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Bank of Palestine, the territory's largest financial institution, has set up its first international representative office worldwide in the Dubai International Financial Centre (DIFC) tax-free zone.
The bank will offer financial, investment, and advisory services to the Palestinian diaspora living in the Gulf region and beyond.
Essa Kazim, Governor of DIFC, said: "We are pleased that the Bank of Palestine has selected DIFC and Dubai to mark its foray into international operations. The bank's choice serves as the latest endorsement of Dubai and the wider UAE as an ideal location for businesses to establish and thrive."
"DIFC is committed to offering our clients the opportunity of enhancing connectivity with the wider Middle East, Africa, and South Asia region as part of our 2024 growth strategy. We are confident the bank will benefit from the Centre's wide and diverse network of global banking and financial institutions as it expands its international business interests."
For his part, Hashim Shawa, Chairman and General Manager of Bank of Palestine, said: "Our new office in the UAE will promote our banking services and serve as an economic bridge that connects 250,000 Palestinian expats in the UAE to their homeland. At a later stage, we also aim to target Palestinians working in the wider Gulf area to leverage their expertise and capabilities."
The DIFC offers firms zero percent income tax guaranteed for 50 years, 100 percent foreign ownership, no exchange controls, and a legal system based on English common law.
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