is an onshore financial
centre strategically located between the east and west, which provides a
secure and efficient platform for business and financial institutions to reach
into and out of the emerging markets of the region. The quality and range of
DIFC’s independent regulation, common law framework, supportive infrastructure
and its tax-friendly regime make it the perfect base to take advantage of the
region’s rapidly growing demand for financial and business services.
DIFC fills the time-zone gap for a global financial centre between the leading
financial centres of London and New York in the west and Hong Kong and Tokyo
in the east. Guided by its core values of integrity, transparency and
efficiency, DIFC is playing a pivotal role in meeting the growing financial
needs of the region. Dubai Financial Services Authority (DFSA), which grants
licenses and regulates the activities of financial services conducted through
DIFC. The DFSA’s regulatory regime was developed using principle-based primary legislation
modeled closely on internationally accepted standards. The regulator’s mandate
covers asset management, banking and credit services, securities, collective
investment funds, custody and trust services, commodities futures trading,
Islamic finance, insurance, an international equities exchange and an
international commodities derivatives exchange.
DIFC is the largest cluster for international financial services between
Singapore and Europe.
The business and financial services community in DIFC represents a wide cross
section of the world’s leading players. Many of which have chosen the centre as
the base for their regional headquarters.
DIFC’s global stature is evidenced by the geographic diversity of firms
operating out of the Centre with approximately 40% of the regulated firms coming
from different parts of the Middle East, Africa and South Asia region; 42% from
across Europe; and 18% from the US and rest of the world.
Since its establishment, DIFC has grown not just in size but also in the
sophistication and depth of financial activity carried out from the Centre.
Innovative legislative initiatives that addressed specific industry needs and
the growing requirements of financial services across the region were key
drivers of growth.
- 16 of the world’s top 20 banks
- 8 of the world’s top 20 largest asset managers
- 4 of the world’s 5 largest insurance companies
- 6 of the top 10 global law firms