Hawkamah signs MoU with Egyptian Banking Institute

Notes and media contacts

About the DIFC: The Dubai International Financial Centre (DIFC) is an onshore hub for global finance. It bridges the time gap between the financial centres of Hong Kong and London and services a region with the largest untapped emerging market for financial services.

In just over one year, more than a hundred top international institutions have joined the DIFC as members. 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. (www.difc.ae) DIFCA is also responsible for developing the financial services industry.

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 modelled on that used in London and New York, and its regulatory regime operates to standards that meet or exceed those in major financial centres. (www.dfsa.ae)

3. 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 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 exchange launched in September 2005 and currently has 13 Member banks - Barclays Capital, Citigroup, Credit Suisse, Deutsche Bank, EFG-Hermes, HSBC, KAS BANK, Morgan Stanley, SHUAA Capital, UBS, Mashreq Capital DIFC, Merrill Lynch and ABN AMRO. (www.difx.ae )

4. 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 )

For further information contact:
Amira Abdulla
PR Manager, DIFC
Tel: +971 4 362 2433
Tim Harrison/Lavina Chatterjee
Asda'a Financial Practice
Tel: + 9714 3355969

Shaima Al Zarouni
Management Associate, DIFC
Tel: +9714 362 2432