DIFC receives final legislative approval from Dubai GovernmentPress Release17 Sep 2004 01:48 pm
The Government of Dubai has today announced that ‘The Law of the Dubai International Financial Centre’ has been passed. This formally establishes the financial and administrative independence of the Dubai International Financial Centre (DIFC) and completes all of the necessary legislative steps required for the DIFC to operate formally.
The Dubai Decree confirms the appointment of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Defence Minister, as the President of the DIFC. Further, the law creates the bodies vital for the operation of the DIFC. These include the DIFC Financial Services Authority, the DIFC Judicial Establishments and the DIFC Registrar of Companies.
Director General of the Dubai International Financial Centre Authority, Dr Omar Bin Sulaiman, welcomed the decree
“Since our inception we have strived to create a world class international financial hub, one that can rival established markets in its regulatory independence, its transparency and the opportunities it provides. I am delighted to now say that the DIFC is open for business. This final legislative approval has established our independence and formalises the legal framework within which the DIFC and its tenants will operate.
“The processing of the numerous applications for licences we have already received will begin soon and we will announce when the first of these licences are to be granted in due course.”
He continued, “Since the announcement of the Federal Decree (35 of 2004) we have experienced a dramatic surge in interest from leading financial institutions, building on the solid commitment from earlier applicants. We can expect even higher levels of demand now that the legislative process is complete.
“The world’s next great financial centre is now a reality. We have worked tirelessly since HH Sheikh Mohammed announced his plans for the Dubai International Financial Centre and it is extremely gratifying to announce that we are now open for business.
“The Middle East is a region of vast potential, a potential it will now realise. The DIFC will continue to encourage investment into Dubai, the UAE and the whole region.”