Tuesday, 2 October 2012

Dubai Financial Hub Seeks Lower Telecom Costs to Attract Traders - Bloomberg

The Dubai International Financial Centre is seeking reduced telecommunications tariffs to entice global financial services companies to move trading operations to the tax-free business park.
The DIFC has started talks with the United Arab Emirates’ two telecommunications service providers after “enough” companies called for a drop of 20 percent to 30 percent in tariffs, the center’s Chief Executive Officer, Jeffrey Singer, said in an interview yesterday. Lenders including Deutsche Bank AG (DBK), Germany’s biggest bank, have indicated they would relocate some trading operations if rates were lower, he said.
The DIFC opened in 2004 to attract international banks, asset managers and insurers with promises of a zero-tax environment for 50 years. The regional offices of Goldman Sachs Group Inc (GS), Citigroup Inc (C) and Standard Chartered Plc (STAN) are located in the center, which was home to 817 companies at the end of last year, including 279 in financial services.

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