Speaking on Saturday, Anis Al Jallaf announced the creation of the Dubai International Finance Centre (DIFC), which is expected to serve as a gateway for capital flowing to and from the region.
Mr Jallaf, who is the Chairman of the DIFC board, revealed that the venture - which follows the completion of such projects as the Dubai Internet City, the Dubai Media City, and the introduction of e-government in the region - will focus on asset management, Islamic finance, regional financial exchange, reinsurance and back-office operations, and will be formed in strict compliance with international standards.
The DIFC chief revealed that there are high hopes that the project will make the jurisdiction a global location of choice for international financial institutions, and will become a regional hub for the Gulf, Central Asia, and North and East Africa.
'The corporates and investors who have been looking towards London, New York, Singapore, Hong Kong, and Tokyo can hereafter seek to procure the same facilities from Dubai,' he commented at the weekend.
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