Dubai considers rule change to lure more domiciled funds « ASHARQ AL-AWSAT:
"Reuters—Dubai is considering regulatory reforms to persuade more funds to base themselves in its financial center, though industry experts believe that other parts of its investment environment may also need to change for the emirate to compete globally.
The proposed rules would create a new class of funds in the Dubai International Financial Center (DIFC) in an effort to attract asset managers, such as hedge funds and private equity funds, serving the richest and most risk-tolerant investors.
The DIFC has boomed since it was set up as a financial free zone in 2004, becoming the Middle East’s top banking hub. The number of registered firms operating in the DIFC jumped 14 percent to 1,039 last year, but it has not come close to competing with the likes of Luxembourg, Dublin and the Cayman Islands as a top domicile for funds.
Only nine funds have been domiciled in the DIFC since its current funds regime was introduced in 2010, compared with hundreds established in the leading centers, industry sources said. The DIFC declined to comment."
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