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DIFC Promotes Advantages In US 5/24/2012 The Dubai International Financial Centre has concluded a road show to the United States, which, it is hoped, will lead to more US companies establishing a presence in the no-tax free zone.
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Dubai Economy Expected To Exceed Forecasts 5/21/2012 Dubai's Economic Council believes that the Emirate will achieve economic growth above the estimates of international institutions, with strong performance anticipated in many of its key sectors in 2012.
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Dubai Enhances Bank Regulatory Ties With China 5/18/2012 The regulator of the Dubai International Financial Centre, the Dubai Financial Services Authority has announced that it has entered into a supplementary agreement
to further boost cooperation with the China Banking Regulatory Commission.
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DIFC To Accept Credit Rating Agencies 5/10/2012 The Dubai Financial Services Authority has launched a consultation on new rules which would allow credit rating agencies to establish operations from the Dubai International Financial Centre tax-free zone.
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Insurance Ratings Agency Establishes DIFC Office 5/4/2012 A.M. Best, a leading provider of credit ratings and financial data for the insurance
industry, has received the necessary approvals to begin regional business from the Dubai International Financial Centre.
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DFSA Wins Regulatory Court Case 4/30/2012 The Dubai Financial Services Authority has won an important case before its own Regulatory Appeals Committee on the provision of financial services by a business and two of its company directors.
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Legatum Chooses DIFC For Global HQ 4/16/2012 Private investment group Legatum has made a substantial investment in acquiring
Precinct Building 6 within the Dubai International Financial Centre tax-free zone, which will serve as the firm's global headquarters.
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Swiss Re Corporate Solutions Establishes Dubai Office 4/9/2012 The Dubai Financial Services Authority has granted Swiss Re Corporate Solutions
a licence to operate in the Dubai International Financial Centre.
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Jersey Embarks On Major Gulf Promotional Tour 3/20/2012 The Jersey government has announced that a convention for the avoidance of double
taxation and fiscal evasion will be signed with Qatar during its current promotional
trip to the Gulf region.
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DIFC Boosts Collaboration With London 3/6/2012 The Dubai International Financial Centre and a body representing London's City have signed a new partnership agreement designed to boost collaboration between the financial centres.
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Another Solid Year For The DIFC 2/23/2012 Despite the impact of the European debt crisis, the global economic downturn and political turmoil in certain parts of the region, the Dubai International Financial Centre continues to strengthen its position as the leading international financial centre in the region.
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Dubai Airline Plans To Offset EU Carbon Tax 2/21/2012 Dubai-based Etihad Airways has plans to increase the fuel surcharge on flights
to Europe in an attempt to minimise the damage caused by the EU's new carbon tax.
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UAE To Hike Tax On Tobacco 2/6/2012 The UAE has proposed a nationwide tax on tobacco products and its derivatives in an attempt to reduce the sale of cigarettes across the Emirates.
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DFSA Signs Agreement With US Audit Regulator 2/2/2012 The Dubai Financial Services Authority has entered into a Statement of Protocol with the Public Company Accounting Oversight Board to facilitate the sharing of information between the two regulators.
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DFSA Assumes Regulatory Responsibilities In Dubai 1/18/2012 Dubai has amended its anti-money laundering and counter-terrorism laws, placing responsibility for supervision and enforcement in the hands of the Dubai Financial Services Authority.
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DIFC Courts Resolve First Non-DIFC Case 1/12/2012 The Dubai International Financial Centre Courts, the English language, common law judicial system based in Dubai, has reported that its first non-DIFC related case has been heard and resolved.
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Dubai Leader Approves 2012 Budget 12/28/2011 His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has approved the Government Sector Budget for the year 2012.
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UAE To Improve Bankruptcy Law 12/5/2011 The United Arab Emirates' Ministry for Finance is expected to pass new legislation
that will introduce new rules with regard to bankruptcy and financial restructuring.
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No New Taxes In 2012 For UAE 11/28/2011 A UAE Finance Ministry official has confirmed that the UAE will not impose any new taxes in 2012, with the implementation of a value-added tax across the Gulf Cooperation Council now not likely for at least two more years.
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DMCC Welcomes Rise In Company Formations 11/24/2011 The Dubai Multi Commodities Centre Authority, the licensing body for the Jumeirah Lakes Towers Free Zone, has registered more than 1,000 new companies in the past 10months.
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ANZ Bank Establishes Dubai Base 11/16/2011 Following approval from the Dubai Financial Services Authority for a Category
4 branch license, Australia and New Zealand Banking Group Limited has commenced
operations from a new office in the Dubai International Financial Centre.
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Vontobel Launches Private Banking In Dubai 11/9/2011 Leading Swiss private bank Vontobel has announced plans to establish a physical
private banking presence in Dubai through its new offices located in the Dubai
International Financial Centre.
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Expat Pension Fund Proposed in Dubai 11/4/2011 The Dubai Economic Department (DED) is currently considering the introduction of a pension fund for the 1.79 million expatriates who live and work in Dubai.
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DIFC Courts Expands Jurisdiction 11/2/2011 Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, signed a law on October 31 allowing any businesses to use the English language DIFC Courts, the Dubai International Financial Centre’s independent, common law judicial system, to resolve commercial disputes.
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IoM Forges Stronger Commercial Ties With UAE 10/24/2011 Important business relationships were enhanced on a recent visit to Dubai and
Abu Dhabi by the Isle of Man's Department of Economic Development.
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Atlas Targets Asian Trust Services Market 10/18/2011 Atlas Corporate Services Group, a leading international corporate and trust service provider, has announced that it has been granted new licences to operate in the Ras-Al-Khaimah Free Trade Zone and in Mauritius, as the firm expands its global reach into Asia.
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Switzerland, UAE Sign DTA 10/11/2011 Switzerland and the United Arab Emirates have recently signed in Dubai a double
taxation agreement in the area of taxes on income, containing provisions
on the exchange of information in line with the internationally applicable standards.
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Huge Variations Seen In Global Corporate Tax Rates 10/3/2011 The tax burden faced by businesses varies greatly from country to country, with a wide tax gap between ‘low tax’ emerging economies and the majority of ‘high tax’ developed nations, according to new research.
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Jersey Rated As Top IOFC 9/29/2011 Jersey has retained its position as the highest rated offshore international finance
centre in the latest Global Financial Centres Index published on September
26, 2011.
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Qatar Becoming A Financial Force To Be Reckoned With 9/29/2011 Qatar has kept its position of 30th place in the recently published Global Financial Centres Index, however it has risen 39 points to rank as the leading centre in the Middle East for the first time.
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Dubai Looks To Develop Relationship With China 9/21/2011 The Dubai International Financial Centre, the financial and business hub connecting the region’s emerging markets with the developed markets of Europe, Asia and the Americas, has announced that it has signed a Memorandum of Understanding with the Chinese Pudong Financial Services Bureau.
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Dubai Streamlines Securities Listing Process 9/15/2011 The Dubai Financial Services Authority and NASDAQ Dubai have announced that with effect from October 1, 2011 the responsibility for maintaining the Official List of Securities will be transferred from NASDAQ Dubai to the DFSA.
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Dubai Courts Fast Track Employment Claims 9/9/2011 The DIFC Courts, the Dubai International Financial Centre’s independent, common law judicial system, has announced that the financial limit on employment cases that can be heard by the small claims tribunal has been increased.
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Emirates Expects USD1bn EU Carbon Tax Bill 8/9/2011 UAE-based airline Emirates expects to see costs of up to USD1bn imposed on it by the European Union's plans to include airlines in its Emissions Trading Scheme from next year.
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DIFC Continues Growth 8/1/2011 The Dubai International Financial Centre, the financial and business hub connecting Dubai with the developed markets of Europe, Asia and the Americas, has posted an up-beat report on its performance in the first half of 2011.
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Dubai And Swiss Financial Authorities Renew Ties 7/28/2011 The Dubai Financial Services Authority has entered into a Memorandum of Understanding with the Swiss Financial Markets Supervisory Authority.
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Visa Extensions To Boost UAE Property Market 7/1/2011 Commentators predict a boost in the property market after the UAE Federal Government this week extended the visa period for real estate investors from six months to three years.
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Dubai Regulator Makes Agreement With India 6/17/2011 The Dubai Financial Services Authority has entered into a Memorandum of Understanding with the Reserve Bank of India.
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DIFC Courts Focus On Small Business Justice 6/10/2011 The DIFC Courts, the Dubai International Financial Centre’s independent
common law judicial system, and the UAE Ministry of Justice held an inaugural joint committee meeting recently following the signing of a Memorandum of Understanding in 2010, discussing ways to cooperate more deeply on legal affairs and highlighting recent initiatives like the ground-breaking Small Claims Tribunal.
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DIFC Courts Announce High Approval Ratings 6/7/2011 The DIFC Courts, the Dubai International Financial Centre's independent, common
law judicial system has received acclaim from the Prime Minister of the United
Arab Emirates and Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum for
again receiving positive feedback on its operations.
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UAE May Reduce Telecoms Royalty 5/19/2011 The United Arab Emirates may cut taxes payable by the struggling telecoms company Etisalat.
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Legal Changes To Dubai Financial Centre 4/28/2011 With the aim of providing greater legal clarity and transparency, the Dubai International Financial Centre has proposed a number of amendments to its Original Law that established it as the first Financial Free Zone in the UAE.
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Dubai Strengthens Financial Marketing Regime 4/18/2011 The Dubai Financial Services Authority has announced that Sheikh Mohammed Bin Rashid Al Maktoum, in his capacity as Ruler of Dubai, has enacted amendments to the Regulatory Law 2004 which further enhance the requirements and prohibitions relating to financial services marketing.
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DFSA Censures Bank 3/28/2011 The Dubai Financial Services Authority has censured Saxo Bank Dubai Limited for its failure to comply with the DFSA’s Rules regarding the on-boarding of clients.
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London Tops Financial Centres League 3/24/2011 The latest Global Financial Centres Index, produced by the Z/Yen Group,
showed that London again came out on top, followed closely by New York and Hong Kong, although
confidence amongst financial services professionals seemed to have fallen in
the past six months, as is shown by lower overall ratings.
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Dubai Looking To Promote SMEs In The UAE 3/18/2011 Dubai SME, an agency of the Department of Economic Development and the Dubai International Financial Centre, has signed a memorandum of understanding to jointly promote small and medium enterprises in the United Arab Emirates.
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DIFC Courts Go Paperless 3/15/2011 DIFC Courts, the Dubai International Financial Centre’s independent, common law judicial system, have introduced a new fully paperless infrastructure in their efforts to further improve effectiveness, and as part of a commitment to operating in a sustainable manner.
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Dubai Commodities Centre Promotes Its Benefits 3/14/2011 The Dubai Multi Commodities Centre Authority, the free zone authority for the Jumeirah Lakes Towers, recently hosted an exclusive networking event for members from 10 international Business Councils, drawing attention to the free zone's many benefits, such as the 50-year holiday on personal and corporate tax.
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DIFC Attracts Major Insurance Firm 3/2/2011 The insurance company Royal Shield has received a license from the Dubai Financial Services Authority to operate in the Dubai International Financial Centre.
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Dubai And The City Of London Forging Closer Links 2/24/2011 The Governor of the Dubai International Financial Centre, Ahmed Humaid Al Tayer, recently played host to the City of London’s Lord Mayor, Michael Bear, in Dubai. The Lord Mayor was accompanied by a financial services delegation from the City.
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DIFC Courts Proposes Rule Change 2/17/2011 DIFC Courts, the Dubai International Financial Centre's independent and common law judicial system, has posted an addition to its rules for public consultation.
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Canada To Review TSX And LSE Merger 2/17/2011 Canada's Industry Minister has announced an impending 'thorough' review of the proposed TMX-LSE merger. Tony Clement told MPs on Monday February 14 that 'it is important to have an in-depth review because it is a very complex transaction.'
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DIFC Celebrates Strong 2010 Performance 2/14/2011 The Dubai Financial Centre, has reported a strong performance throughout 2010, with the number of registered companies growing substantially during the year.
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Malaysia, GCC Move Towards FTA 1/20/2011 It has been disclosed that the framework for a free trade agreement between
Malaysia and the Gulf Cooperation Council has been completed.
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Jersey Continues Overseas Marketing Drive 1/21/2011 Jersey Finance – the promotional agency for the island’s
financial services industry – has announced the appointment of Sean Costello
as Head of Business Development for the Gulf Cooperation Council region
and India.
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Indian Tax Man Questions Dubai Gift 1/12/2011 A Bollywood star is contesting a demand from the Indian tax office to pay tax on a luxury villa in Dubai that was given to him in 2008.
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DIFC And Dubai Courts Enhance Cooperation 1/4/2011 The Joint Committee of Dubai Courts and Dubai International Financial Center Courts held a meeting at the end of the year to review the Committee's operations, intended objectives and results to date since the Committee’s establishment in 2008.
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Carlyle Group Debuts New DIFC Funds Regime 1/3/2011 The Dubai International Financial Centre has announced that the Carlyle Group, a global alternative asset manager, will be the first company to establish and manage investment funds for sophisticated investors in the DIFC under a new legal and regulatory process.
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DIFC Cuts Business Costs 12/20/2010 The Dubai International Financial Centre has announced details of its revised pricing structure, designed to enable new and existing companies operating from the Centre to continue the growth and expansion of their businesses.
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UAE Seminar Focuses On Italian DTA 11/30/2010 The UAE Ministry of Finance has organized a joint seminar on the Italy-UAE Double Taxation Agreement with the Italian Business Council Dubai and Northern Emirates (IBCD) in Dubai.
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GCC Customs Revenue Sharing Agreement Near 11/10/2010 Gulf Cooperation Council countries are nearing an agreement on the terms for a
regional customs union that would establish a free trade zone within the six-party
bloc with harmonized tariffs of 5% on imported goods.
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DFSA Signs Multilateral Insurance MoU 11/4/2010 The Dubai Financial Services Authority announced on November 3 that it had been
accepted, at the concluding meeting of the Executive Committee of the International
Association of Insurance Supervisors, as a signatory to the IAIS’s Multilateral
Memorandum of Understanding.
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DIFC And UAE To Exchange Policy Ideas 11/1/2010 The United Arab Emirates' Ministry of Finance has announced the signing
of a Memorandum of Understanding with the Dubai International Financial
Centre Authority, to promote cooperation and the exchange of expertise around
financial and economic policies and strategies.
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Baring Establishes Dubai Office 10/25/2010 Baring Asset Management, the international investment management firm, has announced the opening of a representative office in Dubai in response to growing
demand from clients based in the Middle East.
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DFSA Signs MoU With Regional Standard-Setters 10/13/2010 The Dubai Financial Services Authority, the regulator of the Dubai International
Financial Centre, on October 10 announced the signing of a Memorandum of Understanding
with the Asian-Oceanian Standard-Setters Group, which took place in September.
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DIFC Cuts Fees 10/12/2010 The Dubai International Finance Centre recently announced a series of changes
to its Registry of Companies fees.
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Dubai, Spain Strengthen Economic Ties 9/30/2010 The Dubai International Financial Centre has announced the signing of a Memorandum
of Understanding between the DIFC Authority and the Madrid Centro Financiero.
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Dubai Airport Reports Traffic Surge 9/29/2010 Dubai Airports has reported a 21.5% surge in year-on-year cargo growth and
a 6.8% rise in international passenger traffic in its August traffic results,
published on September 23.
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DIFC Announces Amendments To PCC Regime 9/28/2010 The Dubai International Financial Centre Authority has announced
that it has processed amendments to existing Companies Regulations provisions
dealing with Protected Cell Companies, based on recommendations made by
a panel of market practitioners and the Dubai Financial Services Authority.
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Bangladesh, UAE Initial Investment Agreement 9/24/2010 The United Arab Emirates Ministry of Finance has announced the initialling
of an agreement with Bangladesh for the protection and promotion of investments, to complement
the double tax agreement initialled by both parties in May 2010.
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Jersey Ranked As Top Offshore Centre 9/24/2010 London has maintained its place as the leading financial center globally, according
to the Z/Yen biannual qualitative survey. Meanwhile, Jersey maintains its place as the top offshore financial
center.
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Dubai World Finalizing Debt Restructure 9/23/2010 Having received almost unanimous approval of its USD24.9bn debt restructuring plan with bank creditors, the state-owned conglomerate, Dubai World has announced that it is finalizing a further agreement with the
creditors of Nakheel PJSC, its wholly-owned property development subsidiary.
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DIFC Announces Strong Growth In 2010 9/3/2010 Despite the economic downturn, the Dubai international Financial Centre is continuing to attract companies form all over the world, especially from Asia.
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UAE Nears Completion Of New Companies Law 9/2/2010 The United Arab Emirates’ Minister for the Economy, Sultan Bin Saeed Al Mansouri has told business leaders that the comprehensive rewrite of companies legislation is in its final stages.
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DAFZ Continues Explosive Expansion 8/23/2010 The Dubai Airport Freezone, a tax neutral zone in the vicinity of Dubai International Airport, has reported that business sales
increased 63% during the first half of 2010 compared to the same period last year.
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Dubai Launches SME Assistance Program 8/17/2010 The Dubai Export Development Corporation, an agency of the government
of Dubai’s Department of Economic Development, has launched its new Export
Assistance Program, which is to provide financial assistance to privately-owned
small- and medium-sized enterprises undertaking exporting activities from the
Emirate.
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Dubai, Portugal Sign Regulatory Agreement 8/11/2010 The Dubai Financial Services Authority has announced the recent conclusion
of a cooperation agreement with the Portuguese banking supervisor, Banco de Portugal.
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DP World Reports First Half Growth 8/4/2010 Global marine terminal operator DP World has announced that it handled 23.7 million twenty-foot equivalent container units across its portfolio of 50 operating terminals in the first six months of 2010, an increase of 16% against the same period last year and ahead of 2008.
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Dubai Moves To Support Entrepreneurial Activity 7/23/2010 Dubai has announced plans to launch a new visa system that would expedite entrepreneurs’
visa applications and offer business formation advice as part of the Dubai’s efforts
to encourage high value start-ups to the Emirate.
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Dubai Improves Investment Funds Regime 7/20/2010 The Dubai Financial Services Authority has implemented a series of regulatory
changes to the Dubai International Financial Centre’s Collective Investment
Funds regime.
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DFSA Signs MoU With Danish Regulator 7/13/2010 The Dubai Financial Services Authority has announced the signing of a Memorandum
of Understanding with Finanstilsynet, the Danish Financial
Supervisory Authority.
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UAE, Ireland Sign DTA 7/13/2010 Ciarán Madden, Ireland's Ambassador to the United Arab Emirates, and Younis Haji Al Khoori, Director
General of the UAE Ministry of Finance, have signed a Double Taxation Convention
on behalf of their respective countries.
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DFSA Signs MoU With Canadian Regulator 6/23/2010 The Dubai Financial Services Authority has announced the signing of a Memorandum
of Understanding with the Office of the Superintendent of Financial Institutions
of Canada, concluded last week.
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DFSA Signs MoU With Major US Regulator 6/16/2010 The Dubai Financial Services Authority, the regulator for the Dubai International
Financial Centre, said that it last week entered into a Memorandum of Understanding
with the New York State Banking Department, which will significantly enhance
bilateral cooperation between the two regulators, particularly in information
exchange.
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UAE Expands Its Tax Treaty Network 6/15/2010 The United Arab Emirates Ministry of Finance has announced the signing of conventions
for the avoidance of double taxation and fiscal evasion with Venezuela on June
8, and with the Netherlands on June 2. The country also initialed an additional
double tax agreement with Libya on June 10 in the second round of negotiations
with the country.
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Jersey's Promotional Drive Opening Up Eastern Markets 6/14/2010 Jersey’s efforts to attract business from emerging market countries for
its financial services industry have been paying dividends, according to the Chief
Executive of Jersey Finance, Geoff Cook, analyzing the initiative’s success
at Jersey Finance’s quarterly Members Briefing, held last week.
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DAFZ Woos Japanese Investors 6/8/2010 During a recent trade mission to Japan, Japanese investors were invited to establish operations within the Dubai Airport Freezone by its Director General, Mohammed Al Zarooni. The Free Zone has recently been recognized as the second best free zone, in terms of its low tax offerings, in the world. |
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IDBI Establishes Dubai Subsidiary 6/7/2010 One of India's leading banks, IDBI Bank Ltd, has received a licence from the Dubai Financial Services Authority to provide a full range of corporate banking services including financial advisory services and syndication of credit from the Dubai International Financial Centre.
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Malaysia To Progress FTA With GCC 6/4/2010 Malaysia’s Deputy International Trade and Industry Minister, Datuk Mukhriz
Mahathir, has disclosed that Malaysia is to work on the framework for a free trade
agreement with the Gulf Cooperation Council.
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MENA Insurers Urged To Strengthen Corporate Governance 6/2/2010 The United Arab Emirates Minister for the Economy, Sultan Bin Saeed Al Mansoori,
has called on the insurance and financial sector to push forward with the adoption
of modern corporate governance and transparency measures to ensure the Middle
East and North Africa insurance industry realises its ‘vast potential
for growth’.
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Dubai Airport Free Zone On Track 6/2/2010 Dubai World Central, the 140 sq km zone established to house the Al Maktoum
Airport – due to be the largest airport in the world – is to have
its first phase opening on June 27. The zone was recently ranked the second most attractive
tax-free zone in terms of its offerings internationally, and is set to
expand its leasable space by 90% by 2012.
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Dubai Chamber Explores Swiss Synergies 5/18/2010 Representatives from
the Dubai business community and their Swiss counterparts have discussed investment
opportunities and possible business synergies.
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DIFC Reports On Economic Performance 5/13/2010 The Dubai International Financial Centre recorded a strong economic performance in 2008, with its nominal gross domestic product rising to USD2.8bn, a 47.1% increase from its GDP in 2007, according to the latest Economic Note issued by the centre's Economics Unit.
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DIFC Attracts Indian Financial Group 4/29/2010 Kotak Mahindra Financial Services Limited, a part of the Kotak Mahindra Group, one of India’s leading financial conglomerates, has announced the launch of operations in the Dubai International Financial Centre.
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Dubai Regulator Rethinks Penal Law 4/28/2010 The Dubai Financial Services Authority has released a consultation paper on changes to rules with respect to the regulator's enforcement framework, which could lead to increased fines for misconduct.
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ABN AMRO Moves Middle East Operations To DIFC 4/23/2010 ABN AMRO Bank NV has moved all of its Middle East private banking operations
into the Dubai International Financial Centre, having been granted a Category
1 license by the Dubai Financial Services Authority.
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Reliance Establishes In Dubai 4/19/2010 Reliance Asset Management (UK) PLC, has commenced operations from the Dubai
International Financial Centre after receiving a license from the Dubai Financial
Services Authority. It will provide a full range of wealth and investment
advisory services to professional investors and institutional clients in the
region.
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GCC VAT Uncertain 4/8/2010 Countries of the Gulf Cooperation Council could have a regional value-added tax in place as early as 2012 according to an expert advising the United Arab Emirates government, although this target date is looking increasingly unlikely to be achieved with some member states making faster progress than others in preparing for the tax.
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Dubai Debt Plan Published 3/30/2010 The Dubai government has announced that it will channel USD9.5bn in fresh funding
into indebted state-owned holding company, Dubai World, under a plan that will
reimburse 100% of creditors’ funds within eight years.
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Hinduja Gains Dubai Licence 3/23/2010 Hinduja Bank (Middle East) Ltd, a subsidiary of the Switzerland-based Hinduja Bank (Switzerland) Ltd, has obtained authorization from the Dubai Financial Services Authority to upgrade its banking licence to Category 1, allowing it to provide a full range
of banking services from its base in the Dubai International Financial Centre.
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