Dubai is sending a senior delegation of representatives from its regulatory and financial community to Australia, as the emirate strives to attract yet more international heavyweights to its financial centre with its favourable tax and regulatory regime.
The delegation from the Dubai International Financial Centre (DIFC) and the Dubai Financial Services Authority (DFSA) will be holding talks with key decision makers from the Australian financial community and the Australian government to discuss opportunities for companies to establish a presence in Dubai and the DIFC.
The DIFC delegation will be led by Dr Omar Bin Sulaiman, the Governor of the DIFC.
In March 2006 the international investment and advisory firm, Babcock & Brown Ltd, became the first Australian entity to be awarded a license to operate in the DIFC.
The DIFC believes that the arrival of such businesses benefits the entire Gulf region by bringing global expertise to the local market.
“Our talks with the Australian financial community are very encouraging for the DIFC," commented Dr Bin Sulaiman.
"The skills and experience of Australian institutions would be a great asset to the region in developing its offering as a world class hub for global finance," he added.
A relative newcomer on the international financial stage, the growth of the DIFC has nonetheless been rapid. In just over one year, more than two hundred top international institutions have joined the DIFC as registered firms.
The DIFC offers its member institutions incentives such as 100% foreign ownership, zero tax on income and profits, and no restrictions on foreign exchange. In addition, their business benefits from modern infrastructure, operational support and business continuity facilities of uncompromisingly high standards.
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