In just three years the Dubai International Financial Centre (DIFC) has attracted nearly 500 top firms and a long list of the world's leading banks, a large group of high-profile private investors from the US heard during a private conference at the DIFC on Monday.
In his welcoming address to the group of more than 50 members of the Institute of Private Investors in New York, Dr. Omar Bin Sulaiman, Governor of the DIFC, suggested that global interest in the centre was showing no signs of abating.
"In fact, with every inch we get closer to consolidating our position
as the region's leading financial centre, the intensity of this interest deepens
and grows," he stated.
Bin Sulaiman told the investors that the DIFC's success is based upon the visionary
leadership of a strategic plan being implemented by Sheikh Mohammed bin Rashid
Al Maktoum, Vice-President and Prime Minister of the United Arab Emirates, and
Ruler of Dubai.
"As a key component of this strategy, the DIFC was established as a catalyst for the growth, development and diversification of Dubai's economy. It places on us some formidable demands, but they are very good ones: efficiency, integrity and transparency. These three attributes are strictly non-negotiable," Dr Bin Sulaiman emphasised.
"Around this building are 110 acres of prime real estate that, as you can see, will soon feature many more modern buildings of the highest calibre, some of them designed exclusively for residential, retail, leisure and hospitality purposes. So, the DIFC is not just a cluster of attractive office blocks - it is truly a world-class city-within-a-city," he observed.
Other ingredients that have allowed the DIFC to flourish into the fastest-growing financial centre between Europe and the Far East include zero tax, 100 percent foreign ownership, no foreign exchange restrictions, a wholesale centre for qualified investors, an onshore capital market meeting international standards, and co-operation with local & international regulators, the DIFC chief said.
Just as important, he added, was the way the DIFC conducted business to match Global Best Practice. "We have an internationally-recognised and respected legal framework in which regulations were enforced by an independent judiciary, the Dubai Financial Services Authority (DFSA)."
Bin Sulaiman told his guests that the DFSA had earned credibility and respect through several agreements with senior regulatory bodies around the world, and through its solid and diligent performance. "Hence, the DIFC matches the highest standards of transparency and governance."
He also described the Dubai International Financial Exchange (DIFX), housed in the DIFC, as "a fully-fledged stock market which is firmly on track to becoming the global exchange of choice between Western Europe and Asia".
A part of DIFC's mission was to position Dubai as a global gateway to the world's leading financial centres. "That, too, is already happening," he declared.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment