It emerged on Monday that the Federal Cabinet of the United Arab Emirates (UAE) has approved a Federal Decree allowing the Dubai International Financial Centre (DIFC) a large degree of sovereignty.
The approval of the Decree, which allows for Financial Free Zones to be established in the UAE, marks a significant step forward for the Centre, which is set to host the forthcoming summit between the World Bank and the IMF in September.
The Cabinet decision now needs to be ratified by the UAE's top policy-making body, the Supreme Council of the Federation, and the DIFC must also be granted a specific decree to establish it as a Financial Free Zone. This is reportedly in the pipeline.
Speaking on Monday, Phillip Thorpe, the chief executive officer of the DIFC's regulatory authority, announced that:
'The entire legal and regulatory framework for an international financial centre has never before been created from scratch - and never at such speed. We have been free to draw on the best practices of all the world's major financial centres - and to avoid their drawbacks.'
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