A little bit of everything. Perhaps, this was Dubai re-creators’ favorite motto half a century ago. Years later those “little bits” would make the city a cluster of world investors. And the increasing number of businesses would result in the significance of creating a unique financial district which would boast an independent jurisdiction. Ultimately, they would call it Dubai International Financial Center.
Having a strategic location between the East and the West, DIFC is a free financial zone established in 2004. The district occupies a territory of over 110 acres to principally host financial and business companies.
The UAE constitution allows DIFC to possess an independent jurisdiction comprising civil/commercial laws that largely differ from the country’s general regulations. What is more noteworthy, all the laws are composed in English to refrain from any ambiguity in the case of disputes or issues. However, it is not only the laws, but also the framework of judges from England, Hong Kong, Singapore and elsewhere that makes the center international.
As a separate city within Dubai, it is rational for DIFC to have a sovereign governing entity- Dubai International Financial Center Authority that regulates administration and management issues. Dubai Financial Services Authority (DFSA) is a central body that oversees the financial services throughout the district. Interestingly enough, DIFA is also independent from the Securities and Commodities Authority of the Emirates. And finally, Dispute Resolution Authority (DRA) coordinates DIFC’s independent functioning, comprising DIFC Courts, Wills & Probate Registry and an international Arbitration Center that bases its rules and procedures on the model of the London Court of International Arbitration.
Areas regulated by the DIFC laws include employment, securities, trusts, corporate, civil, commercial, immigration and many other issues.