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03-10-10

Dubai- DIFC reduces costs to attract more firms

(MENAFN) A statement issued by The Dubai International Financial Centre (DIFC), said that the center has taken main steps to decrease the costs of doing business in free zones as it has stopped fees in 61 groups and cut fees in another 10 sectors and a small raise in 12. Fees in 46 of those were maintained at the same levels, Khaleej Times reported. The DIFC is considered to be the financial and business access that links the Middle East, Africa and South Asia or MEASA and the world, with its modern infrastructure, free zone status and self-governing laws and courts, is globally recognized as the finest and favored financial center in the region. In an attempt to make the DIFC a more eye-catching investment center for foreign and domestic fund managers, the Dubai Financial Services Authority launched a number of regulatory changes. This year, the center has attracted firms from rising markets like China, Malaysia and the Indian subcontinent. It is worth mentioning that the DIFC community contains 745 active registered companies, with 297 regulated and 374 non-regulated companies and 74 retailers where 16 of the worldï¿½s top 20 banks have established a presence at the DIFC; meanwhile eight of the worldï¿½s largest asset managers and four of the worldï¿½s five largest insurers are also based at the DIFC.

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