The management of the Dubai International Financial Centre (DIFC) has welcomed the finalisation of a new federal law allowing financial free zones to be established in the United Arab Emirates (UAE).
The law has received the signatures of the Supreme Council, comprised of the rulers of each of the Emirates, and following its publication in the government gazette, has now come into force.
Speaking last Thursday, chief executive of the DIFC, Naser Nabulsi observed that:
"The Financial Free Zone Law recognises the unique nature and importance of the concept of the Dubai International Financial Centre. We are delighted that this law is now finalised."
He went on to add:
"Its publication is great news for many of the world's leading financial services businesses who have endorsed the DIFC by applying for a licence to operate here or by issuing a letter of intent to apply."
Chief executive of the Dubai Financial Services Authority, Phillip Thorpe also welcomed the finalisation of the legislation, suggesting that:
"This development is another step towards ensuring Dubai becomes a world-class financial centre, supported by laws and regulations of the highest international standard."
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