Global Hub: Financial & business opportunities - Dubai international Financial centre
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Dubai International Financial Centre Global Hub: Financial & Business Opportunities
With its strategic location, independent
regulations, common law framework,
World-class infrastructure and tax-friendly
regime, DIFC PROVIDES its member companies AN
UNPARALLELED OPPORTUNITY TO ACCESS the region’s
rapidly growing demand for financial and
business services
The business and financial services community Apart from financial services, DIFC is also host to
in Dubai International Financial Centre (DIFC) several global and regional corporates across a
represents the world’s leading players from range of industries such as FMCG, petrochemical
a wide cross section of financial services and and technology.
related sectors including:
Many of these clients have chosen the centre as
• Banking and Capital Markets the base for their regional headquarters, and
• Insurance are increasingly using it as a platform to expand
• Wealth Management their regional footprint. Today, the geographical
• Professional Services and operational diversity of firms operating
from DIFC continues to show the centre’s
global stature and its position as the leading
international business and financial gateway in
the region.
LONDON
NEW YORK
ISTANBUL
TOKYO
CAIRO DUBAI SHANGHAI
JEDDAH HONG KONG
MUMBAI
RIYADH
SINGAPORE
JOHANNESBURG
SAU PAULO
SYDNEY
ACCESS A REGION WITH A
POPULATION OF 2.29 BILLION AND
NOMINAL GDP OF US $5.7 TRILLION
DIFC STRUCTURE
DIFC is a Federal Financial Free Zone established in accordance with
United Arab Emirates Federal Law, and Dubai Law. His Highness
Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, Deputy
Ruler of Dubai, is the President of DIFC. He presides over the DIFC
Higher Board, which was established to oversee the development
of DIFC’s three bodies, ensuring they operate in harmony and
unity of purpose through stronger levels of coordination without
affecting their independence. Appointed by the President on a four
year term, the Governor of DIFC proposes strategies, policies and
objectives, establishes committees, memoranda of understanding in
order to realise the objectives and to regulate the operations of the
Centre, in consultation with the Centre’s Bodies.
DIFC AUTHORITY
DIFC Authority develops policies and oversees the strategic development,
operational management, marketing and administration of DIFC.
DIFC Authority is also responsible for the administration of laws and
regulations for non-financial services activities, which are not regulated by
Dubai Financial Services Authority.
DUBAI FINANCIAL SERVICES AUTHORITY
DFSA is an independent risk-based regulator which grants licenses and
regulates the activities of firms conducting financial services in or from
DIFC. DFSA’s regulatory regime was developed using principle-based
primary legislation modelled closely on internationally accepted standards.
DIFC Judicial Authority
DIFC Judicial Authority (DIFC Courts), the independent, common law
judicial system within the Centre, is responsible for the administration
and enforcement of justice over all civil and commercial disputes
within the Centre.
The Gate
Dubai International Financial CentreTHE DIFC ADVANTAGE
AS home to more than 800 companies
including 18 of the world’s top 25 banks,
8 of the world’s top asset managers,
6 of the world’s 10 largest insurers and
6 out of 10 top law firms – DIFC IS THE IDEAL
JURISDICTION FOR INTERNATIONAL BUSINESS.
Global Financial World Class Independent Supportive Business
and Business Hub Regulatory Body Legislative System Environment
Dubai’s strategic location gives unique Financial services institutions in DIFC are DIFC has its own set of civil and commercial DIFC’s supportive infrastructure and tax-
accessibility to a wide region comprising licensed and regulated by DFSA, which offers laws and regulations, and has developed a friendly regime make it the perfect base to
growing economies, population and a comprehensive, world-class regulatory complete code of law governing financial services take advantage of the region’s rapidly growing
opportunities. Dubai has invested heavily in framework. The independent regulatory body regulation. As part of its autonomy, DIFC has demand for financial and business services.
its transport, telecommunications, energy was created using principle-based primary created an independent judicial system. DIFC
and industrial infrastructure enhancing its legislation modelled closely on that used in Courts is responsible for the independent and As a free zone, DIFC provides a competitive
attractiveness to international businesses. As a London and New York. DFSA licenses a wide transparent enforcement of justice in DIFC. operating environment that offers:
result, Dubai is considered as a leading range of financial services activities and allows
regional commercial hub with a world class a variety of legal vehicles to be established with The DIFC legislative system is based on Common • 100 percent foreign ownership
business environment. capital structuring flexibility. Law principles and modelled on the laws of
• Zero percent tax rate on income and profits
England & Wales, and uses English as its official
(guaranteed for a period of 50 years
One of the various licences is the Representative language. DIFC Courts have exclusive jurisdiction
from 2004)
Office licence, which is a cost effective solution over all civil and commercial disputes arising
for companies new to the region looking to within DIFC and or relating to bodies and • A wide network of double taxation treaties
conduct initial groundwork, market research companies registered in DIFC, and allow for available to UAE incorporated entities
and assess business opportunities. In addition, matters to be heard either within the Courts • No restrictions on repatriation of income
Representative Offices are exempt from many of or, if the parties wish, in the court of another and profits
the regulations specified in the DFSA Rulebook, recognised jurisdiction.
which helps these firms establish themselves • No exchange controls resulting in greater
with minimal costs. Visit www.difc.ae/laws-regulations and investment flexibility (free capital
www.difccourts.ae for more information. convertibility)
DIFC is committed to continue developing the • Access to a large pool of skilled professionals
regulatory framework to enhance the growth DIFC LCIA Arbitration Centre was formed to residing in Dubai and the region
of financial services and commercial activities in promote the effective resolution of international
the region. business disputes through arbitration and • A responsive one-stop shop service for visas,
mediation. Arbitration and Mediation rules are work permits and other related requirements
Visit www.dfsa.ae for more details. a close adaptation of the LCIA Rules, tailored to
meet the requirements of the Centre.
Visit www.difc-lcia.org for more details.AREAS OF BUSINESS
Attracted by the wealth of opportunities that
this region offers, a breadth of financial
services institutions and commercial firms
operate from within DIFC
BANKS INSURANCE WEALTH MANAGEMENT CAPITAL MARKETS
Maximum business opportunity Opportunities to tap into Raise, deploy and manage capital Access regional liquidity
from one platform a thriving market across the region
Attracted to the region by its growing wealth, DIFC provides access for the global insurance The region benefits from a vast pool of wealth Traditionally, companies, governments and
cross-border trade and investment activity, industry to a fast growing and rapidly changing and a growing appetite for specialist investment financial institutions have looked to the
M&A activity and ongoing restructuring by regional insurance market. The MENA insurance products. There is also an increasing demand international capital markets to meet their
state owned enterprises, corporations and market is expected to grow by 25% within the from high net worth individuals for tailor financing needs. However, with the advent of
private entities, a large number of banks and next couple of years*. made solutions which meet their specific and the regional stock markets there has been a
brokerages have established a presence in DIFC. individual wealth management requirements. growing opportunity for IPOs and listings on the
DIFC’s legislative and regulatory regime allows With the large disparity in comparative regional exchanges. At the same time, regional
banks to offer a range of services, including: insurance regulation across the region with DFSA legislative and regulatory regime investors have required liquid and efficient
varying standards of compliance, supervision and has created a highly supportive and secure markets to absorb the rapidly growing stock of
• Commercial Banking reporting, DIFC offers industry players a single environment for the growth of the funds financial assets accumulating in pensions, life
• Investment Banking platform that allows them to offer: industry. In compliance with IOSCO Principles, funds, collective investment schemes and other
• Trade and Export Finance the DFSA Funds Regime allows for all types of savings vehicles.
• Shariah-Compliant Banking • Insurance Services activities, including:
• Correspondent Banking • Reinsurance Services DIFC is a platform for investment banks &
• Takaful and Retakaful • Fund Domiciliation financial intermediaries to service the capital
Market opportunity • Captives • Fund Distribution markets of the region with:
• Actuarial Services • Fund Management
From DIFC, banks are able to service the region’s
• Complimentary Services • Underwriting
growing financing needs and support growing
Market opportunity • M&A Advisory
sophistication of businesses operating in the
Market opportunity • Venture Capital
region. Recent years have seen the expansion Regional insurance markets are very fragmented
which offer the opportunity for consolidation The DFSA Funds Regime was designed to create • Brokerage Services
of the corporate sector with more sophisticated
financing requirements. and joint ventures. Indeed, in many cases, the ideal investment centre for both foreign
international players tie up with regional firms and domestic fund managers. The regime is also Market opportunity
to establish a new entity to cater to the region’s flexible and evolves with the ever advancing DIFC is home to NASDAQ Dubai which lists
demand for insurance and reinsurance services. wealth management industry, ensuring that DIFC equity derivatives, structured products,
remains as competitive as any other jurisdiction sukuk and conventional bonds. Through the
Significantly, DFSA has adopted legislation around the world. exchange, regional and international issuers
governing Protected Cell Companies (PCC). can access regional and international liquidity.
A PCC structure is ideal for smaller companies By operating out of DIFC, wealth management International issuers can access capital from the
whose insurance risks are not sufficiently large firms can tap into and offer advanced asset region, through a primary or dual listing.
to justify formation of their own captive. management products for institutional investors
including the world’s largest sovereign
Furthermore, there is a significant opportunity wealth funds.
for actuarial companies to service DIFC-based
community of insurance companies as the DFSA
regulatory regime requires an actuarial report
on companies undertaking general insurance
business and those with long term
insurance business.
*
Middle East Insurance Market Forecast to 2012AREAS OF BUSINESS
Professional SERVICES Corporate Headquarters Community and Retail
Explore an unprecedented A jurisdiction for global and A vibrant community within the
professional services opportunity regional headquarters financial district
Business service providers offer critical business DIFC has a significant number of multinational The centre has experienced a growing demand
infrastructure and necessary services for corporations and regional conglomerates for business and lifestyle facilities from the
the growth and development of regulated which are utilising the centre to base a head professionals working in and around DIFC.
clients. The region has witnessed a growing or regional office where centralised strategic
demand for professional services firms driven leadership and global management of their Choose from several distinct zones within DIFC:
by greater sophistication in financial services business activities take place.
requiring specialist advisory work, increased • Gate Village located adjacent to The Gate,
cross-jurisdictional trade and transactions, Global corporates based at DIFC include Fortune focuses on art galleries and fine dining
and the ongoing restructuring by state owned 500 companies and leading players across a outlets
enterprises, corporations and private entities. broad spectrum of industries, including: • Marble Walk located beneath The
Gate, focuses on takeaway meals, retail
DIFC has attracted a wide range of professional • Financial Services convenience and essential services
service providers including: • Oil & Gas • The Balcony the terrace surrounding The
• Family Office Gate, focuses on casual dining options
• Legal • Telecommunication • Centre of Excellence, located in Gate Village
• Accounting and Audit • Consumer Goods 02, focuses on education and professional
• Consulting • Business Services development operations
• Compliance • Capital Goods • Event venues range from meeting rooms,
• Recruitment • Manufacturing theatres, outdoor areas, and our well-
• Risk Management appointed Conference Centre
• Data and Research Providers Market opportunity
• Back Office Solutions Market opportunity
DIFC offers an attractive legal framework
From DIFC, retail and lifestyle firms can access
Market opportunity and tax offering which, in combination with
the professional and residential community
the UAE’s wide network of double taxation
By locating in DIFC, firms are able to centralise within the financial district.
agreements, enables corporates to optimise
and consolidate their resources used to service
the tax impact on their global business and
the region, thereby gaining a competitive cost of
benefit from booking revenues in the centre.
operation. In addition to the growing regional
Global corporates can also use DIFC to run
opportunity, business services firms may benefit
treasury operations, including forex hedging
from the large business and financial captive
and liquidity management, and as a platform for
clientele already located within the Centre.
shared services centres for group companies and
business units.
Contact Kevin Birkett for more information on
doing business in DIFC
Kevin.Birkett@difc.ae
Follow us on Twitter @DIFC
www.difc.aeDUBAI INTERNATIONAL FINANCIAL CENTRE is the global HUB for business and financial SERVICES institutions
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