Access to dual licensing now available for Dubai International Financial Centre companies
New partnership will enable greater access and innovation for companies operating out of Dubai, while increasing consumer protection and anti-fraud measures
Companies operating out of the Middle East, Africa and South Asia (MEASA) region’s leading financial hub, the Dubai International Financial Centre (DIFC), can now operate in mainland Dubai, after a new memorandum of understanding (MoU) has been between DIFC and Dubai Economy.
The MoU, signed by His Excellency Essa Kazim, Governor of DIFC and His Excellency Sami Al Qamzi, Director General of Dubai Economy, means DIFC companies are able to obtain licenses to operate in mainland Dubai, to be issued by Dubai Economy.
The purpose of the agreement is to help spread the impact of businesses operating in the US$7.4 trillion region. It will also help improve good governance and transparency of businesses, by establishing a central database containing information about all registered businesses.
This can then be used by mainland authorities to access data on the business dealings of non-regulated DIFC companies to ensure compliance. This will have a spillover impact for consumers as well, ensuring fraud prevention and better consumer protection.
His Excellency Essa Kazim called the agreement a “landmark” Memorandum of Understanding, which was further evidence of DIFC’s efforts to encourage robust best practice as the centre triples in size in line with the emirate’s 2024 strategy.
“The new license agreement and increased level of governance, transparency and compliance from this MoU will directly benefit businesses in DIFC and contribute to the economic growth of Dubai, the UAE and wider region.”
Meanwhile, His Excellency Sami Al Qamzi said the MoU would enrich Dubai’s economic diversity and offered services, as well as complement efforts to improve transparency and compliance in the thriving business sector.
“Enabling companies and investors worldwide to benefit from the competitive advantages of Dubai as a business hub is part of the strategic objectives of Dubai Economy.”