World Library  
Flag as Inappropriate
Email this Article

Dubai International Financial Centre

Article Id: WHEBN0002517962
Reproduction Date:

Title: Dubai International Financial Centre  
Author: World Heritage Encyclopedia
Language: English
Subject: Dubai Financial Services Authority, List of Free Trade Zones in Dubai, Dubai, Michael Hwang, Axis Bank
Collection:
Publisher: World Heritage Encyclopedia
Publication
Date:
 

Dubai International Financial Centre

Dubai International Financial Centre
Industry Banking, Financial Services
Founded 2002,[1] operations started 2004[2]
Headquarters Dubai, United Arab Emirates
Key people

H.E. Essa Kazim

Sheikh Maktoum bin Mohammed bin Rashid al-Maktoum
Website http://difc.ae/

The Dubai International Financial Centre (DIFC) is a federal financial free zone situated in the Emirate of Dubai, United Arab Emirates. The DIFC was established pursuant to UAE Federal Decree No. 35 of 2004, UAE Federal Law No. 8 of 2004 and Dubai Law No. 12 of 2004. The DIFC occupies a physical territory of approximately 110 acres. It has its own legal system and courts distinct from those of the wider UAE, with jurisdiction over corporate, commercial, civil, employment, trusts and securities law matters.

The DIFC aims to provide a platform for business and financial institutions to reach into and out of the emerging markets of the region. It was 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 against international standards.

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 modeled 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

License 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 percent 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 10:00am 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]

Hotels

The Dubai International Financial Center complex has one hotel, the Ritz Carlton DIFC.[7] The hotel was announced and construction was started in 2006.[8][9] Paris-based construction firm Bouygues[8] built the hotel for developers Union Properties.[8] The hotel was scheduled to open 2008,[10] but began operations in January 2011.[11]

The 5 star[12] 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.[13] The hotel covers an area of 2000 square meters.[9]

The developers of the hotel, Union Properties, sold it in November 2010 for AED 1.1 Billion in order to reduce debt.[9]

The hotel has a 4.5/5 rating on Tripadvisor.[12]

Art galleries

Dubai International Financial Center is also home to art galleries which showcase both local and international art:[14][15]

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 is a variety of 42 cafes and restaurants located in this area featuring local and international chains; the selection of eateries includes everything from fast food outlets to dining options. A wide variety of cuisines can be found here:[16][17]

Shopping

Within the DIFC complex are located a variety of retail shops and convenience stores along with business services outlets:[18]

References

  1. ^ DIFC announces project overview for real estate development | DIFC | AMEinfo.com
  2. ^ The Dubai International Financial Centre (DIFC) is open for business | DIFC | AMEinfo.com
  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
  7. ^ Ritz-Carlton launches first hotel at Dubai International Financial Centre | Travel and Tourism | AMEinfo.com
  8. ^ a b c Bouygues hits Dubai with Ritz-Carlton job - ArabianBusiness.com
  9. ^ a b c Union Properties finalizes sale of Ritz Carlton Hotel at DIFC | Union Properties (UP) | AMEinfo.com
  10. ^ Ritz-Carlton heads for DIFC - Travel & Hospitality - ArabianBusiness.com
  11. ^ New Ritz-Carlton to Open January 2011 at Dubai International Financial Centre
  12. ^ a b The Ritz-Carlton Dubai, International Financial Centre (Dubai, United Arab Emirates) - Hotel Reviews - TripAdvisor
  13. ^ World Trade Centre Hotel in Dubai: The Ritz-Carlton, Dubai Intl. Financial Centre
  14. ^ DIFC Galleries Night | Dubai International Financial Centre
  15. ^ Art & Culture | Dubai International Financial Centre
  16. ^ Cafés & Restaurants | Dubai International Financial Centre
  17. ^ Dubai Restaurants, Online menu Guide, Dubai Cuisines, Dubai Menu Guide – MenuPages.ae
  18. ^ Retail & Convenience | Dubai International Financial Centre

External links

  • Official Website
  • DIFC Rent Laws

This article was sourced from Creative Commons Attribution-ShareAlike License; additional terms may apply. World Heritage Encyclopedia content is assembled from numerous content providers, Open Access Publishing, and in compliance with The Fair Access to Science and Technology Research Act (FASTR), Wikimedia Foundation, Inc., Public Library of Science, The Encyclopedia of Life, Open Book Publishers (OBP), PubMed, U.S. National Library of Medicine, National Center for Biotechnology Information, U.S. National Library of Medicine, National Institutes of Health (NIH), U.S. Department of Health & Human Services, and USA.gov, which sources content from all federal, state, local, tribal, and territorial government publication portals (.gov, .mil, .edu). Funding for USA.gov and content contributors is made possible from the U.S. Congress, E-Government Act of 2002.
 
Crowd sourced content that is contributed to World Heritage Encyclopedia is peer reviewed and edited by our editorial staff to ensure quality scholarly research articles.
 
By using this site, you agree to the Terms of Use and Privacy Policy. World Heritage Encyclopedia™ is a registered trademark of the World Public Library Association, a non-profit organization.
 



Copyright © World Library Foundation. All rights reserved. eBooks from World Library are sponsored by the World Library Foundation,
a 501c(4) Member's Support Non-Profit Organization, and is NOT affiliated with any governmental agency or department.