DUBAI: INTERNATIONAL FINANCE CENTER
The Dubai International Financial Centre (DIFC) is a near-shore financial hub for the MENA containing a capital market designated as a financial free zone in Dubai. It is established to create an environment for growth, progress and economic development in the UAE and the wider region by providing the needed legal and business as well as physical infrastructure benchmarked with international standards
There are six primary sectors of focus within the DIFC: Banking Services (Investment Banking, Corporate Banking & Private Banking); Capital Markets (Equity, Debt Instruments, Derivatives & Commodity Trading); Asset Management & Fund Registration (Fund Registration, Fund Administration & Fund Management); Reinsurance; Islamic Finance and Back Office Operations.
Licence applications are being considered from financial institutions in the sectors. Each of these units will offer benefits such as zero tax rate on income and profits, 100 per cent foreign ownership, no restrictions on foreign exchange or capital/profit repatriation, operational support and business continuity facilities.
The job creation plan for the DIFC is to create about 10,000 jobs in all the sectors listed above. It is anticipated many of these positions will be filled with a mixture of foreign employees and local residents with specialist skills along with many graduate training programs.
One of the key subsidiaries of the center is the Dubai International Financial Exchange