Dr Omar Bin Sulaiman, Director General, Dubai International Financial Centre Authority, (DIFCA) commented:
"We are delighted that PricewaterhouseCoopers wants to do business from the DIFC. It is one of the world's largest accounting, audit and consulting firms, and we welcome their application. The number of major companies committed to locating here is increasing by the week and with each new applicant the critical mass of the DIFC continues to build up. The diversity of financial products and services that is becoming through the Centre is already remarkably high, considering that we have been operational for only one year.
"The attractions of the DIFC in particular and Dubai in general have helped us to achieve this success. We welcome PwC and all other companies that want to take part in the world's newest and fastest growing financial centre.
Mr Samuel A. DiPiazza, Jr, Global Chief Executive Officer of PwC, during his recent visit to Dubai, said:
"We have worked with DIFC since its inception. As a further demonstration of our commitment, PwC is pleased to establish a presence at DIFC. We will shortly complete and submit our application to register as an Ancillary Service Provider at DIFC."
Mr Samuel DiPiazza, Jr, together with Mr Michael J Stevenson, PwC's Middle East Senior Partner, met with Dr Omar Bin Sulaiman, Director General of DIFCA, and Dr Habib Al Mulla, Chairman of the DFSA to announce their decision.
Mr Michael J. Stevenson added:
"Upon obtaining approval, PwC will build upon its dedicated Assurance, Advisory and regulatory practice units at the DIFC, which provide clients with an extensive range of services, including regulatory compliance support and application assistance."
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PricewaterhouseCoopers to apply for membership of DIFC
- United Arab Emirates: Monday, October 10 - 2005 at 13:17
- PRESS RELEASE
PricewaterhouseCoopers (PwC), the world's largest accountancy firm, is finalising its application to the Dubai Financial Services Authority (DFSA) to register as an Ancillary Service Provider with the Dubai International Financial Centre (DIFC).
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Notes and media contacts
DIFCThe Dubai International Financial Centre (DIFC) has been established as part of the goal to position Dubai as a universally recognised hub for institutional finance and as the regional gateway for capital and investment to the Middle East.
The DIFC Authority is the core body established by the Dubai Decree that issues all the laws and regulations for all the non-financial entities who will operate in the DIFC, and houses the Companies and Security Registries. The DIFCA is also the marketing arm of the DIFC and has the mandate to attract financial and non-financial entities to set up in the DIFC.
The Dubai Financial Services Authority (DFSA) is the independent regulator of all financial and related ancillary services conducted in or from the Dubai International Financial Centre (DIFC) - for example, asset management, banking, securities trading, Islamic finance, re-insurance, and an international financial exchange. The DFSA has been created using principle-based primary legislation modelled closely on that used in London and New York, and the DIFC regulatory regime operates to standards that meet or exceed those applying in the world's major financial centres.
The DIFC Courts:
The laws, enacted by His Highness Sheikh Maktoum bin Rashid Al Maktoum provide for a new court system designed especially for the DIFC and the sophisticated transactions that will be conducted within it.
• The law establishing the Judicial Authority at the DIFC creates and sets out the jurisdiction of the court, allowing for the independent administration of justice in the DIFC; and
• The DIFC Courts Law sets out the jurisdiction, powers, procedures, functions and administration of the court.
PricewaterhouseCoopers (www.pwc.com) provides industry-focused assurance, tax and advisory services for public and private clients. More than 120,000 people in 144 countries connect their thinking, experience and solutions to build public trust and enhance value for clients and their stakeholders.
"PricewaterhouseCoopers" refers to the network of member firms of PricewaterhouseCoopers International Limited, each of which is a separate and independent legal entity.
For further information contact:
DIFC
Emad Abourahme
Corporate Communications Executive
Tel: +9714 362 2442
ASDA'A
A public relations consultancy
Tim Harrison/Lavina Chatterjee
Tel: + 9714 3355969
Posted by Anne-Birte Stensgaard, Senior News EditorMonday, October 10 - 2005 at 13:17 UAE local time (GMT+4)
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