Contents
Dubai International Financial Centre (DIFC) is the leading financial hub for the Middle East, Africa and South Asia (MEASA), which comprises 72 countries with an approximate population of 3 billion and a nominal GDP of US$ 7.7 trillion.
Correspondingly, is DIFC a government entity? The DIFC is an independent jurisdiction under the Constitution of the United Arab Emirates, with its own civil and commercial laws distinct from those of the wider UAE, and its own courts. … The principal governing body of the DIFC is the DIFC Authority.
Likewise, why was DIFC created? The Dubai International Financial Centre (“DIFC”) was launched in accordance with United Arab Emirates (UAE) Federal Decree No. 35 of 2004 as a part of Dubai‘s strategic vision to diversify its economic resources and attract capital and investments in the region. It is a Financial Free Zone defined in Federal Law No.
Additionally, how many companies are DIFC? DIFC is now home to 1,025 financial and innovation related companies in total, up 25 per cent from last year’s 820. During the first half of 2021, #DIFC achieved its 2024 Strategy targets ahead of schedule.
In this regard, who owns the DIFC? HIS HIGHNESS SHEIKH MAKTOUM BIN MOHAMMED BIN RASHID AL MAKTOUM. In little more than a decade, the DIFC has established itself as the premier financial free zone in a region that offers infinite possibilities for future opportunities and growth.
How many people work at DIFC?
A vibrant business ecosystem of over 27,942 professionals working across more than 3,292 active companies that benefit from the centre’s robust independent judicial system & regulatory framework, a global financial exchange, inspiring architecture, and enabling support services.
Is DIFC an English law?
The DIFC Courts are an independent English language common law judiciary, based in the Dubai International Financial Centre (DIFC) with jurisdiction governing civil and commercial disputes nationally, regionally and worldwide.
Who is the financial regulator in Dubai?
The DFSA is the independent regulator of financial services conducted in or from the DIFC, a purpose-built financial free zone in Dubai, UAE.
What is the jurisdiction of DIFC?
The DIFC Courts have jurisdiction over civil and commercial matters only. The DIFC Courts do not have jurisdiction over criminal matters. All criminal matters are referred to the appropriate external authority.
Who is the Chief Justice of UAE?
Article 101 of the Emirati Constitution stipulates that “The judgements of the Supreme Court of the Union shall be final and binding upon all.” The first President of the Union Supreme Court of the United Arab Emirates is H.E Judge Dr. Abdul Wahab Abdul (incumbent).
Is there a small claims court in Dubai?
Established in 2007, the Small Claims Tribunal (SCT) can hear claims within the jurisdiction of the DIFC in three situations. First, where the amount or value of the claim does not exceed AED 500,000. … There is no value limit for the SCT’s elective jurisdiction in the context of employment claims.
Does Sharia law apply in DIFC?
– – An arbitral tribunal in England or the DIFC can directly apply Sharia principles, even as a non-national system of law, under the relevant UK and DIFC statutes.
Who built DIFC?
Dubai International Financial Centre (DIFC) The DIFC Authority commissioned Gensler to create a comprehensive master plan for the city’s rapidly expanding financial sector, comprising two million square meters and a number of flagship buildings.
Is Goldman Sachs in Dubai?
Dubai: The new Goldman Sachs office in the Dubai International Financial Centre (DIFC) was inaugurated yesterday by Dr Omar Bin Sulaiman, governor of DIFC.
How many companies are registered in Dubai?
Dubai: Dubai’s economy has witnessed a 12.5 per cent growth in terms of new companies being registered during the first quarter. New companies registered with Dubai Trade reached 9,317. The growth brought the total number of registered companies to 106,000 firms.
How much does it cost to register a company in Dubai?
Company Registration Fee The exact fee will be determined according to the company’s legal structure, and of course, the chosen free zone. The costs for registering a company in a Dubai free zone is not exceptionally varied; it is usually around the range of AED 9,000 to AED 10,000.
