While
DIFC-based entities will now be able to hold real estate assets located outside of the
DIFC, at the same time there may be some important limitations, which will need to be considered and addressed as part of any on-shore real estate transaction.
Alya Al Zarooni, Senior Vice President of Operations, of
DIFC Authority, commented: "Innovation sits at the core of what we do at
DIFC.
To make the merger possible, UASC was first re-domiciled to the
DIFC.
The
DIFC Wealth Management Working Group, set up in August 2016, made the presentation following an extensive consultation process, during which a number of areas were explored: trusts; foundations; issues in respect of establishment and ongoing maintenance in the
DIFC; Sharia compliance;
DIFC entities and structures outside the Centre; as well as a review of outcomes and existing arrangements.
The creation of an autonomous legal system within the Emirate of Dubai has led to an overlap in the jurisdiction of the two sets of courts, with conflicts of jurisdiction becoming a recurring issue since the establishment of the
DIFC Courts in 2004.
A recent ruling by the Dubai International Finance Centre Court, (the
DIFC Court), has placed Dubai firmly on the map as the go-to jurisdiction for resolving international disputes in the Middle East.
DIFC has attracted firms from across the world and the region with expertise in all segments of the financial services industry, from insurance, re-insurance and wealth management to capital markets, private equity, hedge funds and Islamic finance, as well as hundreds of ancillary support services.
In a statement issued to mark the deal, the management of the firm said the new facility is "principally secured on
DIFC Investments' Grade A property portfolio".
Sir Anthony Evans, Chief Justice of the
DIFC Courts said: "As part of the
DIFC Courts' ongoing commitment to providing swift and transparent justice for the
DIFC community, the implementation of the code of conduct will ensure that all cases heard at the
DIFC Courts are done so to the highest international standards of professionalism, fairness and integrity.
INTL Capital expects to expand its
DIFC office in the coming months.
The Smart initiatives we are showcasing are in line with the Smart Dubai District Guidelines, aiming to ensure the best experience of efficient, seamless, safe and impactful operations for our community," said Alya Al Zarooni, Senior Vice President of Operations, of
DIFC Authority.
Meanwhile, the launch this year of FinTech Hive at
DIFC has created a hub that connects cutting edge technology companies with leading financial institutions to drive innovation.
