Dubai International Financial Centre, a tax-free business park, plans a “substantial” cut in fees on asset managers this year to attract more funds and become internationally competitive.
“We want a substantial share of the mutual funds industry,” especially those investing in the Middle East and North Africa, DIFC Chief Economist Nasser Saidi told reporters at a conference in Dubai today. DIFC is also looking to attract real estate investment trusts and funds complying with Muslim banking law, he said.
He declined to specify the size of the cuts that cover levies imposed by DIFC, regulator Dubai Financial Services Authority and the park’s bourse, Nasdaq Dubai Ltd. The move to lower regulatory, registration and listing costs for funds follows a review submitted to the regulator on Sept. 30.
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