Standard Chartered makes first application to conduct wholesale banking at Dubai International Financial Centre

Ray Ferguson, Chief Executive for Standard Chartered Bank in the UAE, said: "When formed, DIFC will be a huge achievement for this region and reflects the outstanding vision of the leaders of Dubai and UAE.

"With the regulatory framework reaching the final stages of development, we wanted to be among the first to show our commitment to this important new pillar of regional growth. What is attractive for an international bank with strong regional ties, such as Standard Chartered, are the opportunities for new business in the different aspects of wholesale banking.

"The development of DIFC will allow us to lead the way by using our international expertise to provide specialised financial solutions to our local and regional customers, that may not have been possible otherwise."

Standard Chartered Bank is already an acknowledged leader in the provision of services to multinational, regional and domestic corporate and institutional clients in trade finance, cash management, custody, lending, foreign exchange, interest rate management and debt capital markets. It has been operating in the Gulf for more than 80 years.

Naser Nabulsi, Chief Executive Officer of DIFC, said: "The commitment to DIFC of an international organisation such as Standard Chartered demonstrates the value we can add to the business of international banks and financial institutions. Our combination of laws with which they are familiar, regulation which protects their reputations without being burdensome, and a more favourable tax regime than London, New York or Tokyo, adds up to a compelling package.

"Now that the vast majority of our legislation has been drafted and the UAE Cabinet has agreed the terms of the main federal decree, we are on course to open for business very soon. Over the next few years the major international companies based in DIFC will have a powerful impact on business expansion, employment and living standards not only in the UAE but all across the region."