Ekaterina Evdokimova, Managing Partner of special economic zone Stupino Quadrat, visited free economic zone “DUBAI INTERNATIONAL FINANCIAL CENTRE” (DIFC). The FEZ territory is the leading financial center for the Middle East, Africa and South Asia (MEASA), which includes 72 states.
DIFC was conceived by the Government of Dubai as the first financial-economic zone in the UAE. Today, DIFC is the only fully functioning financial zone in the Emirates. To implement it, the UAE Constitution was changed!
The main feature of the DIFC FEZ is that its entire territory has its laws, different from the laws of the UAE, which are based on English common law. DIFC also has its courts with judges from leading common law jurisdictions, including England, Singapore, and Hong Kong. DIFC's independent jurisdiction extends to several areas, including corporate, commercial, civil law, employment, trusts and securities law. In addition to all of the above, DIFC has its own Central Bank for regulation, which issues a permit for financial activities, also based on English common law. As a result, the main currency within the FEZ is the US dollar and all fees of the DIFC management company are set in this currency.
DIFC is primarily focused on attracting and supporting western financial corporations and holdings with preferential placement terms and tax treatment. In addition to financial organizations, there are restaurants and cafes, art galleries, retail representatives, offices, hotels, companies that provide various services, as well as non-profit foundations. Residential real estate is also located in the FEZ.
Over 10 years of its existence, we have achieved significant results - on an area of only 125 hectares, there are 2,400 corporations with a total of 25,000 jobs. However, the management of the FEZ does not plan to stop its development. The zone has already received permission to expand.
DIFC is a small state in a state with its laws and court, which provides all possible measures for comfortable business and life.
"The actual existence of such a form of organization of society and business leads to speculation about the possibility of implementing the bold ideas of Titus Gebel, declared in his concept of creating free private cities. Moreover, such economic zones already exist not only in the UAE but also in Kazakhstan, Georgia and Honduras. My visit to DIFC also made me think about the possibility of developing the existing special economic zones of Russia in this direction based on the experience of foreign countries," - said Ekaterina Evdokimova, Managing partner of SEZ Stupino Quadrat.