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. Real estate brokerage company in Dubai offers good deals in Dubai.
JURISDICTION
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. Looking forward to manage a property in Dubai Marinia? Check out property management company in Dubai.
SUBPROJECTS
Initially designated to meet the demands of both world-class and newly established companies, DIFC offers a 170.000 sq/mt area for commercial purposes. From top business centers to state-of-the-art data centers, high-end office spaces to retail places, DIFC provide all the leased units with:
• Grade A quality
• Electrical fittings and connectivity
• Flexible core & shell space
• Security system, including emergency lighting, fire alarms, automatic sprinkler system, smoke and heat detectors.
• Efficient central cooling system
DIFC additionally offers fully furnished and serviced offices with conferencing and meeting facilities, leading communication tools, IT support, 24 hour security, hot and cold beverages, housekeeping and storage.
The Dubai International Financial Centre houses two hotels- the Four Seasons and the Ritz Carlton hotels. The Four Seasons DIFC is a newly opened hotel consisting of 106 rooms. The treasures of the hotel are the Firebird Diner for meals, Penrose for short breaks (lobby level), Luna sky bar and Churchill cigar room (the 8th floor). The relaxation is guaranteed by the spa, swimming pool and the fitness centre.
The biggest treasure of DIFC is yet on the way. Gate Avenue is planned to make the district more dynamic and suitable for living. Covering 660.000 sq. ft. area, it will be home to over 150 boutiques, a spacious and state-of-the-art mosque, retail and commercial outlets, educational and entertainment centers.
The project will comprise 3 main areas- the South, North and Central Zones. The first will primarily meet the residents’ edutainment, leisure, health and recreational demands. The Central Zone will boast indoor and outdoor restaurants, retail and fashion brands, stores serving the metro traffic. The North Zone is designed for the working professionals of DIFC. It will contain sumptuous boutiques, outlets offering high-class accessories and premium fashion.
Entertainment
Generally, DIFC is divided into 3 main retail areas:
• Gate Village that boats art galleries and fine dining outlets being located next to The Gate,
• Marble Walk, that features takeaway food facilities and retail convenience situated beneath The Gate,
• The Balcony that offers ordinary dining facilities and surrounds The Gate.
Eating options at DIFC are ample. A choice between over 60 food and beverage outlets includes Al Joumaizah Restaurant and Coffee Shop LLC, Caribou Coffee, AL GRISSINO (Restaurant & Lounge), 1762 by Appetite, Café Bateel, etc.
The district is convenient for shoppers, particularly professionals who work here. From department’s stores to boutiques, DIFC boasts a walkable open-air and air-conditioned retail area-Bespoke, Zaki Design Group, Allure Beauty Lounge LLC, CARLEASE, Flowers by CONTEMPO (DIFC) LLC, My Tailor and Little Things, iStyle, SPA Cordon, LLC, etc.
Art- enthusiasts will find a variety of 14 galleries at DIFC including Opera Gallery (Dubai) Limited, Cube Arts Gallery LL, Andakulova Gallery LLC, Artspace LLC, EAST WING LTD., The Empty Quarter LLC, etc. Additionally, the district stands for Art Nights at Gate Village.
As far as education is concerned, there are various academic courses available. The DIFC Centre of Excellence (CoE), which is also in charge of educational issues, has elaborated programs certifies and rated by international educational institutions such as London Business School, Duke University, Cass Business School, Schulich Executive Education Centre and Queen’s School of Business.
• Cass Business School – City University London
• International Compliance Training (Middle East) LLC
• London Business School
• Duke Global, Inc
• PHOENIX Financial Training Limited
Areas of Business
Management Offices
Dubai International Financial Center is home to miscellaneous offices including single family offices (SFOs), proprietary investments offices, holding companies, marketing operations. Possessing a management office here brings about various privileges of professional services:
• Recruitment
• Legal
• Consulting
• Accounting and audit
• Risk management
• Compliance
• Data and research providers
Global Corporates
DIFC is a favorable cluster of multinationals and regional conglomerates which have their regional offices or headquarters here. Companies profit from various banking amenities and top professional services providers which include world-class legal firms, consultants, accounting and recruitment firms together with tax advisers.
Banks
DIFC is a unique platform for both commercial and investment banks to operate and boost Dubai economy. The center enables banks to enjoy Investment and Commercial banking, Treasury services, Project and infrastructure funding, Correspondent banking, Trade and export finance.
Insurance
Dubai International Financial Center gives a floor to both Takaful, Islamic and captive insurance/ reinsurance companies.
Wealth management
The Wealth Management sector of DIFC focuses on managing the world’s largest concentration of Islamic wealth, investment opportunities across the region, advanced asset management products for institutional investors including the region’s large sovereign wealth fund and manufacturing and distributing tailor-made mandates and specialist investment products.
