Revealed: Dubai's regulatory agenda for 2013

Author: Gemma Varriale | Published: 30 Nov 2012
Roberta Calarese

Launched in 2004, the Dubai International Financial Centre (DIFC) now counts almost 900 member firms in its client base, including 17 of the world's top 25 banks. It offers 100% foreign ownership, a zero tax rate on income and profits and freedom to repatriate capital and profits. Here Roberta Calarese, Chief Legal Officer at the DIFC Authority, reveals the challenges faced when building a financial centre from scratch and how the eurozone will impacted DIFC's strategy in 2013

What impact has the DIFC had on Dubai and the wider region since its establishment?

Calarese: The creation of the DIFC as an international financial centre started in early 2002 and its purpose was to act as a springboard to develop capital markets in the region. Our priority was to create a robust legal and regulatory infrastructure that was best of breed, aligned with the top international financial centres. In...