New United Arab Emirates investment fund rules could hurt the country's ambitions to become a more important financial centre, analysts said, adding that regional rival Qatar could reap the benefits.
The new rules from the Securities and Commodities Authority (SCA) will apply to firms based in Dubai's financial tax-free zone. They include minimum capital requirements for new domestic funds and guidelines on promoting and offering foreign funds in the UAE.
Much of the latter is done by firms in the Dubai International Financial Centre (DIFC), the emirate's free zone
business hub which houses global banks and investment firms.
The authority has classified funds created inside the free zone as 'foreign funds', which were previously operating under offshore laws.
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