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Coordinates: 25°12′51″N 55°16′53″E / 25.21417°N 55.28139°E / 25.21417; 55.28139
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Major changes as the page included outdated data. The added sections included: History, Governing Bodies, Laws and Regulations, DIFC Data Protection, Business Areas, DIFC infrastructure, Community, DIFC Master Plan, Gate Avenue at DIFC, DIFC 2024 Strateg
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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.
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.


==Independent jurisdiction==
==History==
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.
Established in 2004, the DIFC – positioned between the financial centres of New York and London in the West, and Hong Kong and Singapore in the East – is a global centre for trade and finance.


The DIFC-LCIA Arbitration Centre is an independent centre of international arbitration that uses rules modelled on the [[London Court of International Arbitration]].
'''2002'''


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.
• DIFC’s first bi-annual meeting of the DIFC Governors is held


==Role as an international financial centre==
'''2004'''
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.
• DIFC’s landmark Gate Building starts


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.<ref>{{cite web|url=http://www.nasdaqdubai.com/investors/index.html |title=NASDAQ Dubai |publisher=NASDAQ Dubai |date= |accessdate=2011-08-09}}</ref>
• Construction on the Gate District commences


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;<ref>{{cite web|url=http://www.ameinfo.com/139871.html |title=Clifford Chance advises on the largest ever IPO in the Middle East &#124; Clifford Chance |publisher=AMEinfo.com |date= |accessdate=2011-08-09}}</ref> it was 15 times oversubscribed, and is one of the most valued companies in the Middle East Region.<ref>{{cite web|url=http://www.livemint.com/2007/11/21231016/DP-World-nets-49bn-in-region.html |title=DP World nets $4.9bn in region’s biggest IPO - Money Matters |publisher=livemint.com |date=2007-11-21 |accessdate=2011-08-09}}</ref>
• Construction of DIFC Gate Building is completed


NASDAQ Dubai is regulated by Dubai Financial Services Authority.<ref>[http://www.nasdaqdubai.com/aboutus/index.html NASDAQ Dubai<!-- Bot generated title -->] {{webarchive |url=https://web.archive.org/web/20120403233435/http://www.nasdaqdubai.com/aboutus/index.html |date=April 3, 2012 }}</ref>
'''2005'''


== Gate Avenue at DIFC ==
• HH Sheikh Maktoum bin Rashid Al Maktoum, Prime Minister of the UAE and Ruler of Dubai, appoints two judges to the DIFC Court
In April 2016, Dubai International Financial Centre (DIFC) announced the launch of Gate Avenue at DIFC.<ref>{{Cite web|url=http://www.khaleejtimes.com/nation/dubai/dh475m-gate-avenue-on-track-to-open-in-difc-in-2017|title=Dh475m Gate Avenue on track to open in DIFC in 2017 - Khaleej Times|last=Rizvi|first=Muzaffar|website=www.khaleejtimes.com|access-date=2017-01-22}}</ref> 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==
• Dubai International Financial Exchange (DIFX) is launched. It is now known as Nasdaq Dubai
The Dubai International Financial Centre has two hotels.


The [http://www.fourseasons.com/dubaidifc/ Four Seasons Hotel DIFC]<ref>{{Cite web|url=http://www.arabianbusiness.com/four-seasons-opens-second-dubai-hotel-in-difc-625470.html#.V2EuW1V95hE|title=Four Seasons opens second Dubai hotel in DIFC|website=Arabian Business|access-date=2016-06-15}}</ref> opened in early 2016. The interior wasdesigned by New York-based Tihany Design,.<ref>{{Cite web|url=http://www.sleepermagazine.com/adam-d-tihany-to-design-four-seasons-property/|title=Tihany to Design Four Seasons Dubai {{!}} Sleeper|website=www.sleepermagazine.com|access-date=2016-06-15}}</ref> The hotel includes the [http://www.firebirddubai.com/ Firebird Diner], a modern-American diner styled restaurant, [http://www.fourseasons.com/dubaidifc/dining/lounges/penrose_lounge/ Penrose] a lobby level tea lounge and a terrace for meetings and relaxation.<ref>{{Cite web|url=http://press.fourseasons.com/news-releases/2015/four-seasons-hotel-dubai-at-difc/|title=Four Seasons to Open Second Property in Dubai|website=Four Seasons Press Room|access-date=2016-06-15}}</ref>
• HH Sheikh Mohammed bin Rashid Al Maktoum officially launches DIFC.


The [[Ritz Carlton]] DIFC<ref>[http://www.ameinfo.com/258688.html Ritz-Carlton launches first hotel at Dubai International Financial Centre | Travel and Tourism | AMEinfo.com<!-- Bot generated title -->] {{webarchive |url=https://web.archive.org/web/20110406062125/http://www.ameinfo.com/258688.html |date=April 6, 2011 }}</ref> was announced and construction was started in 2006.<ref name="autogenerated5">[http://www.arabianbusiness.com/bouygues-hits-dubai-with-ritz-carlton-job-63269.html Bouygues hits Dubai with Ritz-Carlton job - ArabianBusiness.com<!-- Bot generated title -->]</ref><ref name="autogenerated7">[http://www.ameinfo.com/248356.html Union Properties finalizes sale of Ritz Carlton Hotel at DIFC | Union Properties (UP) | AMEinfo.com<!-- Bot generated title -->] {{webarchive |url=https://web.archive.org/web/20110214143138/http://www.ameinfo.com/248356.html |date=February 14, 2011 }}</ref> Paris-based construction firm [[Bouygues]]<ref name="autogenerated5" /> built the hotel for developers Union Properties.<ref name="autogenerated5" /> The hotel was scheduled to open 2008,<ref>[http://www.arabianbusiness.com/ritz-carlton-heads-for-difc-144201.html Ritz-Carlton heads for DIFC - Travel & Hospitality - ArabianBusiness.com<!-- Bot generated title -->]</ref> but began operations in January 2011.<ref>[http://corporate.ritzcarlton.com/en/Press/Properties/DubaiIfc/Releases/new_ritzcarlton_open_january.htm New Ritz-Carlton to Open January 2011 at Dubai International Financial Centre<!-- Bot generated title -->] {{webarchive |url=https://web.archive.org/web/20120404130630/http://corporate.ritzcarlton.com/en/Press/Properties/DubaiIfc/Releases/new_ritzcarlton_open_january.htm |date=April 4, 2012 }}</ref> The 5 star<ref name="autogenerated8">[http://www.tripadvisor.com/Hotel_Review-g295424-d1945968-Reviews-The_Ritz_Carlton_Dubai_International_Financial_Centre-Dubai.html The Ritz-Carlton Dubai, International Financial Centre (Dubai, United Arab Emirates) - Hotel Reviews - TripAdvisor<!-- Bot generated title -->]</ref> 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.<ref>[http://www.ritzcarlton.com/en/Properties/DubaiIfc/Information/Default.htm World Trade Centre Hotel in Dubai: The Ritz-Carlton, Dubai Intl. Financial Centre<!-- Bot generated title -->]</ref> The hotel covers an area of 2000 square meters.<ref name="autogenerated7" /> The developers of the hotel, Union Properties, sold it in November 2010 for AED 1.1 Billion in order to reduce debt.<ref name="autogenerated7" /> It has a 4.5/5 rating on TripAdvisor.<ref name="autogenerated8" />
'''2006'''


==Art galleries==
• Hawkamah Institute for Corporate Governance is established


Dubai International Financial Centre is also home to several art galleries which showcase both local and international art:<ref>[http://www.difc.ae/community-blog/difc-galleries-night DIFC Galleries Night | Dubai International Financial Centre<!-- Bot generated title -->] {{webarchive |url=https://web.archive.org/web/20111011164610/http://www.difc.ae/community-blog/difc-galleries-night |date=October 11, 2011 }}</ref><ref>[http://difc.ae/art-culture-0 Art & Culture | Dubai International Financial Centre<!-- Bot generated title -->]</ref>
• Several professional education programmes, including the world’s first Executive MBA in Islamic Finance developed by Cass Business School, are offered from the DIFC Centre of
Excellence


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.
• DIFC Judicial Authority publishes the draft Rules of Court


==Restaurants and cafés==
'''2007'''


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:<ref>[http://www.difc.ae/caf%C3%A9s-restaurants Cafés & Restaurants | Dubai International Financial Centre<!-- Bot generated title -->]</ref><ref>[http://www.menupages.ae/listing.aspx?Area=DIFC&front=location&locationid=25 Dubai Restaurants, Online menu Guide, Dubai Cuisines, Dubai Menu Guide – MenuPages.ae<!-- Bot generated title -->]</ref>
• DIFC issues its Data Protection Law


==Shopping==
• DIFC Investments issues landmark USD1.25 billion sukuk


Within the DIFC complex are located a variety of retail shops and convenience stores along with business services outlets:<ref>[http://www.difc.ae/retail-convenience Retail & Convenience | Dubai International Financial Centre<!-- Bot generated title -->]</ref> 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.
• DIFC Real Property law is enacted, allowing companies and individuals to hold freehold ownership of real estate within the financial district


==Important Buildings==
'''2008'''


* [[Burj Daman Building]]
• DIFC Authority achieves ISO Certification
* [[DIFC Tower]]
* [[Emirates Financial Towers]]
* [[Liberty House (Dubai)|Liberty House]]
* [[Ritz Carlton]]
* [[Sky Gardens]]
* [[The Index (Dubai)|The Index]]
* [[DAMAC Properties|DAMAC]] Towers


==See also==
• DIFC Courts appoints the first female judge in the UAE
* [[Nasser Saidi]], Chief Economist


==References==
• HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum establishes a joint venture with the London Court of International Arbitration (LCIA) and inaugurates the DIFC LCIA Arbitration Centre


{{Reflist|refs=
• HH Sheikh Mohammed bin Rashid Al Maktoum enacts new Arbitration Law of DIFC


}}
• HH Sheikh Mohammed bin Rashid Al Maktoum swears in first UAE National Judges to take office in an International Court of Appeal at DIFC Courts

'''2009'''

• DIFC hosts release of Regional Economic Outlook for the Middle East and Central Asia by the International Monetary Fund (IMF)

• DIFC Courts creates the first pro-bono programme in the Middle East

'''2010'''

• DIFC is awarded the inaugural Sheikh Mohammed bin Rashid Al Maktoum Patrons of the Arts Award

• The Ministry of Finance signs MoU with DIFC Authority to promote cooperation and exchange of expertise

'''2011'''

• The jurisdiction of the DIFC Courts is expanded to include any case beyond the DIFC, in which both parties agree to its jurisdiction

'''2012'''

• DIFC and the Australia Gulf Council sign a Strategic Partner Agreement

'''2013'''

• FTSE opens new offices in DIFC

• DIFC unveils updated master plan at Cityscape Global

'''2014'''

• DIFC Investments launches and prices a USD700 million sukuk.

• DIFC sees the enactment of the Netting Law that provides legal certainty in DIFC on the enforceability of close-out netting in the case of insolvency

'''2015'''

• DIFC launches 2024 Strategy, which aims to triple the size of the Centre over the course of a decade

==Governing Bodies==
The Dubai International Financial Centre (DIFC) is governed by three independent bodies:
The DIFC Authority is the management body established to oversee the strategic development, operational management and planning of the Dubai International Financial Centre.

The [[Dubai Financial Services Authority]] (DFSA) is a central and independent regulator that grants licenses, oversees the activities of all financial and non-financial institutions in DIFC and regulates all financial and ancillary services conducted in the centre, including disclosure requirements. The DFSA is also responsible for the regulation and supervision of persons in DIFC in relation to anti-money laundering, counter-terrorist financing and sanctions compliance and has the power to impose restrictions, suspensions and sanctions, including financial penalties.

The Dispute Resolution Authority (DRA) incorporates [[DIFC Courts]], DFIC-LCIA Arbitration Centre, DIFC Academy of Law, and the Will & Probate Registry and is in charge of independent administration and enforcement of justice in the Centre.

==Laws and Regulations==
The Dubai International Financial Centre (DIFC) operates within a unique legal and regulatory framework entrenched in the UAE’s constitution and the country’s laws, both at Federal and Dubai levels, permitting DIFC to have its own civil and commercial legal framework, inclusive of financial services regulation and a courts system modelled closely on international standards and principles of common law, tailored to the region's needs.

The DIFC-LCIA Arbitration Centre was launched in 2008 and then re-launched under a new legislative structure in November 2015 to operate in parallel to and independently from the DIFC Courts.

The Wills and Probate Registry was launched in 2015 to provide legal certainty and a comprehensive inheritance solution for non-Muslims with assets in Dubai, allowing them to register English language wills that allow their Dubai-based assets to be transferred upon death according to their instructions.
Established in 2015, the Academy of Law’s core functions include training and regulating lawyers, and publishing court reports and academic literature. The Academy of Law also provides free legal advice for people in need through the region’s first pro-bono programme.

==DIFC Data Protection==
The Dubai International Financial Centre’s (DIFC) Data Protection Law prescribes rules and regulations regarding the collection, handling, disclosure and use of personal data in DIFC, the rights of individuals to whom the personal data relates and the power of the Commissioner of Data Protection in performing their duties in respect of matters related to the processing of personal data as well as the administration and application of the Data Protection Law. The Data Protection Law is consistent with EU directives and OECD guidelines.

==Business Areas==
DIFC hosts both financial and non-financial firms, with the financial areas of its business including banks, insurance, wealth markets and capital markets, and the commercial areas of its business encompassing professional services, global corporates, retailers and management offices.

Sectors include:

===Banking===
DIFC provides for a variety of banks, including wholesale, investment, private and Islamic, contributing to regulatory policies.
Specialist areas include:

• Commercial banking

• Investment banking

• Trade and export finance

• Project and infrastructure funding

• Treasury services

• Correspondent banking

===Capital Markets===
DIFC is a key regional location for banks and capital markets firms conducting investment banking and commercial banking activities in the region.

Nasdaq Dubai – located at DIFC – is considered a leading international financial exchange in the Middle East, where companies raise capital through US dollar denominated shares. The Dubai Mercantile Exchange (DME), also at DIFC, is one of the region’s top international energy futures and commodities exchanges.

===Wealth and Asset Management===
The Centre hosts firms active in wealth management and asset management as well as multi-family offices and private banks. The Middle East and North Africa (MENA) region hosts nine of the top 20 sovereign wealth funds globally, with assets estimated at USD 2 trillion.

In addition to Private Equity funds, Dubai's recently enacted Collective Investment Law provides a regime for fund domicile at DIFC and those marketing foreign funds in and from DIFC to include a legal framework for mutual funds, real estate funds, funds of funds and Islamic funds.

DIFC’s regulatory framework enables:

• Special purpose companies for financing transactions that facilitate the economic ownership of GCC real assets by non-GCC investors

• Investor vehicles with tailored regulatory requirements

• Open and closed-ended funds

• Funds of funds

• Private equity funds

• Hedge funds

• Real estate funds

• Shari’ah compliant funds

DIFC-domiciled investment funds can be marketed internationally, including in the European Union, through private placement regimes.

===Insurance===
The insurance sector of the Dubai International Financial Centre (DIFC) was the first to establish its own trade association. In 2015, the not-for-profit Professional Association of Insurance Entities at DIFC was established to support and represent the needs of DIFC’s (re)insurance market.

DIFC’s regulatory insurance framework enables:

• Re/Insurance

• Re/Insurance broking

• Underwriting agency

• Managing general agent (MGA)

• Coverholder

• Third party administration

• Captives

• Protective cell companies

• Captive manager

===Professional Services Providers===
The Dubai International Financial Centre (DIFC) sees a wide-range of professional services providers in its centre, including multinational law firms, big-four accounting firms, management consultants and recruitment firms.

DIFC-based service providers specialise in:

• Accounting and auditing

• Corporate service provision

• Compliance

• Consulting

• Education & training

• ICT solutions

• Legal

• Market information & research

• Recruitment

• Risk management

===Corporates===
The Dubai International Financial Centre’s (DIFC) legal framework and tax offering supports the following corporate structures:

• Holding companies

• Proprietary investments offices (including investment in commercial, education etc.)

• Intermediate Holding Companies / Special Purpose Vehicles

• Special Purpose Companies (legal entities established to facilitate one particular transaction)

===Retailers===
The Centre features several hotels and residences as well as a community of art, culture and cuisine in the following retail zones:

• ''' Gate Village''' , located adjacent to The Gate building, focusing on art galleries and fine dining outlets

• ''' Marble Walk''' , located beneath The Gate building, focusing on takeaway meals, retail convenience and essential services

• ''' The Balcony''' , which is the terrace surrounding The Gate building, focusing on casual dining options


==DIFC Infrastructure==
DIFC is made up of commercial office spaces, residential spaces, hotels, business centres, modern data centres, retail spaces, galleries and more.

In July 2012, DIFC announced the restructuring of the centre’s core functions into two independent entities: DIFC Authority was named as the business development and legislation arm, and DIFC Properties was established as part of DIFC Investments to manage the centre’s existing real estate portfolio and develop the remaining plots in DIFC’s Masterplan.

DIFC Properties oversees the property management and development of real estate assets in DIFC.

===Data Centres===
The Dubai International Financial Centre (DIFC) has four data centres that serve global and regional companies based in the Centre. The data centres provides a minimum N+1 redundancy for each cabinet, and offer connection via dark fibre or two complete diversified routes.

===Business Centres===
DIFC’s business centres’ features include:

• Conferencing and meeting facilities

• Communication tools

• Instant internet and telecom connectivity

• Mail receipt and distribution

• Storage space

• IT support

• Housekeeping

• Hot and cold beverages

• 24-hour security

==Community==
A ‘city within a city’, the district includes retail offerings within an easily walkable, open-air and air-conditioned space featuring a blend of retail, fine dining and café options.
These include:

===Art Galleries===
DIFC’s art galleries showcase artwork and culture from across the region and from the wider world. Works of art have been deployed at public spaces across the district to complement the centre’s award-winning architecture. In addition to its galleries, DIFC also hosts Art Nights @ Gate Village featuring live music, gallery shows and performances in the Gate Village district.

===Restaurants and Cafes===
DIFC features over 60 food and beverage outlets.

===Retail Outlets===
DIFC offers a variety of retail and convenience offerings, including department stores, bespoke boutiques and high-street stores set in a walkable open-air and air-conditioned retail space.

===Hotels===
Currently, the luxury [http://www.ritzcarlton.com/en/hotels/dubai/difc/ Ritz Carlton hotel] – that offers a direct walkway into DIFC – and the five-star [http://www.fourseasons.com/dubaidifc/Four Seasons hotel] are both based in the district. The [http://news.hiltonworldwide.com/index.cfm/newsroom/detail/30635/Waldorf Astoria] is expected to open in DIFC in autumn 2017.

==Dubai International Financial Centre Master Plan==
DIFC is 20 minutes from the Dubai International Airport, and the business districts of Downtown Dubai and Business Bay are located less than a 15-minute drive away. The district is close to Sheikh Zayed Road, the city's main, central highway. DIFC is also located between two metro stations.

DIFC’s master plan has been designed with subterranean passages connecting one end of the development to the other, as well as accessible roadways and a metro station to facilitate the smooth operation of business.

Designed with pedestrian access in mind, the district is augmented with greenery and public spaces as well as a European street setup that encourages people to explore the area on foot.

DIFC-owned buildings located in the district include:

• The Gate Building

• Precinct Buildings

• Gate Village Buildings

===Third-Party Owned Buildings===
In addition, a number of third-party owned or managed buildings are located in the DIFC district – these include:

• Al Fattan Currency House

• Liberty House

• [[Emirates Financial Towers]]

• Burj Daman

• [[DAMAC]] Park Towers

• [[The Index]] Tower

• Central Park

==Gate Avenue at DIFC==
[http://www.gateavenue.difc.ae/ Gate Avenue at DIFC] is a retail project launched in April 2016, that will connect all buildings across the financial district. It consists of more than 150 retail locations with a built-up area of 660,000 square feet.

==DIFC 2024 Strategy==

DIFC aims to triple in size over the next decade by drawing firms from China, India and Africa, growing assets under management at DIFC from USD17.4 billion to USD250 billion.

As part of the 2024 plan, DIFC aims to double the amount of leased space at the free zone from 2.5 million square feet in 2014 to 5.5 million square feet in 2024, increasing its workforce from 17,860 people to 50,000 by 2024.

DIFC sees 50% of future growth coming from China and the surrounding Asia and Asia-Pacific regions – the South-South trade corridor that stretches right across from Africa and possesses a combined GDP of USD7.9 trillion.

==See also==
* [[Dubai Financial Services Authority]]
* [[DIFC Courts]]


==External links==
==External links==
* [http://www.difc.ae/ Official Website]
* [http://www.difc.ae/ Official Website]
* [https://web.archive.org/web/20140318102212/http://paynocommission.com/pnc/blog/rent-laws-in-difc/ DIFC Rent Laws]
* [https://dfsa.ae/ Dubai Financial Services Authority]
* [https://dra.ae/ Dispute Resolution Authority]


{{Dubai topics}}
{{Dubai topics}}

Revision as of 23:53, 28 February 2017

Dubai International Financial Centre
IndustryBanking, Financial Services, Insurance, Wealth & Asset Management, Brokerage & Capital Markets, Professional Service Providers, Corporate Offices and Retailers
Founded2002,[1] operations started 2004[2]
HeadquartersDubai, United Arab Emirates
Key people
Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum (President)
Essa Kazim (Governor)
Arif Amiri (DIFC Authority CEO)
Websitehttps://www.difc.ae

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.

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.

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.[3]

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;[4] it was 15 times oversubscribed, and is one of the most valued companies in the Middle East Region.[5]

NASDAQ Dubai is regulated by Dubai Financial Services Authority.[6]

Gate Avenue at DIFC

In April 2016, Dubai International Financial Centre (DIFC) announced the launch of Gate Avenue at DIFC.[7] 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[8] opened in early 2016. The interior wasdesigned by New York-based Tihany Design,.[9] 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.[10]

The Ritz Carlton DIFC[11] was announced and construction was started in 2006.[12][13] Paris-based construction firm Bouygues[12] built the hotel for developers Union Properties.[12] The hotel was scheduled to open 2008,[14] but began operations in January 2011.[15] The 5 star[16] 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.[17] The hotel covers an area of 2000 square meters.[13] The developers of the hotel, Union Properties, sold it in November 2010 for AED 1.1 Billion in order to reduce debt.[13] It has a 4.5/5 rating on TripAdvisor.[16]

Art galleries

Dubai International Financial Centre is also home to several art galleries which showcase both local and international art:[18][19]

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:[20][21]

Shopping

Within the DIFC complex are located a variety of retail shops and convenience stores along with business services outlets:[22] 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.

Important Buildings

See also

References

  1. ^ DIFC announces project overview for real estate development | DIFC | AMEinfo.com Archived June 23, 2012, at the Wayback Machine
  2. ^ The Dubai International Financial Centre (DIFC) is open for business | DIFC | AMEinfo.com Archived June 23, 2012, at the Wayback Machine
  3. ^ "NASDAQ Dubai". NASDAQ Dubai. Retrieved 2011-08-09.
  4. ^ "Clifford Chance advises on the largest ever IPO in the Middle East | Clifford Chance". AMEinfo.com. Retrieved 2011-08-09.
  5. ^ "DP World nets $4.9bn in region's biggest IPO - Money Matters". livemint.com. 2007-11-21. Retrieved 2011-08-09.
  6. ^ NASDAQ Dubai Archived April 3, 2012, at the Wayback Machine
  7. ^ Rizvi, Muzaffar. "Dh475m Gate Avenue on track to open in DIFC in 2017 - Khaleej Times". www.khaleejtimes.com. Retrieved 2017-01-22.
  8. ^ "Four Seasons opens second Dubai hotel in DIFC". Arabian Business. Retrieved 2016-06-15.
  9. ^ "Tihany to Design Four Seasons Dubai | Sleeper". www.sleepermagazine.com. Retrieved 2016-06-15.
  10. ^ "Four Seasons to Open Second Property in Dubai". Four Seasons Press Room. Retrieved 2016-06-15.
  11. ^ Ritz-Carlton launches first hotel at Dubai International Financial Centre | Travel and Tourism | AMEinfo.com Archived April 6, 2011, at the Wayback Machine
  12. ^ a b c Bouygues hits Dubai with Ritz-Carlton job - ArabianBusiness.com
  13. ^ a b c Union Properties finalizes sale of Ritz Carlton Hotel at DIFC | Union Properties (UP) | AMEinfo.com Archived February 14, 2011, at the Wayback Machine
  14. ^ Ritz-Carlton heads for DIFC - Travel & Hospitality - ArabianBusiness.com
  15. ^ New Ritz-Carlton to Open January 2011 at Dubai International Financial Centre Archived April 4, 2012, at the Wayback Machine
  16. ^ a b The Ritz-Carlton Dubai, International Financial Centre (Dubai, United Arab Emirates) - Hotel Reviews - TripAdvisor
  17. ^ World Trade Centre Hotel in Dubai: The Ritz-Carlton, Dubai Intl. Financial Centre
  18. ^ DIFC Galleries Night | Dubai International Financial Centre Archived October 11, 2011, at the Wayback Machine
  19. ^ Art & Culture | Dubai International Financial Centre
  20. ^ Cafés & Restaurants | Dubai International Financial Centre
  21. ^ Dubai Restaurants, Online menu Guide, Dubai Cuisines, Dubai Menu Guide – MenuPages.ae
  22. ^ Retail & Convenience | Dubai International Financial Centre

25°12′51″N 55°16′53″E / 25.21417°N 55.28139°E / 25.21417; 55.28139

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