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by Lorys Charalambous, Tax-News.com, Cyprus
Monday, December 20, 2010
The Dubai International Financial Centre (DIFC) announced on December 12 the
details of its revised pricing structure, designed to enable new and existing
companies operating from the Centre to continue the growth and expansion of
their businesses. The revision includes office space rents as well as operational
fees.
In the announcement Abdulla Al Awar, Chief Executive of the DIFC Authority,
commented: “The number of companies managing businesses from the DIFC
has grown to 780 in just six years. Our new pricing structure demonstrates our
commitment to support our clients with their growth plans. We are confident
that the overall cost of doing business in the DIFC continues to be competitive
with other leading international financial centres, while it reinforces our
efforts to remain an integral and important contributor to the UAE’s economy.”
Marwan Ahmad Lutfi, Deputy Chief Executive and Head of Business Development
at the DIFC Authority, said: “In the past, clients would typically have
a representative team in the UAE with the core workforce based overseas. Over
the past year, we witnessed the migration of global business desks and the consolidation
of divisions, in a growing trend that saw companies utilize the DIFC as their
global hub for financial and business operations. As part of our commitment
to strengthening our partnerships with our valued clients, we have ensured that
our fees analysis was conducted according to best practice and the highest standards
of governance and transparency. We have also taken into consideration the importance
of long term visibility of operating costs to both sustain clients and help
them plan efficiently for their continuous growth”.
The DIFC has already started applying the revised set of operational fees.
The amended rental charges will come into effect from January 2011 along with
new documentation and commercial terms that have been modelled on globally accepted
real estate and commercial standards.
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