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DIFC Signs Agreement With Dubai Economic Council

by Lorys Charalambous, Tax-News.com, Cyprus

05 May 2016


The Dubai International Financial Centre (DIFC), a free trade zone in the United Arab Emirates (UAE), signed a strategic partnership agreement with Dubai Economic Council (DEC) on April 27, 2016.

The agreement mandates the two sides to share best practices in preparing financial studies, on research, and on corporate governance.

The DIFC and the DEC will cooperate in developing programs and projects that achieve their mutual strategic objectives and enhance the economic initiatives of Dubai and the UAE. In addition, they will cooperate on promoting Islamic finance.

"Given our mutual goal to further drive Dubai's leading position as a global financial hub, we are confident this partnership with DEC will succeed in augmenting trade and business growth in the emirate and boost the development of the financial services sector in Dubai, the wider UAE, and the region as a whole," Essa Kazim, Governor of the DIFC, said.

The DIFC offers a number of perks to firms established in the center, including zero percent income tax guaranteed for 50 years. It allows 100 percent foreign ownership and has no exchange controls.

TAGS: United Arab Emirates | tax | economics | business | tax incentives | financial services | corporation tax | corporate governance | tax breaks | trade | individual income tax | Dubai | free trade zone | services

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