The Dubai International Financial Centre (DIFC) has predicted that it could become one of the world’s leading funds centres following the enactment of The Collective Investment Law 2006.
Legislation to regulate the managed funds industry within the Dubai International Financial Centre (DIFC) was enacted by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai in April.
The law sets out the framework for regulating funds and permits the operation of various types and categories of collective investment fund in the DIFC including property funds, Islamic funds, hedge funds, funds of funds and private equity funds.
“The funds sector is central to the financial services industry and to the global economy," observed Dr Omar Bin Sulaiman, Director General of the DIFC.
"The DIFC and its regulator, the DFSA, have worked extremely hard to create the right environment for the industry to come to the DIFC, and we believe that now we have achieved this, the flood gates will open and that fund managers and administrators will see the unique benefits of the DIFC and the region," he added.
Sandy Shipton, Head of Asset Management at DIFC said that the enactment of the collective investments law represents "the final piece in the jigsaw" of Dubai's ambition to become a world-class asset management centre.
“The new Law completes the Regulatory Law governing the Asset Management industry within DIFC and will, over time, lead to the DIFC becoming a leading internationally recognised Funds Centre,” Shipton noted.
While the fund industry is currently dominated by the US and Europe, the DIFC believes that recently enacted legislation will soon put the Middle East on the map.
”DIFC’s funds offering differs from other centres, in particular those “offshore” locations which lack the credibility of being onshore, transparent, and regulated to international standards, as the DIFC is," Shipton concluded.
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