It is one of the most important and prosperous free zones in the United Arab Emirates. It also contributes to consolidating the foundations of economic growth and prosperity for the United Arab Emirates. It works to fulfill its obligations towards shaping the features of the future of the financial sector and ensuring its components and development. The center has announced new expansion plans to support the future of the economy of Dubai and the UAE. Which will contribute to increasing its area by three times. It enhances his efforts to achieve the emirate’s ambitious vision, in addition to ensuring the diversification and development of the financial services sector in the region. The international standard of labor and employment law and the employment system of the Dubai International Financial Center (DIFC) attracts many foreign professionals to work in the financial free zone.
The Dubai International Financial Center was established:
The Dubai International Financial Center was established in 2004. Its most important feature is that it has a judicial system and an independent authority subject to international regulations, in addition to the international financial stock exchange. The free zone provides services to one of the most diverse business communities in the entire region. The Dubai International Financial Center is an inland financial center located in a lively area that combines East and West. This provides a secure platform for commercial and financial institutions wishing to establish business and access emerging markets in the region.
It currently includes hundreds of financial institutions, including funds and private sector investors, in addition to multinational companies in various fields. It also includes a large group of shops, cafes, restaurants, art galleries and hotels. The DIFC is an independent free zone and provides full foreign ownership governed by a common law different from the legal system of the UAE. Note that it is the most advanced free zone in the United Arab Emirates due to its legislation and regulations that depend on the financial sector. These laws include 26 laws and 17 regulations.
Dubai has also proven its position as a reliable investment partner for large enterprises and the small and medium enterprise sector thanks to the continuous modernization of all financial, administrative and regulatory systems. Dubai ensures that the rule of law and human rights are implemented in the UAE in a fair and serious manner in order to preserve the rights of individuals and institutions. It is also committed to the principle of transparency in implementing policies, legislation and services. In our company, we have the strongest and largest team of business consultants who provide quality services suitable for all your businesses and needs.
The Dubai International Financial Center (DIFC) is the leading financial center for the Middle East, Africa and South Asia (MEASA) region. This center also includes 72 countries with a population of 3 billion people and a nominal gross domestic product of 7.7 trillion US dollars. With a 15-year track record in facilitating trade and investment flows across the Middle East, North Africa and Africa, the center also links these fast-growing markets to the economies of Asia, Europe and the Americas via the Emirate of Dubai.
What distinguishes the DIFC area from others in Dubai
The Dubai International Financial Center (DIFC) area is distinguished from other areas in Dubai by many factors that make it unique and distinctive. Here are some features of this area:
- Advanced legal and regulatory environment: DIFC has an independent judicial system based on Anglo-Saxon Law, an internationally recognized legal system. The DIFC also provides an advanced regulatory framework for business and finance, enhancing confidence and security for investors and businesses.
- Legal Autonomous Sovereignty: The DIFC is an autonomous legal sovereign territory, with its own government and independent regulatory bodies. This means that the laws and regulations that apply in DIFC differ from those that apply in the rest of the Emirate of Dubai.
- Advanced Infrastructure and Services: DIFC provides high-tech and advanced infrastructure, including modern facilities such as advanced office buildings, commercial complexes, restaurants and stores. The region also includes luxury real estate projects with unique designs and distinguished services.
- Global companies and institutions: DIFC is a preferred environment for global companies and financial institutions. DIFC has branches and offices of many major international companies in the areas of banking, insurance, investment and other financial services. This contributes to enhancing transparency and competitiveness in the financial sector.
- Cultural and Social Diversity: DIFC reflects cultural and social diversity as it employs people of different nationalities and cultures. The region provides a multilingual and multicultural environment, promoting cultural and social exchange.
The purpose of the Dubai International Financial Centre
The main objective of the Dubai International Financial Center (DIFC) is to promote and develop the financial sector in the region and make Dubai a leading global financial destination. To achieve this goal, DIFC focuses on several aspects:
- Attracting global companies: DIFC aims to attract global financial companies and institutions to Dubai. The center provides an advanced legal and regulatory environment, innovative financial legislation, modern infrastructure, and a wide range of specialized financial services. This helps in promoting commercial activity and increasing investments in the region.
- Promoting financial innovation: DIFC encourages development and innovation in the financial sector. The center provides a suitable environment for experimenting and developing financial technology (fintech), digital transformation, and other financial innovations. The center works to attract emerging and innovative companies and provide support and resources to enhance their growth and development.
- Enhancing the business environment: DIFC works to enhance the business environment in the region by providing the necessary infrastructure and supporting services. This includes providing modern offices and workspaces, retail, catering and event facilities, and specialist banking and financial services. The center also provides education and training opportunities in the financial field to develop skills and increase efficiency.
In short, the DIFC aims to strengthen the financial and economic sector in the region, attract global companies and investments, promote innovation and develop the business environment in Dubai.
The judicial system of the Dubai International Financial Centre
The Dubai International Financial Center (DIFC) has an independent judicial system known as the DIFC Courts. These courts were established in 2004 and operate as an independent judicial system subject to the financial laws of the DIFC.
The DIFC Courts have jurisdiction to hear civil and commercial disputes arising in the DIFC and between companies and individuals operating in the area. Courts provide an independent and specialized judicial environment to maintain the integrity and transparency of judicial processes.
The DIFC judiciary consists of a court of first instance and a court of appeal. Highly experienced and professional judges settle disputes and decide on cases referred to them.
DIFC Courts decisions follow an enforcement response response force in the UAE and globally as well, and are implemented based on multilateral enforcement agreements recognized by many countries.
Thanks to their independence and transparency, DIFC Courts are an attractive feature for companies and individuals working at DIFC, as they are provided with an advanced and reliable judicial system to resolve disputes and dispense justice.
Dubai International Financial Center Courts
The Dubai International Financial Center (DIFC) includes an independent judicial system known as the “DIFC Courts”, which are specialized courts that consider civil and commercial disputes that arise in the DIFC.
The judicial body of the DIFC consists of several courts:
- Court of Appeal: The Court of Appeal is the highest court in the DIFC Courts system. It hears appeals and appeals against decisions of the DIFC Court of First Instance.
- Court of First Instance: The Court of First Instance is the main court in DIFC Courts. It hears civil and commercial claims brought at the DIFC, including disputes between companies and individuals.
DIFC Courts are characterized by independence, transparency and efficiency, and seek to provide a high-level judicial environment for resolving disputes. The courts rely on highly experienced and professional judges, and decisions are made based on the DIFC Global Financial Code and relevant international standards.
Companies and individuals working at DIFC can benefit from the services of the courts to resolve financial and business disputes in a fair and reliable manner, applying justice in an advanced legal environment.
How to create a successful business in Dubai
The Dubai International Financial Center (DIFC) is home to an internationally recognized independent regulator, an English common law judicial system, and the region’s largest financial ecosystem with more than 25,600 professionals working in more than 2,500 active registered companies – making it the largest and most diverse community in the world. Industrial talent in the region. The Center’s vision is to lead the future of finance. Today, it offers one of the most comprehensive fintech and venture capital environments in the region, including cost-effective licensing solutions, fit-for-purpose regulation, innovative accelerator programs, and financing for growth-stage startups.
Comprised of a diverse collection of world-renowned retail and dining venues, a dynamic arts and cultural scene, residential apartments, hotels and public spaces, DIFC remains one of Dubai’s most sought-after business and lifestyle destinations.
In the words of the Crown Prince, it is inspired by: a bold vision to create a financial market to fill the gap not covered by the international financial centers in Europe, East and North America. With the Dubai International Financial Center DIFC. We set out to create an international financial center to match those in London, New York and Hong Kong – with a regulatory framework built on best practices found in those leading jurisdictions. Financial institutions will have peace of mind knowing that when they move to the Dubai International Financial Center (DIFC). Their reputation will be secure because the regulations will be world-class.
As the Chairman of the Dubai International Financial Center (DIFC) stated: “The DIFC is being established as a globally recognized center for institutional finance and a regional gateway for capital investments in the Middle East.” All you have to do is contact one of our company’s business consultants and do not waste your time and effort searching for the requirements for establishing a company in Dubai. We provide you with everything necessary to obtain all the necessary approvals for a commercial or administrative license, whether in the free zones or in areas affiliated with the Dubai government.
