This website uses cookies

This website uses cookies to ensure you get the best experience. By using our website, you agree to our Privacy Policy

International In-house Counsel Journal logoInternational In-house Counsel Journal logo

Dubai Internationl Finance Center DIFC A Financial 'Free-Trade Zone'

Abstract

In February of 2002, HH Sheikh Mohammed Bin Rashid Al Maktoum announced on behalf of the U.A.E. the intention to establish the Dubai International Financial Centre (the “Centre” or the “DIFC”) as a financial marketplace serving a region extending across the time zones between the financial centres of London and Hong Kong. Distinguishing the DIFC from other regional financial centres is a robust legal system based on the common law system and having an independent judiciary, a financial regulatory body and an administrative authority. The DIFC proposes its own laws and regulations for enactment, thus enabling DIFC entities to operate in a best-standards environment on par with those of major global centres. Since the DIFC’s inception in 2004, 26 DIFC laws to date have been enacted along with a number of regulations.

Read Paper

Company

Dubai International Financial Center (DIFC)

The DIFC is the world's fastest growing international financial centre. It aims to develop the same stature as New York, London and Hong Kong. It primarily serves the vast region between Western Europe and East Asia. Since it opened in September 2004, the DIFC has attracted high caliber firms from around the globe as well as its region. A world-class stock exchange, NASDAQ Dubai (formerly known as the Dubai International Financial Exchange or DIFX), opened in the DIFC in September 2005. The DIFC is a 110-acre free zone. It is part of the larger vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, together with the Government of Dubai, to create an environment for progress and economic development in the UAE and the wider region.

Related Papers

Setting up (and investing in) Startups in Spain: A Practical Guide
More than a decade ago Spain was one of those countries in which starting a business was an experience which was very similar as undergoing a dental treatment during 2...Read more
Portrait image of Sancho Guibert
Sancho Guibert
Associate General Counsel, Citibank, Spain
Safeguarding privacy and fairness: the role of AI in fraud detection and AML within the recent EU legal framework developments
Artificial Intelligence (AI) is playing an increasingly pivotal role in fraud detection and anti-money laundering (AML) efforts, offering enhanced capabilities to identify and prevent illicit activities. This paper explores the...Read more
Portrait image of Enik  Pogace
Enik Pogace
Head of Employee Relations Division , Bank of Albania, Albania
Operating in a New Frontier: AI Use Cases, Business Risks, and the Regulatory Policy Outlook
We are living in an era where artificial intelligence (AI), specifically generative AI, is reshaping many facets of our daily lives, from the way we work and communicate, to having...Read more
Portrait image of Muyiwa Odeniyide
Muyiwa Odeniyide
Director & Associate General Counsel, Nasdaq , USA
Key Issues and Impacts from Notable Enforcement Actions by U.S. Regulators in 2024
This article explores three notable U.S. enforcement actions of 2024 and the key issues and impacts those enforcement actions impart, as we look to 2025 and beyond. In October 2024,...Read more
Portrait image of Elizabeth Fiorelli
Elizabeth Fiorelli
Assistant Adviser of Global Legal and Compliance , Sumitomo Mitsui Trust Bank, Limited, New York Branch, USA