / 25.21417°N 55.28139°E / 25.21417; 55.28139