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The DIFC (Dubai International Financial Centre) is a federal financial free zone and Dubai's financial center strategically located between East and West, a safe and efficient platform for businesses and financial institutions operating in emerging markets throughout the region. Dubai authorities have created a favorable economic environment for the foreign entrepreneurs and investors, as well as for business tourism here.
The free economic zone special status
DIFC free zone is a fairly unique enclave inside Dubai from the legal point of view. The free zone’s civil and commercial laws differ from those of UAE as the framework behind DIFC is benchmarked against international financial capitals. Though national criminal law and immigration regulations continue to apply within the free zone.
DIFC has its own legal and courts system set up in 2004 with the aim of providing a platform for business and financial institutions trying to reach into emerging markets in the region. It even has its own stock exchange, NASDAQ Dubai, which has been operating since 2005.
The principal governing body of the DIFC is the DIFC Authority. The financial services regulator is the Dubai Financial Services Authority (DFSA), which is responsible for looking into financial transactions in and out of the free zone.
At the moment, more than 100 of the world's 200 largest companies specializing in banking and financial services have chosen DIFC as a platform for doing business in the Asian region. About 40 international banks, financial and insurance companies have already registered in DIFC.
Location, real estate, infrastructure
Today, more than 1,200 world companies have got registration in DIFC. Over 280,000 square feet of office space is leased in the area, with more than 18,000 people working here. Perfect connection with Dubai central locations is provided through the impeccable roads network and public transport system. Downtown Dubai and Business Bay are all less than twenty minutes’ drive away from here.
Meanwhile, this 110 acre financial quarter conveniently located between the two world-famous buildings, Burj Khalifa and Emirates Towers, is a perfect choice not only for work, but also for living. It includes three clusters: commercial, residential and retail districts linked by a retail corridor with shops and cafes.
Almost 60% of the buildings planned for construction in DIFC have already been built, while the rest are in the final stages of construction. 30% of the land is specially earmarked for high rise apartments. And when Damac has launched sales in its 49-story twin Park Towers well-known for their curved glass facades, all the apartment were sold within few days.
In addition to the impressive retail infrastructure allowing you to walk from one store to another and resting at cozy cafes, DIFC provides all necessary conditions for life and communication inside the area. Sports lovers will appreciate the opportunities for tennis, squash, modern fitness centers and gymnasiums, and those looking to party will love night clubs, cinemas and theaters, which are about to be built around the DIFC's Town Center.
