Landmark for growth and expansion

7th February, 2008

Since its inauguration in September 2004, the Dubai International Financial Centre (DIFC) has attracted more than 270 companies, including many of the world’s leading financial firms, and is also home to the Dubai International Financial Exchange (DIFX), opened in 2005.

Ideally located to bridge the gap between existing financial centres of London and New York in the West, and Hong Kong and Tokyo in the East, it will service a region said to have the largest untapped emerging market for financial services.

The DIFC is a 110-acre free zone, located in the heart of the city, close to leading banks, hotels and retail outlets. It is part of a vision to create an environment for progress and economic development and diversification by functioning as a globally recognised regional financial centre.

The DIFC is designed to create a unique financial services cluster for wealth-creation initiatives. Banking services, capital markets, asset management and fund registration, reinsurance, Islamic finance and back office operations are its six focus areas.

Financial institutions may apply for licences in these sectors. Firms operating in the DIFC are eligible for benefits such as a zero tax rate on profits, 100% foreign ownership, no restrictions on foreign exchange or repatriation of capital, operational support and business continuity facilities.

Financial services in the DIFC are regulated to international standards by the Dubai Financial Services Authority.

It is expected that by 2010 more than 30,000 professionals in the global financial market will work in the DIFC.

This ‘lighthouse’ tower is a 400-metre tower of luxury offices to be constructed next to ‘The Gate’ at the DIFC. Its external lighting features will make it a new Dubai landmark. The gross floor area will be 90,000 sq m. His Excellency Dr Omar Bin Sulaiman, Governor of the DIFC, says: “The launch of the DIFC Lighthouse Tower, the newest landmark on the skyline of Dubai, is in line with our objective for ongoing expansion of the DIFC and concomitant growth of the emirate. This tower will help meet the burgeoning demand for high-quality office space in the heart of our thriving community.�?

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