UAE's Federal Cabinet approves Federal Decree which clears the way to setup the DIFCPress Release 14 Jul 2003 01:17 pm
The United Arab Emirates today (Monday) took a giant step towards the creation of the Middle Easts first truly world class International Financial Centre.
The Federal Cabinet approved a Federal Decree that will allow the full establishment of the Dubai International Financial Centre as a capital market directly modelled on the City of London and Wall Street.
Under the UAE constitution, the Cabinet decision needs to be ratified by the Supreme Council of the Federation, which is the top policy-making body of the UAE.
But the UAE now appears to be well on course to have its own financial capital market equal in quality to London, Tokyo, Hong Kong and New York before it hosts the summit meeting of the World Bank and the IMF in Dubai in September. This will be the most important economic summit ever staged in the Middle East and todays Federal Cabinet decision ensures that the UAEs own bold initiative will be one of the central features of the conference.
The final steps on the DIFC journey are likely to be completed within weeks. This will mean that the vision first expounded as recently as February 2002 by Sheikh Mohammed bin Rashid Al Maktoum will have resulted in the drafting and completion of an entire legal and regulatory environment based on global best practice in record time.
Naser Nabulsi, Chief Executive Officer of the DIFC, said:
We are soon to open for business. By the time the UAE hosts the IMF/World Bank annual conference in Dubai in September, we will have in place all the main building blocks for our regions first International Financial Centre equal in quality to the worlds best. It will be a proud moment.
No International Financial Centre of this stature has ever been launched so speedily. By taking this bold step, the UAE has empowered us to create a world class regional exchange that will generate wealth and jobs not just for the federation but for the wider region. That is why the decision taken today is of such historic importance.