Speaking at the prestigious Institute of International Finance (IIF) Annual Meeting at Washington, which was held alongside the Annual IMF meeting, Mr Assem O. Kabesh, Chief Development Officer of Dubai International Financial Centre Authority, clearly spelled out the dynamic future awaiting the Middle East and Dubai.
Dr Omar Bin Sulaiman, Director General of the Dubai International Financial Centre Authority, said: "The Middle East region is witnessing a phenomenal growth with unprecedented opportunities for all. The financial services sector has performed very well in the last year and double digit growth is expected to continue. Firms throughout the region have exploited demand for shares by raising capital through equity markets. Around $1.8 billion was raised through initial public offerings (IPOs) in 2004 and this figure has more than doubled in the first six months of 2005."
Abundant domestic liquidity, strong corporate earnings, low interest rates and an increase in confidence has fuelled capital markets growth by over 50%.
Mr Kabesh's commented: "The DIFC has been put in place to soak up this liquidity and to provide a truly global point of entry into this most exciting and dynamic of regions. Not to mention that this is done within an environment regulated to the highest standards and supported by world-class legal framework."
With the opening of the Dubai International Financial Exchange, the DIFC is now firmly on its way to becoming a financial centre of international reputation. An independent regulator, a judicial system based on a regulatory framework derived from international best practices, along with two billion consumers and US$ 1.8 trillion of GDP in the region, DIFC offers a very vibrant market to the international business community.
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Region to become financial services powerhouse
- United Arab Emirates: Wednesday, October 26 - 2005 at 15:59
- PRESS RELEASE
The Middle East holds the greatest potential for international financial services in the world, a senior DIFC personnel told an enthusiastic audience of bankers, world leaders, ministers and other key decision makers in Washington DC on Saturday.
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Notes and media contacts
DIFC:The 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. (www.difc.ae)
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. (www.dfsa.ae)
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 and provides for a dispute resolution services, including arbitration and mediation, thus 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. (www.difccourts.ae)
For further information contact:
Amira Abdulla
PR Manager
DIFC
Tel: +9714 362 2433
or
ASDA'A
A public relations consultancy
Tim Harrison/Lavina Chatterjee
Tel: + 9714 3355969
Posted by Janeta Novakovic, Assistant News EditorWednesday, October 26 - 2005 at 15:59 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
This article was updated on Tue May 22 2007.
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