The DIFC is an independent jurisdiction under the UAE Constitution, and has its own independent civil and commercial laws, which are written in English and which default to English law. It also has its own courts, with judges taken from leading common law jurisdictions including England, Singapore and Hong Kong. The DIFC-LCIA Arbitration Centre is an independent centre of international arbitration that uses rules modeled on the London Centre of International Arbitration.
Role as an international financial centre
License applications are considered from financial institutions in the sectors. Each of these units offer benefits such as zero tax rate on income and profits, 100 percent foreign ownership, no restrictions on foreign exchange or capital/profit repatriation, operational support and business continuity facilities.One of the key elements of the centre is a privately held financial exchange that opened in September 2005 as Dubai International Financial Exchange (DIFX) but was rebranded to NASDAQ Dubai in the year 2008.
The trading hours of NASDAQ Dubai are from 10:00am to 2:00 pm (06:00 am to 10:00 am GMT) from Sunday to Thursday.[3]
Companies listed on NASDAQ Dubai include ordinary shares listed by DP World along with DEPA. DP World's initial public offering was the largest ever in the Middle East and raised $4.96 billion;[4] it was 15 times oversubscribed, and is one of the most valued companies in the Middle East Region.[5]
NASDAQ Dubai is regulated by Dubai Financial Services Authority.[6]
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