To leaders of the global financial community

In February 2002, we announced our intention to establish the Dubai International Financial Centre (DIFC) - a bold vision to create a financial marketplace to serve a region which extends across the time zones between the financial centres of London and Hong Kong. Our vision is to complete the global financial system - to fill the gap not covered by the international financial centres of Europe, the Far East and North America.

In the DIFC, we have set out to create an international financial centre to match those of London, New York and Hong Kong - with a regulatory framework built on the best practices found in those leading jurisdictions. Financial institutions have the peace of mind of knowing that, when they locate in the DIFC, their reputations will be safe because the regulations, and the application of those regulations, will be of world-class standards.

The DIFC's guiding principles are: integrity, transparency and efficiency. This means the avoidance of unnecessary bureaucratic procedures, and laws and regulations which have benefited from consultations with financial institutions and their professional advisers. It also means state-of-the-art technology unencumbered by the legacies of the past.

Significant progress has been achieved over a very short time in turning this vision into a reality. In June 2004, (the late) HH Sheikh Zayed Bin Sultan Al Nahyan issued a federal law establishing the DIFC as a Federal Financial Free Zone for the Emirate of Dubai. The Regulatory and Companies Laws were enacted, along with ten other laws (including Arbitration, Contracts and Insolvency) in September 2004. Construction work is well under way on the first phase of The Dubai International Financial Centre, a world-class financial district built from the ground up.

The DIFC has been accepting applications for operating licences in the Centre since 2004. With the active participation and support of the world's leading financial institutions, Dubai will become the regional gateway for the flow of capital and investment into and out of the region and will thereby create growth for the benefit of the UAE and the wider region.

His Highness Sheikh Mohammed Bin Rashid Al Maktoum,
Vice-President and Prime Minister of the UAE and Ruler of Dubai