Founded 2002 | Phone +971 4 362 2222 | |
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Industry Banking, Financial Services, Insurance, Wealth & Asset Management, Brokerage & Capital Markets, Professional Service Providers, Corporate Offices and Retailers Headquarters Dubai, United Arab Emirates Key people Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum (President)
Essa Kazim (Governor)
Arif Amiri (DIFC Authority CEO) Address Sheikh Zayed Rd - Dubai - United Arab Emirates Similar Dubai World Trade Ce, Emirates Towers, Dubai Marina, Palm Jumeirah, Jumeirah Beach Residence Profiles | ||
Dubai international financial centre
Established in 2004 in Dubai, the Dubai International Financial Centre (DIFC) is a 110-hectare district and major global financial hub for the Middle East, Africa and South Asia (MEASA) markets. DIFC has its own independent, internationally regulated regulator and judicial system, common law framework, global financial exchange, tax-friendly regime, and a large, cosmopolitan business community. The district houses hundreds of financial institutions, including wealth funds and private investors, although it also hosts multinationals, retail outlets, cafés, restaurants, residential space, public green spaces, hotels and art galleries.
Contents
- Dubai international financial centre
- Independent jurisdiction
- Role as an international financial centre
- Gate Avenue at DIFC
- Hotels
- Art galleries
- Restaurants and cafs
- Shopping
- Important Buildings
- References
DIFC is one of Dubai’s independent free-zones, which means it offers companies 100% ownership without the need for a local partner. The district is governed by a common-law framework distinct from the UAE legal system with laws and regulations issued in English. DIFC offers clients a 50-year guarantee of zero taxes on corporate income and profits complemented by the UAE’s network of double taxation avoidance treaties.
Dubai international financial centre
Independent jurisdiction
The DIFC is an independent jurisdiction under the UAE Constitution, with its own civil and commercial laws distinct from those of the wider UAE. DIFC laws and regulations are written in English and default to English law in the event of an ambiguity. The DIFC also has its own courts, with judges taken from leading common law jurisdictions including England, Singapore and Hong Kong. The DIFC’s independent jurisdiction extends to a range of areas including corporate, commercial, civil, employment, trusts, and securities law matters. Other laws of the UAE or the Emirate of Dubai, such as criminal law and immigration regulations, continue to apply within the DIFC.
The DIFC-LCIA Arbitration Centre is an independent centre of international arbitration that uses rules modelled on the London Court of International Arbitration.
The principal governing body of the DIFC is the DIFC Authority. The financial services regulator is the Dubai Financial Services Authority (DFSA), which regulates the conduct of financial services in and from the DIFC. The DFSA is distinct from the UAE’s federal Securities and Commodities Authority, whose jurisdiction covers the wider UAE outside the boundaries of the DIFC.
Role as an international financial centre
Licence applications are considered from financial institutions in the sectors. Each of these units 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.
One of the key elements of the centre is a privately held financial exchange that opened in September 2005 as Dubai International Financial Exchange (DIFX) but was rebranded to NASDAQ Dubai in the year 2008.
The trading hours of NASDAQ Dubai are from 10:00 am to 2:00 pm (06:00 am to 10:00 am GMT) from Sunday to Thursday.
Companies listed on NASDAQ Dubai include ordinary shares listed by DP World along with DEPA. DP World's initial public offering was the largest ever in the Middle East and raised $4.96 billion; it was 15 times oversubscribed, and is one of the most valued companies in the Middle East Region.
NASDAQ Dubai is regulated by Dubai Financial Services Authority.
Gate Avenue at DIFC
In April 2016, Dubai International Financial Centre (DIFC) announced the launch of Gate Avenue at DIFC. The project is set to emerge as a premium lifestyle destination offering world-class amenities to the financial centre’s diverse community of professionals, residents and visitors. Gate Avenue at DIFC will boast more than 150 dining, shopping and cultural experiences and provide connectivity to all building podiums within the district. Split into three zones, each zone will feature distinctive elements, connected by an open-air Promenade Level. Gate Avenue at DIFC will link a network of residential and commercial buildings across the 110-acre financial district.
Hotels
The Dubai International Financial Centre has two hotels.
The Four Seasons Hotel DIFC opened in early 2016. The interior wasdesigned by New York-based Tihany Design,. The hotel includes the Firebird Diner, a modern-American diner styled restaurant, Penrose a lobby level tea lounge and a terrace for meetings and relaxation.
The Ritz Carlton DIFC was announced and construction was started in 2006. Paris-based construction firm Bouygues built the hotel for developers Union Properties. The hotel was scheduled to open 2008, but began operations in January 2011. The 5 star property is located adjacent to the Gate Precinct within the Gate Boulevard district near the Gate Building. It is 14 stories tall and consists of 341 rooms plus 124 serviced apartments, 3 restaurants 2 lounges and a 1400 square meter ballroom. The hotel covers an area of 2000 square meters. The developers of the hotel, Union Properties, sold it in November 2010 for AED 1.1 Billion in order to reduce debt. It has a 4.5/5 rating on TripAdvisor.
Art galleries
Dubai International Financial Centre is also home to several art galleries which showcase both local and international art:
The galleries showcase works by Middle Eastern and international artists, and frequently host events to present new works from different artists. Some of the above galleries also act as auction houses.
Restaurants and cafés
There are over 100 cafes and restaurants located in the Centre, featuring local and international chains; the selection of eateries includes everything from fast food outlets to fine-dining options. A wide variety of cuisines can be found here:
Shopping
Within the DIFC complex are located a variety of retail shops and convenience stores along with business services outlets: Within the DIFC one can find hair salons for men and women, nail salons, fitness facilities, a cobbler, a tailor, flower shops, electronic stores, gift shops, a medical clinic, etc.