Dubai International Financial Centre

A world-class financial district with lifestyle

Rising 15 storeys, The Gate is the architectural signature building of the 110-acre DIFC. Designed by the US architects Gensler, this iconic building houses the executive offices of the DIFC Authority, the DFSA, and leading international financial institutions.

The DIFC District, of which The Gate represents the first phase of development, will be a unique integration of buildings, which in combination will offer everything expected of a world-class cosmopolitan city – including offices, serviced apartments, hotels, shops and restaurants.

Within this self-contained location will be a city that has been planned and designed to become the ultimate in convenience for anyone seeking to live, work and enjoy their leisure time in one strategic location. The inclusion of a museum, an art gallery and a performing arts centre will add to the Centre’s attraction as a resort destination. People will be able to walk from one part of the city complex to another in a temperature-controlled environment, and on the outer perimeter there will be an automated transit system circumnavigating the entire district.

The DIFC District will comprise several million square feet of ultra-modern office space, and is designed to meet and exceed the most exacting demands of the world’s most sophisticated financial institutions (and the professionals who work for them), regardless of the scale and scope of their needs.

The Dubai International Financial Centre (DIFC) is the world’s fastest-growing international financial hub. Launched in 2004, DIFC is ideally located to bridge the gap for a global financial centre in the time zone between London and New York in the west and Hong Kong and Singapore in the east.
DIFC serves a region comprising over 42 countries with a combined population of approximately 2.2 billion people, and a GDP of US$3.74 trillion (in 2007). Its footprint stretches from the western tip of North Africa to the eastern part of South Asia.

A platform for tapping the largest emerging market for financial services, DIFC is today a community of over 650 financial services companies. These include some of the world’s largest financial and banking firms.
DIFC’s vision is to shape tomorrow’s financial map as a global gateway for capital and investment. Its mission is to be a catalyst for regional economic growth, development and diversification by positioning the DIFC as a global financial centre.

In order to achieve this, the DIFC has six primary sectors of focus:

• Banking & Brokerage
• Capital Markets
• Wealth Management
• Re-insurance and Captives
• Islamic Finance
• Ancillary Services

Structure

The DIFC is composed of three independent bodies.

• The DIFC Authority is responsible for developing overall strategy and providing direction and supervision to the DIFC as a whole. It works to attract licencees to operate in the DIFC and also creates laws and regulations to govern non-financial services activities.
• The Dubai Financial Services Authority (DFSA) is the sole regulator of financial and ancillary services conducted in or from the DIFC.
• The DIFC Judicial Authority is the independent body responsible for administering and enforcing civil and commercial matters at the centre.

• The Dubai International Financial Centre was conceived by the Government of Dubai for the benefit of the UAE and the wider region as a whole. Its remit is to create a regional capital market, offering investors and issuers of capital world-class regulations and standards. Its hallmarks are: integrity, transparency and efficiency.

The DIFC Authority’s Focused Approach

A strong, focused approach defines the organization and priorities of the DIFC Authority. Its most important objectives are to:

• Attract regional liquidity back into investment opportunities within the region and contribute to its overall economic growth.
• Facilitate planned privatizations in the region and enable initial public offerings by privately owned companies, giving impetus to the programme of deregulation and market liberalization throughout the region.
• Create added insurance and reinsurance capacity – 65% of annual premiums are re-insured outside the region.
• Develop a global centre for Islamic finance. This is now a US$1 trillion international industry attracting Muslims and non-Muslims alike, as an avenue for ethical investing.

As a new global jurisdiction for financial institutions, the DIFC offers its participants a highly attractive investment environment, including:

• 100 percent foreign ownership
• zero percent tax rate on income and profits
• wide network of double taxation treaties available to UAE incorporated entities
• no restrictions on foreign exchange or capital/profit repatriation
• dollar denominated environment
• transparent operating environment with high standards of rules and regulations
• strict supervision and enforcement of money laundering laws
• Ultra modern office accommodation, state-of-the-art technology, sophisticated infrastructure, data protection/security, operational support and business continuity facilities of uncompromisingly high standards.