Judges were impressed by the DIFC's new Family Office Initiative, which is establishing a legal and regulatory framework for Family Offices working in the centre. A Family Office is currently not recognized by any other jurisdiction, however this new legislation will define a Family Office in a legal capacity for the first time.
A Family Office is a private office set up by a single family with the sole purpose of managing the wealth and assets of that family. It is used by a growing number of wealthy families to both safeguard the assets today and plan for the next generation. The challenges facing families, their businesses and assets are becoming more complex. By setting up a Family Office, families obtain expert guidance from in-house professionals on a wide range of issues.
The DIFC, the world's fastest growing financial centre, was shortlisted along with established names - Isle of Man Government, Bahamas Financial Services Board and British Virgin Islands International Finance Centre.
"Winning this prestigious international award highlights how much DIFC has achieved in three short years and further recognises our role as a major player in the global financial industry," said HE Dr Omar Bin Sulaiman, Governor of DIFC.
Sandy Shipton, Executive Director, Wealth Management and Stephen Cutts, Director, Family Office and Trust Services at the DIFC, received the award.
Sandy Shipton added, "The Family Office Initiative is one of our latest projects and it's pleasing that all the hard work that's gone into it has been recognised by such a discerning body."
STEP, which has nearly 13,000 members in 33 countries, is a group of highly qualified and influential professionals including lawyers, accountants, trustees and private bankers, all providing services to high net worth clients. The organization provides education, training, representation and networking for its members, who specialise in trusts and estates, executorship, administration and related taxes.
The STEP Private Client Awards also had categories for best accountancy, investment and charity teams; Barrister of the Year; Regional Awards for the Channel Isles & Isle of Man and North America; Outstanding Achievement and Lifetime Achievement Awards; and even an entry for 'Worst Government Initiative of the Year'.
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DIFC wins International Award for Best Government Initiative at STEP Awards 2007
- United Arab Emirates: Sunday, October 07 - 2007 at 15:42
- PRESS RELEASE
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Dubai International Financial Centre (DIFC) has won an international award for the 'Best Government Initiative' at the Society of Trust and Estate Practitioners (STEP) Private Client Awards 2007 held in London.
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Posted by Medilyn Manibo, Assistant News EditorSunday, October 07 - 2007 at 15:42 UAE local time (GMT+4)
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Media enquiries
Amira Abdulla
Dubai International Financial Centre
Tel: +971 4 362 2433
Fax: +971 4 3622236
Shaima Al Zarouni
Dubai International Financial Centre
Tel: +971 4 362 2432
Fax: +971 4 3622236
About DIFC Family Office
Established in April 2006, the Dubai International Financial Centre (DIFC) Family Office was set up with the express aim of establishing and putting into place a professional and regulatory environment, tailored specifically for families wishing to set up a dedicated office to manage their private family wealth and family structures. Headquartered at the first international financial centre in the region, the Family Office will reach out to families based in the Middle East as well as across Europe, Asia and Australasia.
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 400 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:
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)
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)
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.
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). (www.difx.ae)
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
Dubai International Financial Centre
Tel: +971 4 362 2433
Fax: +971 4 3622236
Shaima Al Zarouni
Dubai International Financial Centre
Tel: +971 4 362 2432
Fax: +971 4 3622236
About DIFC Family Office
Established in April 2006, the Dubai International Financial Centre (DIFC) Family Office was set up with the express aim of establishing and putting into place a professional and regulatory environment, tailored specifically for families wishing to set up a dedicated office to manage their private family wealth and family structures. Headquartered at the first international financial centre in the region, the Family Office will reach out to families based in the Middle East as well as across Europe, Asia and Australasia.
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 400 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:
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)
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)
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.
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). (www.difx.ae)
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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