As a leading regional commercial hub with a state-of-the-art infrastructure and a world-class business environment, Dubai provides investors with a unique and comprehensive value-added platform that makes Dubai the logical place to do business.
Dubai in particular, wants to establish itself as a regional financial centre and it feels a recognized, respected exchange is integral to achieving that status," notes Tahir Jawed, a Dubai-based expert in Islamic finance with the law firm of Maples and Calder. He adds that Dubai's ambitions would be furthered by "any links with a European exchange and the mutual recognition that would inevitably follow."
Key to the growth of the financial sector in Dubai is The Dubai International Financial Centre (DIFC) and the opening of the Dubai International Financial Exchange.
The Dubai International Financial Centre - DIFC was conceived by the Government of Dubai for the benefit of the UAE and the wider region as a whole. Since it opened in September 2004, the DIFC has attracted top firms from around the world as well as its region. A world-class stock exchange, The DIFX, opened in the DIFC in September 2005 and has recently been renamed the NASDAQ DIFX after the DIFX bought a large stake in NASDAQ. The deal also saw the DIFX take a 20% share in the London Stock Exchange.
DIFC’s ultimate goal 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.
DIFC focuses on several sectors of financial activities such as Banking Services (Investment Banking, Corporate Banking & Private Banking); Capital Markets (Equity, Debt Instruments, Derivatives and Commodity Trading); Asset Management and Fund Registration; Insurance and Reinsurance; Islamic Finance; Business Processing Operations and Ancillary Services. In terms of accommodation in Dubai International Financial Centre - DIFC, 45 towers will be built and approximately 30% will be residential while 70% commercial.
