Dubai international financial center
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The Dubai International Financial Centre (DIFC) is an onshore capital market designated as a financial free zone. It is established to create an environment for growth, progress and economic development in the UAE and the wider region.
There are six primary sectors of focus within the DIFC: Banking Services (Investment Banking, Corporate Banking & Private Banking); Capital Markets (Equity, Debt Instruments, Derivatives & Commodity Trading); Asset Management & Fund Registration (Fund Registration, Fund Administration & Fund Management); Reinsurance; Islamic Finance and Back Office Operations.
Licence applications are being considered from financial institutions in the above sectors. Each of these units will offer benefits such as zero tax rate on income and profits, 100 per cent foreign ownership, no restrictions on foreign exchange or capital/profit repatriation, operational support and business continuity facilities.
The job creation plan for the DIFC is to create about 10,000 jobs in all the sectors listed above. It is anticipated many of these positions will be filled with a mixture of foreign employees and local residents with spacialist skills along with many graduate traning programs. A job listing facility is available to employers and recruiters at [www.difcjobs.com].
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