It emerged on Friday that His Highness Sheikh Maktoum bin Rashid Al Maktoum, Prime Minister of the United Arab Emirates and Ruler of Dubai has signed a decree formally establishing the Dubai International Finance Centre.
In addition to confirming the appointment of General Sheikh Mohammed bin Rashid Al Maktoum, UAE Defence Minister and Crown Prince of Dubai as the President of the DIFC, the decree officially creates the DIFC Financial Services Authority, the DIFC Judicial Establishments and the DIFC Registrar of Companies.
Speaking following the signing of the decree, Director General of the Dubai International Financial Centre Authority, Dr Omar Bin Sulaiman announced that:
"I am delighted to now say that the DIFC is open for business. This final legislative approval has established our independence and formalises the legal framework within which the DIFC and its tenants will operate."
He continued:
"The processing of the numerous applications for licences we have already received will begin soon and we will announce when the first of these licences are to be granted in due course."
