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
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...