The Dubai International Financial Centre (DIFC), the world's newest global financial hub, was declared open for business in 2004. The DIFC is ideally located to bridge the gap between existing financial centres of London and New York in the West and Hong Kong and Tokyo in the East. It will service a region with the largest untapped emerging market for financial services.

The vision of DIFC is to shape tomorrows financial map as a global gateway for capital and investment. Its mission is to be a catalyst for regional economic growth, development and diversification by positioning the DIFC as a globally recognizes financial centre.

A hub for institutional financial services, DIFC has been designed to:

· divert the regional liquidity back into investment opportunities within the region and contribute to its economic growth

· facilitate planned privatizations in the region and enable initial public offerings by privately owned companies, giving impetus to the program of deregulation and market liberalization throughout the region

· create added insurance and reinsurance capacity - 65 percent of annual premiums are re-insured outside the region

· develop a global centre for Islamic finance -  this is now an over $260 billion international market serving large Islamic communities stretching from Malaysia and Indonesia to the United States

The Dubai International Financial Centre was conceived by the Government of Dubai for the benefit of the UAE and the wider region as a whole. Its remit is to create a regional and International capital market, offering investors and issuers of capital world-class regulations and standards. Its hallmarks are: integrity, transparency and efficiency. The DIFC will act as a catalyst to the region's economic development - just as New York, London and Hong Kong and Wall Street have contributed to the growth of the US, European and Asian economies.

All of these institutions will receive benefits such as 100 per cent foreign ownership, zero per cent tax rate on income and profits, a wide network of double taxation treaties available to the UAE incorporated entities, no restrictions on foreign exchange, freedom to repatriate capital and profits without restrictions, high standards of rules and regulations, ultra-modern office accommodation, sophisticated infrastructure, operational support and business continuity facilities of uncompromisingly high standards.

Focusing on seven primary sectors: Banking Services; Capital Markets; Asset Management and Fund Registration; Reinsurance; Islamic Finance; Business Processing Operations and Ancillary Service Providers, the goal of the DIFC is to be universally recognized as a hub for institutional financial services not just in the region but worldwide. It also aims to create a global centre for Islamic Finance and enhance reinsurance capacity in the region.

The physical infrastructure is also a major factor in enticing international business to locate in the DIFC. So much more than just a financial district, the DIGC is planned to be a 'city within a city' that will comprise of a unique integration of buildings and open spaces with over 65% of the total site landscaped with specific green zones. It will ultimately provide over 22 million square feet of ultra modern office space, residential and leisure areas which will include offices, serviced apartments, hotels, shops, restaurants, a museum, an art gallery and a performing arts centre.

Guaranteeing the DIFC's success is its location. The cosmopolitan city of Dubai has a safe, secure, economically, politically and socially stable environment with superb infrastructure and a highly skilled, educated and multi-cultural workforce.