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DIFC Receives EU Delegation

by Lorys Charalambous, Tax-News.com, Cyprus

22 March 2016


The Dubai International Financial Centre (DIFC), a free trade zone in the United Arab Emirates, welcomed a delegation of European Union Council members on March 19, 2016.

In meetings with senior officials from financial entities operating within the center, the EU Council members were offered an overview of the UAE's financial services industry and the DIFC's position as a financial hub for the Middle East, Africa and South Asia. The DIFC's key role in contributing to the UAE's diversification strategy was also highlighted.

Essa Kazim, Governor of the DIFC, said: "Europe continues to be a significant market for the DIFC, with 33 percent of active financial firms based in the center originating from the continent. In line with our 2024 Strategy, we are continuously enhancing DIFC's infrastructure, supported by our internationally recognized regulatory and legal framework, to create an environment that allows these companies to expand their business activities in the region."

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.

TAGS: United Arab Emirates | environment | tax | business | tax incentives | law | financial services | tax breaks | trade | Dubai | free trade zone | services | Europe | Africa | Middle East

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