As the first UAE based law firm to have been registered by the DFSA to operate out of DIFC as an Ancillary Service Provider, BSA is now based in the region's international financial hub amidst other leading international and local companies.
Dr. Omar Bin Sulaiman, Governor of DIFC, welcomed BSA to the Centre: "Uniting global and regional businesses is an integral part of the DIFC's vision and is vital to its development. As such, we are delighted to have a competent law firm such as BSA bringing their expertise from the UAE market and high standards of service within our boundaries. We welcome them to the DIFC and look forward to the invaluable contribution they will make and the success this will bring both the company and the DIFC."
In his speech at the opening event, Founding Partner, Dr Rashid Bin Shabib, commented: "The DIFC has provided us with a dynamic business environment offering world class facilities and has put us in the vicinity of truly international organisations. Our presence here is a testimony to the unique service provided by BSA combining strong local ties with a new global approach. We are proud to have formed this significant relationship with the DIFC and sincerely hope that with time this bond will continue to strengthen."
BSA is evolving into a dynamic 'hybrid' law practice as it continues to bring together international expertise with profound local knowledge. To address the varying needs of its clients the firm has distinct legal departments: Corporate & Commercial; Banking & Finance; Litigation & Dispute Resolution; and Construction. With its renowned expertise in handling initial public offerings (IPO), mergers & acquisitions, and shari'ah compliant financing, BSA works across various industries, including finance, insurance, real estate & construction, capital markets, investment banking and transport.
The firm is led by Founding Partner, Dr Rashid Bin Shabib, a prominent figure in Dubai's business circles, and Managing Partner, Jimmy Haoula, who both possess a strong legal background following their extensive experience at Clifford Chance.
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Bin Shabib & Associates (BSA) open new offices in DIFC
- United Arab Emirates: Saturday, November 18 - 2006 at 10:17
- PRESS RELEASE
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Bin Shabib & Associates (BSA) announced the formal opening of its new offices in the Dubai International Financial Centre (DIFC).
right to left: His Excellency Dr. Omar Bin Sulaiman, Governor, Dubai International Financial Centre and Dr Rashid Bin Shabib, Founding Partner, Bin Shabib & Associates
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Posted by Lara Lynn Golden, News EditorSaturday, November 18 - 2006 at 10:17 UAE local time (GMT+4)
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Notes and Media Contacts »
For further information please contact:
Amira Abdulla
PR Manager, DIFC
Tel: +971 4 362 2433
Zishaan Mehra
Marketing Executive, Bin Shabib & Associates (BSA)
Tel. +971 4 368 5555
Fax +971 4 338 5000
Website: www.bsa.ae
Shaima Al Zarouni
Dubai International Financial Centre
Tel: +971 4 362 2432
About the DIFC:
The Dubai International Financial Centre (DIFC) is an onshore hub for global finance. It bridges the time gap between the financial centers of Hong Kong and London and services a region with the largest untapped emerging market for financial services.
In just under two years, over 285 firms have registered at the DIFC. They operate in an open environment complemented with world-class regulations and standards. The DIFC offers its member institutions incentives such as 100 per cent foreign ownership, zero tax on income and profits and no restrictions on foreign exchange. In addition their business benefits from modern infrastructure, operational support and business continuity facilities of uncompromisingly high standards.
The DIFC is made up of the following core bodies:
1. The DIFC Authority (DIFCA) - Responsible for the Companies and Security Registries and attracting financial as well as non-financial institutions to set up in the DIFC. The DIFC Authority is also responsible for developing the financial services industry. (www.difc.ae)
2. The Dubai Financial Services Authority (DFSA) - An independent, unitary regulatory authority, responsible for the regulation of all DIFC operations. Its principle-based primary legislation is modeled on that used in London and New York and its regulatory regime operates to standards that meet or exceed those in major financial centers. (www.dfsa.ae)
3. The DIFC Courts - An independent court system set up to uphold the provisions of DIFC laws and regulations, the courts provide comprehensive legal redress in civil and commercial matters within the DIFC. The DIFC Courts system is especially designed to deal with all of sophisticated transactions that will be conducted within DIFC. The DIFC Court laws, based on the common law, not only sets out the jurisdiction of the court but also provides for a dispute resolution services, including arbitration and mediation, thus allowing for the independent administration of justice in the DIFC. ( www.difccourts.ae)
DIFC Investments- The creation of DIFC Investments will result in the allocation to it of all non public administration activities previously carried out by DIFC Authority. This will include amongst other things all commercial and other activities such as the operation and management of any current and future subsidiaries, the development of the centre's investment strategy and relevant policies and any other strategic investments or alliances which will further the goals and objectives of the Dubai International Financial Centre and contribute to the fulfillment of the Centre's vision. Some of the companies and organizations that DIFC Investments owns include:
1. The Dubai International Financial Exchange (DIFX) The DIFX is the region's first international financial exchange for equities, bonds, Islamic products, funds, index products and (subject to regulatory approval) derivatives. The target areas of the DIFX for seeking issuers include the Middle East and North Africa, as well as South Africa, Turkey and the Indian sub-continent. The regulator of the DIFX is the Dubai Financial Services Authority. The DIFX is located in the Dubai International Financial Centre (DIFC) and its owner is the DIFC Authority. (www.difx.ae)
2. Hawkamah- the first Institute for Corporate Governance in the region, has been established in partnership with a group of international institutions, including the Dubai International Financial Centre (DIFC), Organisation for Economic Cooperation and Development (OECD), UAE Ministry of Finance and Industry, Centre for International Private Enterprise (CIPE), International Finance Corporation (IFC), the Union of Arab Banks (UAB), Dubai School of Government (DSG), Young Arab Leaders (YAL), and the Institute of Management Development (IMD). (www.hawkamah.org).
Amira Abdulla
PR Manager, DIFC
Tel: +971 4 362 2433
Zishaan Mehra
Marketing Executive, Bin Shabib & Associates (BSA)
Tel. +971 4 368 5555
Fax +971 4 338 5000
Website: www.bsa.ae
Shaima Al Zarouni
Dubai International Financial Centre
Tel: +971 4 362 2432
About the DIFC:
The Dubai International Financial Centre (DIFC) is an onshore hub for global finance. It bridges the time gap between the financial centers of Hong Kong and London and services a region with the largest untapped emerging market for financial services.
In just under two years, over 285 firms have registered at the DIFC. They operate in an open environment complemented with world-class regulations and standards. The DIFC offers its member institutions incentives such as 100 per cent foreign ownership, zero tax on income and profits and no restrictions on foreign exchange. In addition their business benefits from modern infrastructure, operational support and business continuity facilities of uncompromisingly high standards.
The DIFC is made up of the following core bodies:
1. The DIFC Authority (DIFCA) - Responsible for the Companies and Security Registries and attracting financial as well as non-financial institutions to set up in the DIFC. The DIFC Authority is also responsible for developing the financial services industry. (www.difc.ae)
2. The Dubai Financial Services Authority (DFSA) - An independent, unitary regulatory authority, responsible for the regulation of all DIFC operations. Its principle-based primary legislation is modeled on that used in London and New York and its regulatory regime operates to standards that meet or exceed those in major financial centers. (www.dfsa.ae)
3. The DIFC Courts - An independent court system set up to uphold the provisions of DIFC laws and regulations, the courts provide comprehensive legal redress in civil and commercial matters within the DIFC. The DIFC Courts system is especially designed to deal with all of sophisticated transactions that will be conducted within DIFC. The DIFC Court laws, based on the common law, not only sets out the jurisdiction of the court but also provides for a dispute resolution services, including arbitration and mediation, thus allowing for the independent administration of justice in the DIFC. ( www.difccourts.ae)
DIFC Investments- The creation of DIFC Investments will result in the allocation to it of all non public administration activities previously carried out by DIFC Authority. This will include amongst other things all commercial and other activities such as the operation and management of any current and future subsidiaries, the development of the centre's investment strategy and relevant policies and any other strategic investments or alliances which will further the goals and objectives of the Dubai International Financial Centre and contribute to the fulfillment of the Centre's vision. Some of the companies and organizations that DIFC Investments owns include:
1. The Dubai International Financial Exchange (DIFX) The DIFX is the region's first international financial exchange for equities, bonds, Islamic products, funds, index products and (subject to regulatory approval) derivatives. The target areas of the DIFX for seeking issuers include the Middle East and North Africa, as well as South Africa, Turkey and the Indian sub-continent. The regulator of the DIFX is the Dubai Financial Services Authority. The DIFX is located in the Dubai International Financial Centre (DIFC) and its owner is the DIFC Authority. (www.difx.ae)
2. Hawkamah- the first Institute for Corporate Governance in the region, has been established in partnership with a group of international institutions, including the Dubai International Financial Centre (DIFC), Organisation for Economic Cooperation and Development (OECD), UAE Ministry of Finance and Industry, Centre for International Private Enterprise (CIPE), International Finance Corporation (IFC), the Union of Arab Banks (UAB), Dubai School of Government (DSG), Young Arab Leaders (YAL), and the Institute of Management Development (IMD). (www.hawkamah.org).
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