DIFC Governor receives U.S. Consul General

The Governor welcomed Mr. Waller and congratulated him on his new role. H.E. Saleh gave a detailed overview of DIFC and discussed the benefits the Centre provides to its members. DIFC has always been a preferred option for U.S. financial institutions. The Centre has some of the leading American banks, asset managers, legal firms and management consultancies as part of its community, and continues to see increased interest from the States. H.E Saleh also discussed opportunities for greater cooperation and for strengthening business relations between the UAE and the U.S.

Mr. Rob Waller commended DIFC's efforts in developing the financial services industry in the region and confirmed the importance of experience and opinion exchange in fostering mutual investments and economic relations.

The Dubai International Financial Centre (DIFC) is the financial and business hub connecting the region's emerging markets with the developed markets of Europe, Asia and the Americas.

Since its launch in 2004, DIFC, a purposely built financial free zone, has been committed to encouraging economic growth and development in the region through its strong financial and business infrastructure. Currently, DIFC's client base comprises almost 900 active registered firms, including 17 of the world's top 25 banks, eight of the world's ten largest insurers, eight out of 15 top law firms, ten of the top 20 money managers and seven of the top ten consultant companies in the world. Around 13 thousand employees operate in an open environment complemented by international legal and regulatory standards. DIFC offers its member companies benefits such as 100% foreign ownership, zero percent tax rate, with no restriction on capital convertibility or profit repatriation. DIFC has its own independent financial and ancillary services regulatory body, the Dubai Financial Services Authority (DFSA). It also has the DIFC Courts, which is an independent common law judiciary based in DIFC with jurisdiction over civil and commercial disputes in or relating to the Centre.

DIFC is built upon a modern legal, regulatory and physical infrastructure which makes it the destination of choice for Financial Services firms establishing a presence in the region.