The Dubai International Financial Centre (DIFC) will not merely act as a 'brass plating' exercise for offshore banks, according to spokesman Geoff Rapp.
Speaking to the AFP news agency, Mr Rapp explained that: 'The basic premise is that there is a piece missing in the puzzle. There isn't a financial centre between Frankfurt and Singapore.' He continued: 'We are not about brass plating. We are creating a market. It is not an offshore centre,' revealing that 'Demand has been ovewhelming from all institutions we've so far approached.'
The Chairman of the DIFC Board, Anis al-Jallaf confirmed this last week, stressing the legitimacy of the initiative (due to be launched in 2003), and the high hopes riding on the centre:
'The long term impact will be substantial,' he predicted, adding that: 'DIFC was not developed for the generation of profit for itself, but to create and facilitate the right environment to attract the top financial institutions of the world to Dubai, the UAE, and the region.'
It is hoped that the DIFC, when it is up and running, will double - to 20% - the financial sector's contribution to the GDP of the United Arab Emirates by 2010.
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