DUBAI SETS UP CENTER TO BROADEN FINANCIAL OPERATIONS

DUBAI SETS UP CENTER TO BROADEN FINANCIAL OPERATIONS DUBAI, FEB 16 (KUNA) -- THE EMIRATE ON SATURDAY DECLARED A NEW PROJECT DESIGNED TO BOOST ITS STATUS AS A REGIONAL HUB FOR FINANCIAL SERVICES WITH THE ESTABLISHMENT OF THE DUBAI INTERNATIONAL FINANCIAL CENTER THAT ALLOWS FOREIGN COMPANIES TO OPERATE IN THE COUNTRY ACCORDING TO SPECIAL REGULATIONS.
THE CENTER IS TASKED TO LURE EXPERIENCED FINANCIAL CORPORATIONS, WITH A RECORD OF ADVANCED CREDIT SERVICES AND INSTITUTIONS THAT OFFER COMPREHENSIVE SERVICES.
THE CROWN PRINCE OF THE EMIRATE, SHEIKH MOHAMMED BIN RASHED AL-MAKTOUM, WHO DECLARED THE PROJECT TODAY, SAID THE NEW STEP WOULD BOLSTER DUBAI'S STATUS AS A MAIN CENTER FOR THE REGIONAL FINANCIAL SERVICES.
THE CENTER WILL OFFER A VARIETY OF FINANCIAL AND INVESTMENT SERVICES IN MARKETS WHERE TRADING IS ESITMATED AT MORE THAN THREE TRILLION DOLLARS PER YEAR. THESE MARKETS ARE OF THE GCC STATES, THE INDIAN SUB-CONTINENT, THE NORTHERN GULF, CENTRAL ASIA, SYRIA, TURKEY, CYPRUS, EAST AND NORTHERN AFRICA.
SHEIKH MOHAMMED, SPEAKING AT A CEREMONY ON THE OCCASION, SAID THE NEW CENTER WOULD CONSTITUTE A BRIDGE LINKING THE EASTERN AND WESTERN FINANCIAL MARKETS.
THE GOVERNMENT AND THE PRIVATE SECTOR ARE EXPECTED TO BUILD INFRASTRUCTURE OF THE NEW PROJECT, TO BE LAUNCHED ON SHEIKH ZAYED STREET IN THE CITY CENTER.
IT WILL APPLY RECOMMENDATIONS OF THE ASB, FATF, OECD, BIAS, INTERNATIONAL TRANSPARENCY REGULATIONS AND WILL BACK UP REGIONAL MARKETS WITH ESTABLISHMENT OF REGIONAL BOURSES. (END) MB.RK KUNA 161813 Feb 02NNNN