The Dubai International Financial Centre (DIFC) is a special economic zone in Dubai that is 110 ha (272 acres) in size, established in 2004 as a financial hub for businesses operating throughout the Middle East, Africa, and South Asia (MEASA) markets.
The DIFC is regulated by the Dubai Financial Services Authority, an independent regulator exclusive to the zone, and by its own court system, DIFC Courts, separate from the Emirate of Dubai’s legal system and that of the federal government of the UAE.
DIFC, an independent free zone in Dubai, provides businesses with 100% ownership without the need for a local partner. In addition to financial institutions, wealth funds, and space designated for hotels and retail, the free zone also houses these entities.
In addition to the UAE’s extensive network of double taxation agreements, DIFC provides clients with a 50-year guarantee of zero taxes on corporate revenue and profits.
According to research, the number of non-financial enterprises in DIFC increased by 19% annually in 2022, increasing the total number of foreign corporations, family businesses, and corporate service providers to over 3,000.
The brain behind this successful special economic zone is Arif Amiri, CEO of Dubai International Financial Center.
Who is Arif Amiri?
1. Arif Amiri was born and brought up in Dubai, United Arab Emirate
2. He completed his bachelors in aviation business administration from the Embry-Riddle Aeronautical University in Florida and master in organization behaviour and marketing strategy from the University of Cambridge
3. He began his career by joining HSBC Bank Middle East, where he was responsible for the implementation of a number of corporate and institutional banking initiatives
4. He then joined Emaar Properties, where he drove the all-round commercial operations of the company and grew their portfolio significantly throughout his tenure
5. From 2008 to 2011, Amiri was the Chairman of the Middle East Investor Relations Society
6. He joined DIFC in 2014 as Deputy CEO and after a year became CEO of the company
7. Amiri received the Honorary Award at the Retail City Awards in 2011, and the Retail Leadership Award at the 2012 Asian Leadership awards
8. In 2017, he announced DIFC’s initiatives to accelerate the growth of financial technology in the MEASA region
9. In 2020, he announced the launch of a startup accelerator program for fintech startups in Africa
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