PROJECT NAME: The Dubai International Financial Centre
TYPE: OFFICE TOWERS AND OFFICE PARK
END DATE: September 2006
NUMBER OF TOWERS: 35+ commercial towers + 400 residential buildings


The DIFC will cover 110 acres of real estate located off Sheikh Zayeed Road by the Emirates Towers. It will become a City within a City, with over 65% of the total site landscaped. A unique four to six level podium will allow for interconnection of buildings throughout the site and will provide over 36,000 car parking spaces and state of the art infrastructure. In addition, DIFC will provide a real 24/7 lifestyle and will have the longest boulevard in Dubai.
The 1.4 million square foot complex will feature smart offices, residential spaces, a five star boutique hotel, a rooftop garden and a private business club. Another feature will be an educational campus that will be targeted at business schools and executive education providers.

LIST OF BUILDINGS IN PROJECT

THE GATE, 15F, UC

THE GATE, 15F, UC (http://www.skyscrapercity.com/showthread.php?t=103251) 2 x 30F Res towers
The Residences at DIFC (http://www.skyscrapercity.com/showthread.php?p=1760182) 2 x 30F Res towers
3 WINGED LATTIC TOWER 60F In Desgin
HEXAGONAL TOWER 1 50F+ In Desgin
HEXAGONAL TOWER 2 30F+ In Desgin
HEXAGONAL TOWER 3 20F+ In Desgin
HEXAGONAL TOWER 4 20F+ In Desgin

At Least 6, 8F Buildings Final Desgin Stage

Am still working on this list give

http://www.imagestation.com/picture/sraid124/ped342acbcdb158820788b7f608d779ba/f819fcf7.jpg


http://www.difc.ae/index.asp
http://www.gensler.com/planning/Archive/images/dubai_lg.jpg

http://ameinfo.com/images/press/bird.jpg

Wide shot of area as it is July 2004
http://www.imagestation.com/picture/sraid125/p803e86337c9de0ac33d688a9709efcd4/f8012037.jpg
Please check out the full size image here
http://www.ayuplanet.com/trances/20040818/Gate/f8012037.jpg.orig.jpg

[B}Landmark building planned in DIFC[/B}

http://www.itp.net/pictures/news/hexagon2.jpg

The Dubai International Financial Centre (DIFC) and Nexus Capital SA are to jointly develop a $260 million mixed use real estate complex called The Hexagon. According to DIFC, the joint venture project is aimed at attracting foreign direct investment into the DIFC.

The 1.4 million square foot complex will feature smart offices, residential spaces, a five star boutique hotel, a rooftop garden and a private business club. Another feature will be an educational campus that will be targeted at business schools and executive education providers.

In terms of design, the complex will feature four hexagonal buildings, whose main tower will be more than 50 stories high.

“HH Sheikh Mohammed’s vision for the DIFC is to create a truly world class financial centre to rival those of London, New York and Hong Kong. The Hexagon epitomises this vision,” said Naser Nabulsi, CEO of DIFC.

“The Hexagon will pass the advantages of the DIFC jurisdiction onto our future tenants and investors,” added Damien Tappy, chairman of Nexus Capital SA.

"These advantages include: 100% foreign ownership, 0% tax, freehold of properties, a world class framework of financial and commercial laws and the freedom to repatriate capital and profits. The Hexagon will truly be a pivotal project in this landmark and visionary new financial district.”

http://www.difc.ae/images/title_financialdistrict.gif

Rising fifteen storeys on a 110 acres site to the south of the Dubai Emirates Towers landmark, the Gate is the architectural signature building of the DIFC. Designed by US architects, Gensler, this iconic building will house the Centre's executive offices, the Dubai Financial Services Authority and the Dubai International Financial Exchange, as well as providing prime office space for leading international financial institutions.

The DIFC, of which the Gate represents the first phase of development, will be a unique integration of buildings, which in combination will offer everything you would expect to find in a world-class cosmopolitan city - including offices, serviced apartments, hotels, shops and restaurants.

Within this self-contained location will be a city that has been planned and designed to become the ultimate in convenience for anyone seeking to live, work and enjoy their leisure time in one strategic location. The inclusion of a museum, an art gallery and a performing arts centre will add to the Centre's attraction as a resort destination. People will be able to walk from one part of the city complex to another in a temperature controlled environment, and on the outer perimeter there will be an automated transit system circumnavigating the entire district.

The DIFC, which will eventually provide several million square feet of ultra-modern office space, is a world-class financial district planned and built from the ground up. It is designed to meet the most exacting demands of the world's most sophisticated financial institutions (and the professionals who work for them), regardless of the scale and scope of their needs.

http://www.difc.ae/images/fd_sub1.jpghttp://www.difc.ae/images/fd_sub2.gifhttp://www.difc.ae/images/fd_sub3.gif

http://www.difc.ae/about_dfd.asp

http://im1.shutterfly.com/procserv/47b4db38b3127ccebe94f3bb7c4a0000001610
This is also in the DIFC....ugh!
*Pic from Go UAE @ skyscraperpage.com

At least this will all add some density to the city rather than the two lines of ultra thin towers that are here now

thats the tower i saw 3 wings of 60 stories each 1 hotel 1 commercial and 1 residential

Very very very exciting!

How are they gonna fill all that office space?

Four buildings each to get six sides planned for DIFC

http://www.itp.net/pictures/news/Gate-200.jpg

A hexagon-shaped multi-storeyed complex will be built at Dubai International Financial Centre just off Sheikh Zayed Road at a cost of US $260 million. It will comprise four, hexagonal-footprint buildings of which the main tower will be more than 50 storeys high. These will be situated on top of a multi-level platform offering more than 3000 car parking spaces built on a 30 000 m2 plot of land.

The upmarket mixed-use real estate complex will, unsurprisingly, be called The Hexagon and will be developed jointly by Dubai International Financial Centre (DIFC) and Nexus Capital SA. The joint venture project is aimed at attracting foreign direct investment into the DIFC. It is estimated to cost $260 million to develop and construction is expected to take three years.

The Hexagon will offer 140 000 m2 of premium quality commercial and residential space within the boundaries of DIFC in central Dubai. It will be located at the eastern edge of the financial zone, the ‘Park Avenue’ district of DIFC.

Unique features of the real estate complex include its set of private elevators in the main tower that will directly open into individual apartments and offices and the separate access routes envisaged for residential, office and other commercial units.

The project is designed to cater to the needs of business people using DIFC as a regional platform. The complex will feature world-class smart offices, upmarket residences, a five-star boutique hotel, serviced apartments and a roof top garden and private business club. The Hexagon will also house an education campus that would be used by first-tier business schools and executive education providers.

The project will benefit from the buoyant Dubai real estate market. Demand for prime office space in central Dubai is expected to increase by 800 000 m2 by year 2008 and by a further 850 000 m2 by year 2015. The prime residential sector demand is also expected to grow by an estimated 24 000 units by year 2008 and potentially by a further 45 000 units by year 2015.

Future tenants and investors are being offered 100% foreign ownership, 0% tax, freehold of properties, a world-class framework of financial and commercial laws and the freedom to repatriate capital and profits. Nexus Capital SA has developed the concept for The Hexagon and has structured an Islamic Sharia compliant investment vehicle for investors interested in equity participation into the project.

Just more about the Hex buildings in the DIFC
Check out the B grad photo they should have asked me for one of mine !
http://www.itp.net/business/news/details.php?id=11989&category=construction

New Res Towers for DIFC were released today http://www.skyscrapercity.com/showthread.php?p=1760169#post1760169

the company i work for has quoted to do some filming for them so if it happens I will keep you informed

sweet thanks dave inside contact :)

Need Details on the res Towers and Renders are out
http://www.imagestation.com/picture/sraid124/p3b5a678ac35ddcf7640dd7c5f4a2aeaa/f819fcf1.jpg

amazing amazing!!!!!!!
Look like perfume bottles!!! :cheers:

they do a little or some sorta robot

Those res Towers is amazing.....:eek: looks a bit like Swiss Re in London...:happy: but those will perhaps become even nicer....:happy:

oh yes now I know what they remind me off !

Yep there is a HUGE photo of those two towers in the gulf news today :) they do look similar ot the swiss re in the UK

http://www.xpphotoalbum.com/data/500/3820launch_07.jpg
http://www.xpphotoalbum.com/data/500/3820damacdifclocation.jpg


The Residences in Dubai International Financial Centre

oh wow thanks now you can see the Hexagon Building to the left on its own block of land
The Gate and it 4 story sorrounds that are currently being built
And a sky brige to Emirates Towers WOW
Also there appears to be an overpass connection to the service and entry road ! THats good one less set of lights
I can see the the Latic Building any where. But i do see other 60 Floor buildings that may have replaced that
I wounder if this is real render or mock up for this project and how fianl this render is ?
I know that of the 8 floor building are going up as the plans are still in my building

Added this image
Wide shot of area as it is July 2004
http://www.imagestation.com/picture/sraid125/p803e86337c9de0ac33d688a9709efcd4/f8012037.jpg
Please check out the full size image here
http://www.imagestation.com/album/?id=4286345873&p=4160823351&idx=4

Also the location of the hex building in the back ground
http://www.imagestation.com/picture/sraid125/pa3e1987a9f11045f4b48191944b4a916/f801202b.jpg

what are the buildings on the far right side of the first picture ?

that with all the cranes would be the
http://www.skyscrapercity.com/showthread.php?t=103506
AL MUROOJ COMPLEX
and behind that the Burj Dubai Mall

can see the building going up on each side of the gate
http://www.ayuplanet.com/trances/20040818/DSC08072.JPG

Building around the gate 5-8 floors should make nice court yards and block the mulitstory car parks that ajoin the DIFC land
http://www.ayuplanet.com/trances/20040818/Gate/DSC07971.JPG

http://www.ayuplanet.com/trances/20040818/Gate/DSC07979.JPG

and the reload of the wide shot for any one who did not bother to down load it
http://www.ayuplanet.com/trances/20040818/Gate/f8012037.jpg.orig.jpg

very huge complex!

still no work at the dusit end of difc.

pics of august 7:

http://www.ayuplanet.com/dxblover/Tower Photos/Skyline/5.jpg

http://www.ayuplanet.com/dxblover/Tower Photos/Skyline/6.jpg

Expect it to be quite for a time this is one site they are not rushing with nothing eles said to start to June next year ! PArk place would like to start sooner as sales are going very well but thats just not happening !
I dont see any reason for delay and think this project should be fast tracked as much as possible
Side not why wont some one revelope those 5 squat aparment towers in front of the DIFC. Would make a great place for Mini Mall and Towers on top + over pass to other side of road and connection to DIFC as well !

The new DIFC model is impressive with the biggest towers reserved for the other side of the street that runs behind the emirates towers (the one that links back to the Kuwait rd at Defence round a bout). You can clearly see the hexagon as well as 3 other massive towers at at least 50 stories. Most of the cleard site you see at the moment is for low rise stuff -the twin residentail towers and boulivards and parks.I agree it will be 3-5 years before its all complete

a new model? any pics?

Its a new picture of the model I saw in the Gulf Business magazine

2004 08 28
gee all the car parks i climb for these :)
Click to see
http://www.ayuplanet.com/trances/20040828/DSC08188-GG.JPG

getting up to 7 floors now
http://www.ayuplanet.com/trances/20040828/DSC08212.JPG

big hole behind you can see the 3 floor underground
http://www.ayuplanet.com/trances/20040828/DSC08213.JPG

Another close up of the top of the Gate Feature
http://www.ayuplanet.com/trances/20040828/DSC08214.JPG

mass of workers
http://www.ayuplanet.com/trances/20040828/DSC08216.JPG

another builidng around the gate
http://www.ayuplanet.com/trances/20040828/DSC08217.JPG

looking at the 7 floor building from Emriates towers
you can see the glass starting to go on !
http://www.ayuplanet.com/trances/20040828/DSC08219.JPG

Old news new release

Dubai International Financial Centre opens for business
The world's newest financial centre is now a reality after a decree from the Dubai Government. So what should we expect to see next from the DIFC?

News that Dubai Crown Prince General Sheikh Mohammed bin Rashid Al Maktoum has been confirmed as the President of the Dubai International Financial Centre should be no surprise to observers.

His Highness is the bold visionary behind this ambitious project designed to turn Dubai into a world-class financial centre. This is the same type of vision that has turned a piece of desert into the thriving Dubai Media and Internet City complex in a little more than four years.

Parallel to the creation of the DIFC itself, the decree also creates the DIFC Financial Services Authority, DIFC Judicial Establishments and the DIFC Registry of Companies. These are the institutions that will allow the DIFC to operate under the umbrella of, but independent of, UAE federal law.

Expect to see a series of big names now to emerge with licenses to operate in the DIFC. Such global giants as HSBC, Deutsche Bank and Standard Chartered Bank have made no secret of their interest. But what is the main advantage of a financial institution in setting up in the DIFC?

Essentially the DIFC fills a gap in the global financial community between Singapore and Europe, and just happens to be in the middle of one of the wealthiest regions on earth. For the DIFC now offers the kind of English language regulatory framework with transparency and independence only seen in these major markets.

By comparison Bahrain is a regional player with a predominance of the Arabic language and Sharia law. This is fine as a niche business, but English is the language of global finance and its legal system. Dubai now claims this valuable prize, and has the infrastructure to match, unlike Bahrain.

It says it all that when Michael Schumacher raced in Bahrain's Formula One event this year he chose to stay at a hotel in Dubai and fly up to Bahrain and back for the race itself. The bankers of the world are no less discerning.

However, the challenge for Dubai will now be to deliver on its promise and provide a dynamic and open business environment, with appropriate levels of regulation that will both attract the big names of global finance and encourage them to build up large business operations in Dubai.

All the historical precedent suggests that Dubai will do this. The plan for the DIFC as a 'city within a city' is truly awesome (see the News Feature on this website), and this project enjoys the full support of the local business community.

http://www.ameinfo.com/news/Detailed/45421.html

well good for them. but this article ignores the fact that bahrain is building the bahrain financial harbour, so there is infrastructure. The thing about dubai is that it has potential and that is attractive, but in finance, attractiveness isn't the whole deal. Am surprised that the UAE articles always say that bahrain only attracts regional banks, while in fact we have attracted many banks and some interest plus the recent FTA with the states:

--------------------------------------------------------------------------------
Bank of China has become the first Chinese bank to open premises in the Middle East and North Africa.

Its representative office opened in the diplomatic area in Manama, Bahrain earlier this month.

The Chinese Chief Representative there says the Middle East is a key market, and is currently China's fourth largest trading partner.

The bank will study the market and investigate the possibility and feasibility of upgrading the licence to include an Offshore Banking Unit in the years to come.

The Bank of China has more than 11,600 branches in China, 549 overseas branches and subsidiaries in 27 countries and regions across the globe.

It was also ranked 11th amongst the world's largest banks by tier-one capital by The Banker magazine and was named 'Largest Emerging Market Bank' by Euromoney.

----------------------------------------------------------------------------------

A high-level delegation from Goldman Sachs visited the $1.3 billion Bahrain Financial Harbor (BFH) development, which is set to reinforce Bahrain’s position as the business and financial hub of the Middle East. The delegation, led by New York-based global investment bank's chairman and chief executive officer Henry Paulson Jr., comprised top officials of the bank's New York and London offices. "BFH envisages attracting considerable inward investment from across the world complementing the government policy of seeking foreign investments into Bahrain," said "BFH chairman Esam Janahi as he welcomed the delegation to Bahrain and the global financial and business city's Customer Relations Centre (CRC). "The visit of the Goldman Sachs delegation to "BFH in this context is an important development which in future could lead to fruitful investment and business co-operation," he added.

The delegation visited "BFH accompanied by the Bahrain Monetary Agency (BMA) licensing and policy director Ahmed Al Bassam as part of the Kingdom's strategic efforts to attract foreign investment and strengthen overseas business and trade relations. Senior "BFH officials made an introductory presentation on "BFH, showcased through a state-of-the-art animation video. The delegates, who were very impressed by the sheer scale of the project, also viewed the large-scale model of the master-plan and were introduced to its various elements. "Bahrain is a key acknowledged financial hub of the Middle East and the "BFH project has generated tremendous interest among the global financial community," remarked Mr. Paulson.

Download DIFC commercial:
http://koti.mbnet.fi/~dazzler/uae/difc1.jpghttp://koti.mbnet.fi/~dazzler/uae/difc2.jpg

http://koti.mbnet.fi/~dazzler/uae/difc_commercial.avi
size: 3MB , you need divx codec (http://www.divx.com/divx/download/index.php) to watch this video.

nice video, but too little info on the project itself :(

love the yellow cabs

there was url in the end of this commercial which I accidently cut away, it's now in the video, and url was www.difc.ae/gateway

updates ? any sign of action on the site anyone ?
http://www.difc.ae
is always has update on the goings but i am intrested more in the site

the site has been updated, but there is no info on construction
just the typical info you need when you're interested in a financial centre

yep but still activity is good sign

http://82.195.132.90/news/article_pics/14124.jpg



DIFC will catapult the city into major league

DIFC will catapult the city into the major league, alongside London, New York, Singapore and Tokyo, as it has the right combination of timing, zero tax regulations and proximity to Gulf wealth, which can make dreams into a reality, according to a report by Arabies Trends.

In September, Dubai International Financial Centre (DIFC) issued licence to Michael Baer, head of private banking for the Zurich-based Julius Baer, and with the presentation of that licence, the DIFC became an operational entity that has been designed to foster a new financial services cluster in the Middle East.

Julius Baer has hired eight staff for its DIFC business, and will use Dubai as its hub for Middle East and South Asia. Although the bank will only act as an offshore capacity for now, giving advice locally but passing transactions requests on to Switzerland, it will consider booking business in Dubai once it sees how much demand for its private banking, institutional asset management and capital markets services it can generate.

According to David King, acting chief executive officer of DIFC's regulatory authority, DFSA, over 50 financial institutions have already expressed interest in starting their operations. Standard Chartered and a Gulf energy fund joined Julius Baer in the first wave of licensees, and a further 20 licences are expected to be issued by the end of the year. Others that have announced interest but are yet to be licensed include Credit Suisse, Merrill Lynch and Deutsche Bank.

According to the report published by Arabies Trends, "The reasons why the DIFC appeals to these institutions vary, but universally include the benefits of local access to the estimated US$1.8 trillion of Arab wealth. While some 45 per cent of Middle Eastern assets are currently held overseas, Arabs are now looking for investment opportunities closer to home. Banks and asset management firms that can provide high-quality local service therefore stand a good chance of winning the business of rich individuals, while the development of the region's capital markets will also throw up opportunities for investment bankers at a time when other global markets, with the notable exception of China, are stagnating.

Moreover, the benefits of Dubai as a tax-free city are well known, and the DIFC's plans for 40 buildings with capacity for 50,000 people are impressive, but in themselves they are not enough to lure top-tier banks to the Gulf.

According to Omar bin Sulaiman, the DIFC's Director General, "By providing a highly regulated, low-cost financial environment with complete transparency, our vision of creating a universally recognised hub for institutional financial services and the regional gateway for capital and investment is nearly fulfilled.''

Habib Al Mulla, chairman of DFSA's regulatory council, explained that the DIFC's laws have been synthesised from international best practices to give incoming financial institutions a "comfort level" when operating from the centre. Since the DIFC concept was announced in February 2002, a team of lawyers has drawn on the banking laws of Britain's Financial Services Authority, the insurance laws of the Bahamas, and the companies' laws of Canada and Delaware.

The DIFC's plan also calls for an international equities and debt exchange, DIFX, that will be open to foreigners and will provide DIFC tenants with a medium through which they can take their clients to an international market, whether the client wishes to launch an IPO, undertake a secondary listing, or issue a bond or other debt instrument.

If successful, the DIFX will mean that Arab companies won't need to list on foreign bourses like Luxembourg to reach foreign capital, and that a virtuous circle of economic growth and investment can be created in the Middle East. (The Khaleej Times)

Moreover, the benefits of Dubai as a tax-free city are well known, and the DIFC's plans for 40 buildings with capacity for 50,000 people are impressive, but in themselves they are not enough to lure top-tier banks to the Gulf.

i like this sentence
40 buildings
sure, not all of them towers, but a few

again seems like long wait till mid next year when this place will reall heat up with breaking ground and the like

everything's still a secret here
but businesses have already started
nothing heard of the hexagon for ages
but i also guess next year they will announce all the projects
i mean, you can't wait years for such a project!

An old, small render of the Hexagon.

http://www.ayuplanet.com/projects/DIFC/hexagon.jpg

I think this tower only looks good in aerial view.

It looks very Chinese Highrise Style from this Angle. Very cool :okay:

hmm not seen that one before

hmm... its not looking too distinctly six sided! but i supose it potentialy is, just not as i envisiond from the previous pics.

heard that the road way leading up this was all done and open up last week ?
might be old news but thats what i heard ?
are there people working in the GAte yet

jsut little news

Julius Baer raises DIFC flag
Swiss private bank Julius Baer has started to advertise its new operation in the Dubai International Financial Centre where the Swiss group was one of the first to win a licence. Julius Baer specialises in asset management for private and institutional clients.

http://www.ameinfo.com/news/Detailed/49259.html

the difc will be split up in 6 areas, some info on these


Gate District
This district consists of a multitude of individual buildings inspired by Dubai's historic urban grain. There is a vibrant mix of uses including leisure facilities, specialist hotels, residential living and a small component of office space arranged around a variety of streets and shaded squares. Giving the district a whole array of uses whether it be relaxing in one of its squares or soaking up the ambience of its multi-functional use.

Gate Boulevard
Almost the focal point of the development, the boulevard incorporates 'The Gate'. This iconic landmark marks the gateway to the whole development and has a stature to match the Emirate Towers, with its landscaped gardens and formal environment it will be at the centre of global business dealings.

Park Avenue
On the Eastern edge of the development this district contains a mix of major office buildings with a proportion of residential and retail accommodation including a prestigious hotel. It is characterised by extensive landscaping which gives a high quality park -like environment in which to sit, relax or watch the world go by. A perfect location to live with every amenity on your doorstep.

Circus District
Including a mix of work/living space, this district it designed to enhance the lifestyles of the people who use it. Extending Eastwards this area has series of retail outlets focused on the Pacific Tower and is intended to be the Civic heart of the development with its variety of leisure uses including a major department store, a open Piazza for performances and displays linked to the variety of museums and theatres.

Park Boulevard
Extending South of the Circus District this area has a similar variety of uses and ambience of the Gate Boulevard to the North. With a mix of retail outlets and good transport connections to the Central Park District with its landscaped gardens and squares, this area offers an abundance of facilities and interesting things to do.

Central Park
At the Southern most edge of the development this area is predominantly used for commercial office space incorporating several iconic buildings defined by lakes, parks and gardens. The defining characteristic of the district is its spaciousness and tranquil setting.

The naming of these districts looks like a cheap rip-off of existing names in New York and London.

Park Avenue my eye.

Arent the Twin towers at DIFC same as the Gherkin Tower in London

Gherkin Tower (http://www.reggie.net/album.php?albid=205)

no, but they look v similar

DIFC expands support services available to financial institutions as Total Solutions Europe joins Centre

The Dubai International Financial Centre (DIFC) today reaffirmed its commitment to creating a state-of-the-art environment for financial institutions operating within the Centre. Leading European consultancy practice Total Solutions Europe (Total Solutions) has been registered to operate from within the Centre by the Dubai Financial Services Authority (DFSA) as an Ancillary Service Provider (ASP).

http://www.ameinfo.com/images/news/4/10684-total.jpg

Total Solutions is a consultancy, training, interim management and resource solutions firm specialising in the financial services industry. It will be regulated by the DFSA on the compliance services it will offer to clients.

Dr Omar Bin Sulaiman, Director General of the Dubai International Financial Centre stated,

'I am delighted to welcome Ejaz and his team to Dubai. We at the DIFC are determined to offer a totally global environment to our operators and Total Solutions fits this requirement perfectly. The financial institutions operating here will find the same services and quality of support as in any other major financial centre, only with the added bonuses of an attractive fiscal regime and a rapidly growing financial sector'

Ejaz Vastani, Managing Partner (Middle East), who will head the Total Solutions operation at the DIFC commented, 'The work we have done around the world has been for many of the top names in financial services such as Citibank, ABN Amro and JP Morgan. As we expand, it makes perfect sense for Total Solutions to be present in the DIFC, which we are confident will develop as a hub for global financial services business.

The opportunity for firms such as these in Dubai is immense and our opportunity lies in the specialist support we can provide.'

Robi Dattatreya, Total Solutions Managing Director, added, 'The DIFC concept is one we fully support and we are pleased to have completed the registration process. We firmly believe that Total Solutions will assist DIFC's ongoing development and growth aspirations by supporting the businesses that operate, and plan to operate, from within the centre. Our specialist focus on operations and technology solutions for financial services institutions will enable us to support businesses that relocate or expand existing operations here through consultancy, interim management and training.'

Total Solutions was established in 1998 in London with a clear goal of delivering customised solutions to client's critical operational and technical requirements. In 2001, Total Solutions Europe BV was formed in Amsterdam, followed by Total Solutions Europe GmbH in Frankfurt in 2002. Currently, over 70 full time consultants work for an ever expanding client base that includes: Citibank, State Street Bank and Trust Company, ABN AMRO Asset Management, ABP Investment Management, Deutsche Bank, ABN AMRO Bank, Commerzbank, Deloitte & Touche, ING Bank, JP Morgan Chase and Rabobank.

DIFC welcomes licencing of Credit Suisse
The Dubai International Financial Centre Authority today welcomed the announcement by Credit Suisse that it had been awarded a licence by the Dubai Financial Services Authority to operate as a bank as of April 1st, 2005 at the DIFC.
http://www.ameinfo.com/news/Detailed/50140.html

all plots have been allocated for the difc
this means there will be some tower and building releases very soon

good news hope to see some tall office towers and hotel with in
now stil waiting for more info in the 3 winged towers
and th rest we aready know about
hex - Details all out
2 Park towers - Details out and final desgin
Sky Gardens - released
So need some more talls at least 7 or so more !

i've read somewhere about 35 buildings are planned for difc
but not all of them high-rises
but there have to be about 5 towers or even more
i mean a ifc should have tall buildings and not only some low-rises

expect a few of the 7/9 floors ones i already knew about

Hi All,

I am new to this and very interested in finding out further details on buildings coming up in the DIFC (Either residential or commercial).

Has anyone got details of what is being build and plan ?

Thanks in advance.

the CEO of difc

before
http://www.aawsat.com/2004/03/02/images/economy.220783.jpg

after getting emirates citizenship
http://www.ayuplanet.com/smussuw/nab1.JPG

lol, and now he's fired.

lol, and now he's fired.
As it was mentioned in news he was out in his own well. beside he got a huge capital and now he is about to found a new company.

Odd on Sheikh Zayed Road, I stayed at the Dusit, my room faced towards the land, its almost nothing, odd having towers with bare land next to it. But The DIFC seems a good development.

I thought this rendering was quite crappy, considering the magnitude of the project... Anyways here is a medium resolution version.

http://img204.exs.cx/img204/82/difcgate9om.jpg

http://img144.exs.cx/img144/203/masterplan7ii.jpg

nice
you can see how long the shadows of the towers are :D

i guess everybody can spot the hexagon
this strange star should be sky gardens then?

and then there is this cylindrical tower with the long shadow
and another three talls at the bottom of the masterplan, one of them should be one central park

Great masterplan Markmywords! :runaway:

Does anyone know what's the current status of those small buildings which surrounds The Gate? is the facade coming up already?

the smaller buildings surrounding the gate have almost been completed

which one is that which looks like a cross?

i have no idea, but it looks tall :D

Some construction photos that I took today evening..

http://img212.exs.cx/img212/1874/gate14ou.jpg

http://img228.exs.cx/img228/8292/gate30zi.jpg

they have grown a lot and now we can finally see how they will look like
not bad i think
a nice mix between supertalls, high-rises, mid-rises and low-rises!

thanks for all your efforts :okay:

seems very busy.
didn't expect it to be thaat near on ET . haha just noticed that the short form of Emirates Towers would be E.T, just like the alien in Spielberg movie.
how funny ;)
but i did not expect the gate to be that close to the Emirates Towers,or is it wider as it looks like in the picture?

Actually its quiet close to Emirates Towers. Maybe 200 m apart. :)

oh oh ET will destroy it when falling ;)
SZR becomes more and more dense with that, it will look awesome, what is the tallest tower approved for DIFC until now?

oh oh ET will destroy it when falling ;)
SZR becomes more and more dense with that, it will look awesome, what is the tallest tower approved for DIFC until now?

one central park of course
i don't think there will be any taller towers in difc

mhm almost as high as Emirates Towers,... not bad, not bad....
But why is it sooo ugly ;)??
i think we get 5 more 200+ Towers..

wow, thx for the great photos markmywords! :)

I think Nabulsi quit because of internal conflicts just like what happened with the managers before, I know he wanted to bring 200 institutions to the DIFC when it's completed, suppose he won't see the vision out. Buildings look alright, the ones next to the gate. Hopefully, it won't be a collection of random buildings with all those towers springing up.

Some construction photos that I took today evening..

http://img212.exs.cx/img212/1874/gate14ou.jpg

http://img228.exs.cx/img228/8292/gate30zi.jpg



Someone should post these pics in the manhattan forum. Amaznig effort markmywords, thanks a lot.

Some more construction pics, taken early morning 27th Feb. perhaps somebody more familiar with the project could identify the buildings going up around the gate?

http://img.photobucket.com/albums/v302/seonnecken/DSCF0003.jpg

^ I'd have to say I like the style of your pics. There's a lot goin on down there.

‘New Gulf financial centres won't be threats to DIFC’

3 March 2005

DUBAI — The launch of new financial centres in Qatar and Bahrain will not have any adverse impact on the prospects of Dubai International Financial Centre project, rather it will speed up the efforts to reform its financial markets in the region said Dr. Habib Al Mulla, Chairman of the Dubai Financial Services Authority (DFSA).

Speaking to Khaleej Times yesterday Al Mulla said: “The region has enough scope for more than one financial centre. However, the DIFC will be the only International Financial Centre in the region.”

DIFC is set to launch its stock exchange in September this year while the judicial framework for the DIFC will be completed this month with the announcement of the court structure and the appointment of the chief justice and other judiciary staff.

“Our unique selling point in attracting international financial institutions to Dubai is the regulatory framework we have adopted. Tax benefits and the infrastructure we offer are add-on benefits,” he said.

Asked about the new financial centres coming up in Bahrain and Qatar, he said these centres could only help increasing level of sophistication of the local markets. “One or two of our neighbours are seeking to start something similar to DIFC— we wish them well because this is not a zero sum game. Our legal and regulatory framework in fact exceeds them in a number of ways. For one thing, we have been free to take the best from each jurisdiction. We have drawn from the tradition and practice of the City of London more than any other jurisdiction. But we have also been freer than London or New York to borrow, for example, from the European Union on data protection, and from the OECD on money laundering.

New strategies and innovations in structured alternative investments are expected to make a difference to the region's markets. Commenting on the possibility of international institutions structuring sophisticated financial products from DIFC, he said that is the objective and that would be achieved.

“We are realistic because we have a 30 year track record of strategic business selection and successful delivery. Our new financial reforms are our most ambitious undertaking yet. London, Hong Kong, Tokyo and Wall Street have all proved down the years that a vibrant capital market is a nation's best engine of economic growth. We intend to do the same.”

The Middle East has lacked a financial centre comparable in quality to the capital markets of the East and West. This is the gap that the Dubai International Financial Centre has been created to close.

“We have a new generation of sophisticated investors. Private investors as well as institutional investors. We have here experienced international and regional banks and financial institutions,” he added.

(Part of) DIFC, taken on a grey day March 2005

http://img.photobucket.com/albums/v302/seonnecken/DIFC1.jpg

http://img.photobucket.com/albums/v302/seonnecken/DIFC2.jpg

I think Nabulsi quit because of internal conflicts just like what happened with the managers before, I know he wanted to bring 200 institutions to the DIFC when it's completed, suppose he won't see the vision out. Buildings look alright, the ones next to the gate. Hopefully, it won't be a collection of random buildings with all those towers springing up.

well he didn't quite he was forced 2 for what he did ..

Global Reinsurer Alliance Re Registered at DIFC Using Dubai as Base
Saturday, March 05, 2005

The Dubai International Financial Centre (DIFC) welcomed the registration of Alliance International Reinsurance Company Limited (Alliance Re) by the Dubai Financial Services Authority (DFSA).

Dr Omar Bin Sulaiman, Director General of DIFC said,"Opportunities abound at DIFC for companies across all sectors of financial services such as Asset Management, Banking and Islamic Finance. This is no more the case than with reinsurance companies such as Alliance Re which joins other key players in this sector as a company registered to operate from the world's newest international financial centre and set to benefit from the increasing demand for insurance in key industries such as aviation, property and energy projects.

The registration of Cyprus domiciled Alliance Re also demonstrates the success of DIFC in attracted leading businesses from around the world."

Fetooh Al Zayani, Head of Insurance and Reinsurance at DIFC said, "From the outset we stated that there is a huge potential for reinsurance companies in this region, with DIFC spearheading it. The region can be a major new source of both business and liquidity for international reinsurers and the registration of Alliance Re further confirms that the DIFC is the ideal platform to realise this opportunity."

She continued,"The global reinsurance market is currently valued at around $2.3 trillion. Within this the Middle East accounts for less than $10 billion in annual premiums, so the regional reinsurance sector is set for rapid growth, from which firms such as Alliance Re will benefit."

Alliance Re has appointed T. Raghuraman as Regional Manager to head its new office at DIFC. Raghuraman has more than twenty years experience in the insurance sector in the Middle East.

Chief Executive of Alliance Re, Khader Hemsi commented,"We are proud to have been registered to operate from the DIFC by the DFSA and we look forward to sharing in the inevitable success of the project. I am delighted to welcome T. Raghuraman to Alliance Re and am confident that he will build on our experience and good relations in the MENA region to good effect."

Alliance Re is headquartered and incorporated in Cyprus where it is EU regulated. It has operations in more than fifty countries. Alliance Re has 'BBB' Good Long-term Counterparty Credit and Insurer Financial Strength Ratings with stable outlook by Standard & Poor and a 'B++' Very Good Financial Strength Rating with stable outlook by A.M. Best.

some more info on the buildings surrounding the gate, also posted by soennecken in post #89

will add them to emporis low-rise


http://www.peremba.com.my/imageproject/picinternational/difc1.jpg

The project for the Dubai International Financial Centre Authority involves the construction of the Gate Precinct buildings 1 to 4 located on the east and south sides of the “The Gate”, a building that is targeted to be the headquarters of the DIFC. The Gate is currently under construction. The DIFC development is located on a 110-acre site to the south of the Emirates Towers in Dubai.

The contract awarded will see construction of buildings 1 and 2 of the DIFC comprising 7-storey office buildings with 3 levels of basement car park while buildings 3 and 4 comprises 8-storey office buildings also with 3 levels of basement car park. The total floor area of the Gate Precinct Buildings to be constructed by Peremba Construction is about 1.3 million sq ft.

http://www.peremba.com.my/imageproject/picinternational/difc2.jpg

well he didn't quite he was forced 2 for what he did ..


What did he do?

I agree with the article that said the 3 financial centers will complement each other. The gulf needs to work together rather than compete against each other. Why reinvent the wheel when it's already there.

^ One of them resigned becouse of allegation regarding sales of plots within the DIFC.

MAG group will build two commercial and residential towers, but I don't know if it will be 1 + 1 or both will be mixed.

hm, yes that's what the website says
excited to see them

I see. DIFC seems to have problems with internal politics, that's not a good indication if it continues especially for institutions.

What did he do?

I agree with the article that said the 3 financial centers will complement each other. The gulf needs to work together rather than compete against each other. Why reinvent the wheel when it's already there.

well i can't provide info unless im sure :) but it has nothing to do with the 3 financial markets ..

i agree with the idea of having one main financial center which what was proposed when first DIFC was intoduced but next BFH was introduced 2 but oh well we have to wait and see :)

well i can't provide info unless im sure :) but it has nothing to do with the 3 financial markets ..

i agree with the idea of having one main financial center which what was proposed when first DIFC was intoduced but next BFH was introduced 2 but oh well we have to wait and see :)

DIFC and BFH need to work together. I mean Dubai can benefit from Bahrain cause Bahrain has 3 decades of financial experience and Bahrain can benefit from Dubai's potential. There won't be in my opinion one main financial center as each development portrays it to be. GCC needs to work together, not against each other. I mean all those developments, they can share the strengths, one for foregin banks, other one for Islamic finance for example.

to me this sounds like a god idea
both projects will be completed roughly at the same time

is there any financial centre in doha these could co-operate with?

(Part of) DIFC, taken on a grey day March 2005

http://img.photobucket.com/albums/v302/seonnecken/DIFC1.jpg


The architecture reminds me of those new apartments that are being sold all over Central London

DIFC and BFH need to work together. I mean Dubai can benefit from Bahrain cause Bahrain has 3 decades of financial experience and Bahrain can benefit from Dubai's potential. There won't be in my opinion one main financial center as each development portrays it to be. GCC needs to work together, not against each other. I mean all those developments, they can share the strengths, one for foregin banks, other one for Islamic finance for example.

i didn't say i'm against the idea of BFH :) or co-op .. i really would like to see the gulf united atleast economically . i do respect the position of bahrain in the financial field but i can't forget Dubai's position and it's economy strength

hope the co-op instead of competing

They will certainly work together if the GCC ever comes down to having common currency.

Render from projectdubai

http://www.projectdubai.com/projects/fixed/prj3_mainbig.jpg

Other drawings from projectdubai

http://www.projectdubai.com/projects/fixed/prj3_fix_1.jpg


http://www.projectdubai.com/projects/fixed/prj3_fix_2.jpg


http://www.projectdubai.com/projects/fixed/prj3_fix_3.jpg

the big render has to be 2 years old the least
i guess it was the first masterplan for the difc

one central park is there already, hexagon as well (but i think a supertall was set to be on this particular plot for one central park, how could they have known about this tower 2 years ago? :D )
but park towers, liberty house and sky gardens are missing

They will certainly work together if the GCC ever comes down to having common currency.


Well by 2010 that'll be the case unless they decide to screw up cause it's takin for ever, they proposed it years ago and they just thought about it now.

So most likely it'll be called Khaleeji (5aleeji). Don't quote me on this though.

DIFC lays down rules for Islamic financial institutions

Dubai: DIFC Financial Services Authority, the regulator for the Dubai International Financial Centre, has laid down rules for Islamic financial institutions.

Islamic banking and financial institutions intending to operate out of the Dubai International Financial Centre must ensure a clear division between senior management and company-appointed Sharia Supervisory Boards (SSBs), according to Hari Bhambra, senior manager of supervision at DFSA.

She stated this while speaking at the International Islamic Finance Forum yesterday.

“Systems and controls must be in place to ensure that the firm complies with Sharia. This responsibility rests with senior management. The key is to keep the SSB and the board separate,” she added.

“While a company’s board would hold ultimate responsibility for the organisation’s operations, including its general compliance with DIFC’s regulatory framework, as well as its Sharia aspects, the SSB would be responsible for approving the Sharia aspects and reporting to DFSA,” said Bhambra.

Under DFSA’s three-tier legal and regulatory structure relating to Islamic finance, ‘Regular Law’ gives the regulator the power to make rules, which it has laid out in The DFSA Rulebook.

She said the requirement to appoint SSBs is prescribed in a separate ‘Law Regulating Islamic Financial Business’. DIFC’s third legal and regulatory component, ‘Markets Law’, is under development.

According to Bhambra, The DFSA Rulebook reflects, a balanced approach, reflecting similarities and differences between Islamic finance and conventional finance.

It also provides flexibility within defined parameters, she said.

DIFC rules for Islamic financial institutions

Mar 15, 2005

Islamic banking and financial institutions intending to operate out of Dubai International Financial Centre (DIFC) must ensure a clear division between senior management and company-appointed Shari'a Supervisory Boards (SSBs), according to Hari Bhambra, senior manager, supervision, at DIFC Financial Services Authority (DFSA), reports in the UAE's dailies said.

Addressing delegates on Regulatory Environment, Corporate Governance and Media Perceptions on day two of the International Islamic Finance Forum yesterday, Bhambra said, 'Systems and controls must be in place to ensure that the firm complies with Shari'a. This responsibility rests with senior management. The key is to keep the SSB and the board separate.' While a company's board would hold ultimate responsibility for the organisation's operations, including its general compliance with DIFC's regulatory framework, as well as its Shari'a aspects, the SSB would be responsible for approving the Shari'a aspects and reporting to DFSA, said Bhambra. Under DFSA's three-tier legal and regulatory structure relating to Islamic finance, 'Regular Law' gives the regulator the power to make rules, which it has laid out in 'The DFSA Rulebook'. The requirement to appoint SSBs is prescribed in a separate Law Regulating Islamic Financial Business. DIFC's third legal and regulatory component, 'Markets Law', is under development, said Bhambra.

According to Bhambra, The DFSA Rulebook reflects, balanced approach, reflecting similarities and differences between Islamic finance and conventional finance. It also provides flexibility within defined parameters, she added.

Dubai emerging financial hub of ME

17 March 2005

THE hosting of the First Finance , Credit and inter national Business (FCIB) conference in Dubai this week, is another milestone in the evolution for Dubai into the international trade and financial conferences its adapted in the last few years. It is an honour for the Dubai to be selected as the host of such significant event that attracts large number of international financial leaders. In fact Dubai has become the focus of several major financial institutions as the financial hub of the region.

Established in 1919,the FCIB, is an association of executives in finance, credit and international business that has maintained authority in global business credit for over 80 years. It prides itself with an international group of more than 800 members in 35 countries around the world.

The institution enjoys an international reputation as a business educator and premier provider of business credit intelligence to exporting firms — from small and midsize manufacturers to multinationals.

With the establishment of financial institutions like the Dubai International financial centre and the Dubai Financial Market, Dubai has become the home to an increasingly and sophisticated financial sector.

The large number of participants thronging the city from every part of the world is an evidence how this minute city has become the focus of the world.

In his inaugural speech, DCCI director-general Abdul Rahman .Al .Mutaiwee, said the Middle East share in world trade has increased from $369 billion in 1999 to approximately $500 billion in 2003 and that the GDP at current prices reached $677 billion in 2002 against $617 billion in 2001, thus registering a growth rate of 3.1 per cent for the whole Middle East.

The prominent figures attending the conference is another sign of how this place is attractive for business. The list included, Dr Hans Belcsak, president of the S.J. Rundt & Associates, USA, Ken Garrison, president and chief financing Operating Officer of FCIB and Ms Gene Smith, president and founder of Smith Brandon International.

Each of the above individuals made a presentation tackling specific issues as laid out by the FCIB agenda. The agenda of the conference featured issues on regional country risk analysis in today's global market, how to go about doing business in the Middle East and the role of trade finance in major business centres besides issues related to international credit.

It is evident that Dubai will continue to position itself as one of the major cities of the world in organising the conferences

Well by 2010 that'll be the case unless they decide to screw up cause it's takin for ever, the proposed it years ago and they just thought about it now.

So most likely it'll be called Khaleeji (5aleeji). Don't quote me on this though.

lol u reminded me with a friend who said to me once they will call it khaleejoo (5aleejo) like euro hehe

hope they will not call it something similar to dollar,... i am already upset cause of cent as smaller euro unit actually.

It should be Dinar.

i like the sound of 'Dune' [or arabic equivelalent] for the major unit
and 'sand' [or arabic equivelalent] for the minor one.

btw, i cant understand why the plural of euro is euro! ....surely it should be euro's! and cents! why cents! why not somthing better... for example: frogs!
small, and realitivly worthless...pretty much unnececary!!!!

^ Don't tell me that you don't know that CENT means HUNDRED (in Latin), so 1 Cent means 1 Hundredth part of ... which is exactly what it is.

I think it should be called something like "sheesha", so 1.50 would be "one sheesha 50 bahr (sea)"

Sheeshas and sea!

lol well i like this sheesha thing hehe
i heard that it will be Dinar and Dirham so each Dinar = 100 Dirham
which is most probably what it will be called according to the islamic finance system

cheers :)

Dinar and Dirham are both very original and very old Arabic words used for money, I think they should go with those.

I wonder why they have such crappy renderings for such a project of this magnitude.

http://i148.exs.cx/img148/4743/difc14ey.jpg
http://i136.exs.cx/img136/7302/difc46zz.jpg
http://img209.exs.cx/img209/98/difc55nf.jpg

Why does the Hexagon look so tiny ?!

Why does the Hexagon look so tiny ?!
Dont ask. These are the official renderings from DIFC.

:wtf:

:wtf:
Dude I just meant that I didnt make it smaller in Photoshop ;)
Infact its not an updated rendering, and hence doesnt indicate half of the buildings and their actual sizes.

I know, I'm just confused about DIFC

I read that once the currency is one, be it Dinar & Dirham or Khaleeji ;), the pegging against the dollar will be dropped.

Oh ya lookin at those DIFC renders, I dunno why, but I feel those low rises surrounding the Gate and the brown ones infront of them look like a hospital or a medical city, for some reason.

whats that...
quite ugly renders...!?
i wonder why they release such crappy renders...

DIFC 'is very much on course'

Dubai : The Dubai International Financial Centre is firing on all cylinders and has achieved things faster than earlier projected, according to Dr Omar Bin Sulaiman, director-general.

http://www.gulfnews.com/images/2005/03/25_bus_difc.jpg
The Gate stands witness to the rapid developments taking place at the DIFC. More than 32 companies are licensed or registered to operate from the centre.

Citing such reputed names as Standard Chartered Bank, Credit Suisse, Ansbacher, Franklin Templeton, Julius Baer, which are already licensed by DIFC, he said many such names are at present under scrutiny and there will no dearth of such names in the future either.

The official negated any notion that events in the complex are lagging behind schedule.

He said the DIFX the international exchange of the DIFC is all set to be operational by the end of the third quarter, and will be established as the first international exchange in the region.

He talked at length to Gulf News about where he intends to take DIFC, and the future plans that will help translate his ideas into reality.

Excerpts:

Gulf News: How many companies have already been registered with DIFC? How many applications are there? How many companies do you expect to get registered with DIFC within this year? We have been hearing big names ... When are they expected to be licensed?

Dr Omar Bin Sulaiman: As of today there are more than 32 companies licensed or registered to operate from DIFC. These include Standard Chartered, Credit Suisse, Ansbacher, Franklin Templeton and Julius Baer. We cannot reveal exactly how many other licence or registration applications we have received, but I can say that Deutsche Bank, Barclays and Merrill Lynch are among the companies that have applied or expressed their intent to apply.

The announcement of DIFC's launch took place as early as 2002. There is an impression that very little has been achieved by DIFC since then other than real estate projects. Your comment?

On the contrary, we have been receiving scores of applications and requests for more information from the world's top financial services firms. The DIFC's plans were announced in 2002 and we launched the centre just over two years later, in September 2004. As an international financial centre, I believe our launch has been successful and amazingly quick.

Among our first licencees were Standard Chartered and Julius Baer, and since then other licences have been awarded to Credit Suisse, and Mellon Global Investments Ltd, among others. The first installment of DIFC laws [12 in all] were ready on September 17, 2004, and a further one is expected in the coming weeks.

Later this year, we will witness the launch of the Dubai International Financial Exchange [DIFX], scheduled to take place by the end of the third quarter. The DIFC is very much on course, working at a brisk pace and meeting all time schedules.

What is the model for DIFX? When will it be operational? How many companies do you expect to be listed initially? Are there any big companies from the UAE? Will there be brokers registered with DIFX? If so, can Dubai Financial Market [DFM] and Abu Dhabi Securities Market [ADSM] brokers get registered with DIFX?

The DIFX will have a technology infrastructure of the highest quality, and experienced international partners will extend cooperation. This will include an electronic trading platform, together with excellent central counterparty clearing and settlement services. This infrastructure will be comparable to that of any other leading exchange.

The DIFX's plan to open in the third quarter of this year remains on course. We are talking to many companies that are interested in listing, both in the UAE and the other parts of our main target area [mainly Mena and the Indian sub-continent]. But we are not yet putting a figure on how many will be listed when we launch. They may well include UAE companies.

DIFX will have brokers [ie members of the exchange], and any broker registered with the DFM or ADSM may apply for a licence to be a DIFX member, just as other brokers can apply.

Will the trading be screen-based? Will there be internet trading?

Yes, it will be screen-based. Internet trading will be possible for those institutions that become members of the DIFX.

Will DFM and ADSM listed companies be allowed to list on DIFX? On what conditions?

Companies listed on the DFM or ADSM will be free to apply to list on the DIFX [again of course, there is no automatic entitlement].

The listing conditions will be published soon and are likely to cover such areas as ensuring that adequate audited accounts are available, together with high accounting standards, and ensuring that directors of listed companies have appropriate expertise and a track record of integrity.

Why would foreign commercial banks already operational in the UAE need an office with DIFC? How would they stand to benefit by relocating operations to within your premises? What precautions have been taken to ensure such banks do not book assets in DIFC [to avoid corporate tax]?

All firms that wish to provide financial services in or from the DIFC must be licensed to do so by the Dubai Financial Services Authority [DFSA], the independent regulator for the DIFC. In order to be granted a licence, they must go through a stringent assessment process that, among other things, determines whether they are fit and proper to operate within the centre.

Once licensed, the firms must comply with every aspect of the strong legal framework that has been developed for the centre, and they can be sanctioned if they do not.

The DFSA operates as an independent, transparent regulator, and has various powers to obtain information from firms and, where appropriate, to share that information with other regulators. This is an incentive for firms to comply with the law in every respect, and should prevent firms from seeking to avoid their obligations elsewhere.

Will you monitor the deployment of workforce by DIFC companies? If a UAE bank has an office within DIFC, this bank can appoint employees at its DIFC office and use them for work outside DIFC, thus helping them to inflate the original emiratisation level in its UAE company. Isn't this so?

Under the law, all key individuals working for an authorised firm in the DIFC have to be approved by the DFSA, and the nature of their position is known and recorded. All authorised firms will be subject to inspection visits by the supervision department of the DFSA as part of the usual supervision regime. During these visits, discussions will be held with the authorised individuals and a full understanding of their roles within the authorised firm and its business will be obtained.

If any employee of a DFSA-licensed firm undertake activities outside of the centre for a firm outside of the centre, they will be subject to UAE laws.

Will the Bahrain Financial Harbour and Qatar Finance Centre prompt competition, or will they complement overall growth?

The DIFC has said from the outset that it would contribute to the overall development of financial services industries in the region. We stated that our initiatives would encourage other markets within the region to develop.

Clearly, the development of a financial centre in Qatar is in line with our original aims, and we welcome any move that improves the overall credibility of the region as an international financial hub.

The DIFC launched operations in September 2004 and it has subsequently seen the leading names in international finance licensed to operate from it, and many others submit applications. These include AIG, Credit Suisse, Standard Chartered, Deutsche Bank and Barclays.

By the end of 2005 the DIFX, an international exchange, will have been launched.

Whether it be Bahrain or London, they have only one regulator for their financial services industry, namely, Bahrain Monetary Authority and Financial Services Authority, respectively. Here in the UAE, we have the Central Bank of UAE, Emirates Securities and Commodities Authority [Esca] and now DFSA. Who will represent, according to you, the UAE's financial services sector in an international event, like the IMF World Bank meeting?

While it appears that there are overlapping jurisdictions for the regulation of the "financial services industry" in the UAE, or more particularly in the DIFC, this is not the case.

The Central Bank is the UAE's federal financial services and the banking regulator. It is responsible for formulating and supervising monetary, credit and banking policy in accordance with the UAE's general policies to support the national economy and stability of the currency.

Esca is the federal regulatory body, which regulates and supervises the securities and commodities markets in the UAE.

When the UAE Federal Union enacted the Financial Free Zone Law, a federal law allowing for the establishment of a financial free zone in any emirate of the UAE, such as the DIFC, it specifically exempted financial free zones from all UAE [federal] civil and commercial laws. This means that the only civil and commercial laws that apply in the DIFC are DIFC laws, and that the DFSA is the only regulator of financial services, including the securities markets, in the DIFC.

As for an international event like the IMF World Bank meeting, there is no reason why all three regulators among whom relations are excellent cannot attend representing, as appropriate, their respective jurisdictions.

Western Union plans to join DIFC by year-end

3 April 2005

DUBAI — Western Union, part of the US-based First Data Corp, is planning to join Dubai International Financial Centre (DIFC) by the end of this year. The company is also planning to increase the number of its locations in the UAE by five to 10 per cent from the existing more than 250 and record over 50 per cent growth in number of transactions in the country this year, a senior official from the company disclosed yesterday.

Speaking to this correspondent, Hikmet Ersek, senior vice-president Europe, Middle East, Africa and South Asia, told that the company, which opened its regional headquarters in Dubai back in 2000, was growing at a rapid pace and and as part of its expansion plans is considering moving to DIFC. The Dubai office covers 15 countries in the region.

“We are going to expand in this region, which is one of the fastest growing regions in the world, and hire more staff. Our office in Dubai Internet City is just not enough any more. DIFC will meet our growing requirements and give us more exposure,” he said.

He said the UAE had the highest - 50 per cent year-to-year growth rate in the whole region. However, the biggest market for the company’s operations in the Middle East region remains Saudi Arabia, which has the highest - $15 billion documented remittance market in the region, followed by the UAE, which the company estimates at $4 billion, although other assessments go up to as much as $10 billion. Ersek also said that although the company’s market share in the Middle East region was very small, there is still room to grow.

He said: “Currently we have a single-digit market share in this region, but from next year we will be targeting a double-digit market share here.”

Christina Gold, president of Western Union Financial Services Inc, who is currently visiting Dubai, said that the company claimed 16 per cent share of the total $159 billion global remittance market and “we have room to grow”, adding that Western Union money transfer exceeded $1 billion in profits last year. She also said the company spent $23 million in security issues every year.

now everyone wants to join.

http://dubai.demeyer.net/Dubai-02.jpg

little bit older unfortunately.

Are those the residences at burj dubai in the distance?

yes

If am not wrong yes they are.

i was faster ;)

Hahaha congrats man, the medal is on it's way ;).

awesome pic!
my new backgound!

very good shot
so many posted today
glad i am back online

Merrill Lynch Swiss banking arm licensed to operate from the Dubai International Financial Centre

http://www.ameinfo.com/images/news/5/13395-omar.jpg
Merrill Lynch Bank (Suisse) S.A (MLBS), a wholly-owned subsidiary of Merrill Lynch & Co., has been awarded a license by the Dubai Financial Services Authority (DFSA) to operate from the Dubai International Financial Centre (DIFC).

Dr Omar Bin Sulaiman, Director General of the DIFC Authority.
Merrill Lynch & Co. is a global financial management and advisory firm with offices in 36 countries and $1.6 trillion under management. Merrill Lynch has been present in the Middle East since 1961.

The award of this license was welcomed by Dr Omar Bin Sulaiman, Director General of the DIFC Authority.

'I am delighted to welcome Merrill Lynch to the DIFC and offer my sincere best wishes to the team who have supported the DIFC from the outset. This is a very important announcement for the DIFC, as there are few firms of the calibre of Merrill Lynch in the world,' said Dr Omar.

Merrill Lynch has been in Switzerland since 1951, when it opened its first European wealth management office in Geneva. Merrill Lynch Bank (Suisse) S.A. began operations in 1984. It is an integral part of Merrill Lynch Global Private Client, the world's premier provider of wealth management services, and provides a full range of highly personalized Swiss banking services to high net worth and ultra high net worth individuals.

Commenting on the awarding of the license by the DFSA, Bruno Daher, Managing Director & Market Executive for the Middle East at Merrill Lynch, said,

'On behalf of Merrill Lynch I am delighted to accept this license from the DFSA and I look forward to a long and prosperous future operating from within the DIFC.

We have been active in this region for over forty years and are thus able to provide our clients with an unparalleled degree of knowledge and understanding, combining an international outlook and expertise with local sensitivity.

This new branch of MLBS gives us the opportunity to expand our presence in Dubai and allows us to have a new service in the region. Through our Financial Advisors, we will provide a wide range of Swiss banking services to Middle East high net worth investors, which enables them to access the extensive product and service range of MLBS in Geneva through a discretionary or advisory relationship.'

The DIFC branch of MLBS will be staffed by senior Dubai Private Client Financial Advisors with Swiss banking experience. The region is subject to the same banking rules as other Swiss banks.

Good news from Dubai, Bahrain and Qatar:


The world's second-largest bank, HSBC Holdings, plans to expand its Middle East operations to take advantage of the region's high savings rate, its chairman said.

"The majority of the savings of the world take place in the Middle East and Asia," Sir John Bond said in an interview.

He said that historically, most of these savings had been invested in Western markets, particularly the US.

"We think that is destined to change, and that over the next 10 to 30 years -- maybe even faster -- Middle East savings will be recycled in the Middle East and Asian savings will be recycled in Asia," Bond said.

He said British-based HSBC was interested in becoming part of all three financial centres currently being developed in the Gulf Arab region: Bahrain Financial Harbour, Dubai International Financial Centre and Qatar Financial Centre.

Analysts said HSBC is already one of the most active international financial institutions in the Middle East. The bank's regional activities including retail, corporate and investment banking.

Bond said HSBC had recently launched insurance and investment banking joint ventures in Saudi Arabia while "some foreign financial institutions appear to be retreating".

He said HSBC and was in "the final stages of negotiations" about how best to use the licence it has been granted by Iraq's central bank.

HSBC was also exploring opportunities in Libya, he said.

"Organic growth is certainly the safest way to grow our business," Bond said, referring to the bank's Middle East strategy. But he added: "If the regulations allowed us to make acquisitions, we would have a look at anything."

At present, foreign ownership restrictions in most Arab countries make this impractical.

"Our view is that this region is already hugely important," said Bond. "It is going to get even more important in the future."

it's always great to hear and read such important companies decide to open another office here. creates new jobs and fills our towers :D

all this is happening at such an incredible pace. once a week a major global player announces to come to one of the "new big 3" in the middle east

it's a good feedback for us the system is working! :happy:

nice :)

http://dubai.demeyer.net/Dubai-02.jpg

little bit older unfortunately.
Whats going to happen when the towers are filled in along SAZR and the old towers with no multi sory parking blocks will have no pieces of land to park on. Ugly as they are these parkades serve a purpose

I personally prefer BFH's design to DIFC's.........

DIFC looks like a bunch of random buildings situated next to each other...The gate looks good though...

BFH is more aesthetically pleasing, and looks better integrated...

And i don't think DIFC will be the only international financial centre in the region (like the article said), just cause it has the word 'international' in its name, and the others don't....

How can the common currency be both Dirham & Dinar, i don't get it? Unless u mean the Dirham will be replacing the fils?
If so i like it, that might just work...but whats smaller than the Dirham?? just half and a quarter of a Dirham, no name?!

Brian McMarrows shot of the Gate in the DIFC March 20
http://k43.pbase.com/u34/bmcmorrow/upload/41291885.Mar05339copy.jpg

Brian McMarrows shot of the Gate in the DIFC March 20
http://www.pbase.com/bmcmorrow/image/41291885

it's always great to hear and read such important companies decide to open another office here. creates new jobs and fills our towers :D

all this is happening at such an incredible pace. once a week a major global player announces to come to one of the "new big 3" in the middle east

it's a good feedback for us the system is working! :happy:


The thing is that the DIFC mentions names of whomever is joining, the BFH never does, only mentioned 2, they maintain total secrecy just like the height of BD. The only thing they told you is that it's 35% occupied when construction started and they haven't released a figure after that, just said "attarcting considerable interest". We'll have to wait till phase one is completed to know what's up hehe.

MLBS gets DIFC licence

7 April 2005

DUBAI — Merrill Lynch Bank (Suisse) S.A (MLBS), a wholly owned subsidiary of Merrill Lynch & Co., has secured a licence from the Dubai Financial Services Authority (DFSA) to operate from the Dubai International Financial Centre (DIFC). “This is a very important announcement for the DIFC, as there are few firms of the calibre of Merrill Lynch in the world, said Dr Omar Bin Sulaiman, Director General of the DIFC Authority.

The DIFC branch of MLBS will be staffed by senior Dubai Private Client Financial Advisors. The region is subject to the same banking rules as other Swiss banks.

“We have been active in this region for over forty years and are thus able to provide our clients with an unparalleled degree of knowledge and understanding, combining an international outlook and expertise with local sensitivity,” said Bruno Daher, Managing Director & Market Executive for the Middle East at Merrill Lynch.

DIFC 'creating new opportunities'

New York

The developers of Dubai's new financial mini-state say they hope it will become a regional financial center for the Arab world that will boost growth and improve living standards in the Middle East.

The Dubai International Financial Centre (DIFC), which offers incentives such as zero taxation, 100 percent foreign ownership and independent regulation, last week granted an operating license to Merrill Lynch, joining about a dozen other financial institutions including Standard Chartered Bank and Credit Suisse.

In addition to being a key financial hub, Omar Bin Sulaiman, the DIFC's director-general, said in an interview that he wants the financial center to become a catalyst for change in the Arab world, where a lack of opportunity has been seen as the core of people's frustrations.

"Our agenda is to push the envelope in the region for a change," Bin Sulaiman said in New York. "What we lack in the region is credibility. If we push these values of integrity, efficiency and transparency, we will all benefit."

"People who are blowing themselves up are not those with the nice cars, the house and the wife and kid," he said. "They are desperate and frustrated people because they don't have opportunities."

The talent is there, Bin Sulaiman said, adding it just needs to be put to work.

The DIFC, which boasts its own judicial system and regulatory body, was inaugurated in September 2004. The UAE built the centre hoping to create an international business center where global investors can tap a multibillion-dollar market that stretches from India to Morocco.

"Traditionally they couldn't do business out of there because the right environment never existed," Bin Sulaiman said. "Now we have a well regulated environment from where (companies) can tap the whole region and benefit -- and benefit the region as well."

The DIFC is creating new opportunities, from asset managers, brokers, fund managers and investment bankers to construction jobs that are expected to boost regional stability, the director general said.

The DIFC, which has a capacity to employ -- and entertain -- up to 50,000 people, focuses on banking services, capital markets, asset management and fund registration, reinsurance, Islamic finance and back office operations.

In September, the DIFC plans to launch the Dubai International Financial Exchange (DIFX) -- a stock, bond and derivatives market which will be similar to the London and New York exchanges, with governance regulated by international overseers.

"Any company can list and IPO there. Fund managers can invest there knowing that it is a regulated environment, which has been a worry all these years," Bin Sulaiman said.

The DIFC's message to the international financial sector is the opportunities are large. To the governments of the US and Europe, Bin Sulaiman says the center will be pushing democracy through economic development.

"Peace in the Middle East the political way has been pushed for years and things are not working. The only way is to make people want to do better, prosper, and automatically they will push their governments to do better," Bin Sulaiman said.

"They are seeing it in the rest of the world, why can't they? It will be a spillover success," he added.

DIFC officials address US fund managers

13 April 2005

DUBAI — At the 'Linklaters seminar' in New York, Dr Omar bin Sulaiman, director-general of the Dubai International Financial Centre (DIFC) and senior DIFC executives, addressed US fund management industry leaders.

Top international law firm, Linklaters, has been a staunch supporter of the initiatives of the DIFC and had hosted DIFC executives at a similar event held in London last year. Also speaking at this event were Essam Al Tamimi, from Al Tamimi Legal Consultants and Kevin Birkett, DIFC's director of Asset & Fund Management.

there will be a new ritz carlton in difc


Union Properties has received bids for the substructure package, package 3, on the planned USD185 mln Ritz Carlton hotel and apartment project at Dubai International Financial Centre

The complex will have about 350 hotel rooms and 120 serviced apartments and to be centred around 12 clusters.
The lead consultant on the project is US-based Gensler Associates.
The project manager is a joint venture of the local Edara and APP.
The UK’s Hyder Consulting has been appointed to provide engineering design and construction supervision services.

will be a new tower then? or low rise?

don't know
this is the only info i have :(

Will this be better than the Bahrain Financial Harbor and take all the business away from it? :( :( :(

no competition i would say...
enough space for a lot of FC in these days...
look at BB!

BB is not a financial center, its a business center, big difference!

mhmmm but was he reffering to FC in particular?


take all the business away

Hi guys...new tower coming up in DIFC. Belongs to one of Sharjah's Sheikhs and he's tied up with MAG Group. Its called Dubai Twin Ellipses and is being launched next week. I've seen the renders and boy is it a good challenge to Park Towers. So far, except for Park Towers and Hexagon, none of the projects really appeal to me, even One Central Park reminds you of something you think you've seen before.

one central park , well need more renders.
but twin ellipses sounds promising...
is it a twin tower like park towers or are the two ellipses connected?
height?
if he is involved in mag group i wonder why it isnt called mag 224 or what...

yep, that's the mag 224 we've been waiting for
name sounds promising

http://www.imagestation.com/picture/sraid165/p96fe03d18332df398ec7d90bd239d0f7/f46778b0.jpg

that's what i call stunning! WOW

when will the tower be released in the media?

Soon, next week I think...and I hope:-D

stunner! how high is it? storeys?

should be about 25 floors
but the design :eek:

great tower :) but i guess DIFC need more office space than just residental ?
it's a beauty anyhow :D

Will this be better than the Bahrain Financial Harbor and take all the business away from it? :( :( :(


Don't worry, everyone will have his share and as one mentioned before, there is room for a few FC to exist in the Gulf. DIFC did attract a few big names (good for them), dunno about BFH (they won't announce anythin, but it was 35% was already sold/leased before it even started construction), but it was mentioned before and I'll mention it here again, Islamic Finance is the way to go (strongly believe that), and Bahrain is the best in the world for that, and others are learnin. Anyways, cooperation not competition is the key to success.


Back to the towers, those new ones look interestin (look a bit like mankhool towers from the side).

Don't worry, everyone will have his share and as one mentioned before, there is room for a few FC to exist in the Gulf. DIFC did attract a few big names (good for them), dunno about BFH (they won't announce anythin), but it was mentioned before and I'll mention it here again, Islamic Finance is the way to go (strongly believe that), and Bahrain is the best in the world for that, and others are learnin. Anyways, cooperation not competition is the key to success.


Back to the towers, those new ones look interestin (look a bit like mankhool towers from the side).

i would just like to add that DIB(Dubai Islamic Bank) was the world's first islamic bank :)
just in a matter of interest :)

Already know that :).

Already know that :).
shay jameel al 9ara7ah :D

wow even better than i expected...
great...
can we make new tower thread or is it just proposed more or less...?

it will be launched next week so it is approved
let's open a new thread once we have the necessary details

A new thread is appropriate because not only is it approved, its being sold...its 27 storeys high with offices in both towers...

I have to admit I loved it when Dubai Islamic Bank was launched, finally someone with the balls to do things the way they believed it should be instead of following world trends!

Pics from april 5th
http://tinypic.com/4j3xmq

http://tinypic.com/4j3xnr

http://tinypic.com/4j3xpg

http://tinypic.com/4j3xqw

still nothing about the twin ellipses
i hope you're serious about this project

beware if not.... !! :D

shay jameel al 9ara7ah :D


Hehehe,

Now you can be even more 9aree7 and... and agree the fact that Bahrain is the financial capital of the middle East !

Good to have competition, DIFC is making it hot, and this will improve the industy all around the region, but remains......

Bahrain has the first mover advantage,

with some hard work and an increased quality of life (which will be provided by many developments to mention few, durrat al bahrain and amwaj islands and... lulu islands finally city centre) Bahrain will become a bigger distination for Financial Institutions

Also, for everybody's info,

A big majority of banks residing in Bahrain are not likely to move to DIFC, simply becuase they are Bahraini Banks !

ABC, GIB, Investcorp, IIB, CIIB, BIB, Gulf Finance House, LMC, are examples only, and those are the biggest in the region with some amonst the biggest in the arab world.

Also,

Al-Barak Group, an islamic institution, which is a holding company for a group of banks was declared lately, has ser its domicile is in Bahrain, which they believe is the financial centre ot the region and is dominating becuase of its high standard of regulation by the BMA (our central Bank)

Add to that the confidence of Many business men from neighbouring countries, Saudi and Kuwaiti businessmen do build on this fact, e.g A saudi businessman has contributed in the building of the BIIC (Bahrain int'l insurance centre) while Kuwait finance house selected through its bahrain branch to develop durrat al bahrain project, holding 50% in this project.

buttom line,

Bahrain is not likely to give up its business to any where else :cheers:

it's always great to hear and read such important companies decide to open another office here. creates new jobs and fills our towers :D

all this is happening at such an incredible pace. once a week a major global player announces to come to one of the "new big 3" in the middle east

it's a good feedback for us the system is working! :happy:
''New big 3'' ??!?!

Well if you think that Bahrain is new, I'd say Bahrain has more than 31 years experience in Banking and Financial sector.

Just a small correction to diffrenciate between the ''Mature, 1 and only big'' and ''New (big) 2 '' hehehee

http://img247.echo.cx/img247/5025/newdubaihotelhome4oj.jpg

Hehehe,

Now you can be even more 9aree7 and... and agree the fact that Bahrain is the financial capital of the middle East !

Good to have competition, DIFC is making it hot, and this will improve the industy all around the region, but remains......

Bahrain has the first mover advantage,

with some hard work and an increased quality of life (which will be provided by many developments to mention few, durrat al bahrain and amwaj islands and... lulu islands finally city centre) Bahrain will become a bigger distination for Financial Institutions

Also, for everybody's info,

A big majority of banks residing in Bahrain are not likely to move to DIFC, simply becuase they are Bahraini Banks !

ABC, GIB, Investcorp, IIB, CIIB, BIB, Gulf Finance House, LMC, are examples only, and those are the biggest in the region with some amonst the biggest in the arab world.

Also,

Al-Barak Group, an islamic institution, which is a holding company for a group of banks was declared lately, has ser its domicile is in Bahrain, which they believe is the financial centre ot the region and is dominating becuase of its high standard of regulation by the BMA (our central Bank)

Add to that the confidence of Many business men from neighbouring countries, Saudi and Kuwaiti businessmen do build on this fact, e.g A saudi businessman has contributed in the building of the BIIC (Bahrain int'l insurance centre) while Kuwait finance house selected through its bahrain branch to develop durrat al bahrain project, holding 50% in this project.

buttom line,

Bahrain is not likely to give up its business to any where else :cheers:

well time will tell my friend :) but about the first move thing DIFC was announced before BFH which was like fighting back :d
so DIFC has the first move
and about all the big names u mentioned i'm not an expert but Dubai has much more potential in business than bahrain does... however it's true that bahrain depeneds on finance as the main source of income for the country (or one of the most) even though Dubai a strong financial base, ,location capital and potential. and was the place of birth of the islamic finance :)
All the projects u mentioned above are great and nice but most of them aren't being built to overcome Dubai it more like to maintain position
hehe no one asked to give it's business away :D because Dubai has it's own business that it's famous for :d
:cheers: 3ala gooltek ^_^

First mover advantage is represented in the current situation and 31 years of bankinf experience, and not some Handsome buildings !!

Do you remember one thing? Bahrain was first country in the Gulf to explore Oil, but are we necesserly as importat today as we were in oil production more than 75 years ago? My example is to show you the invalidity you point concerning birth place of certain industries (Islamic Finance) or what ever.

And I really hope that both projects be a success, as far it will not have impact on other people's source of income.

Yallah man, lets celebrate our achievments ! :cheers: :cheers:

For the BFH, it was conceived over 2 years before it launched, even before the DIFC but they just waited for the right moment to launch it.

To me and lookin at the trends, forget the big names, go for Islamic Finance, it's the future and if you want success, build on that. Dubai seems to attract the European banks while Bahrain the American. There will be gaps that need to be filled.

It's never about names, it's about performance, and exploiting the unexploited. And for Dubai's potential, yes it's greater than Bahrain and is more attractive, but again Bahrain has it's strong points where it ousts any country in the region. It depends on what you want, it's not always about buildings and towers and names.

how right you are
a confirmation for your statement exactly 1 minute after your post :D


Credit Suisse launches full service bank at Dubai International Financial Centre

Credit Suisse, a leading global financial services provider headquartered in Zurich, announced today at a press conference in Dubai that it has officially commenced full-service banking operations at its new branch at the Dubai International Financial Centre (DIFC).

http://www.ameinfo.com/images/news/9/14179-credit.jpg
From left to right: Mr. Joachim H. Straehle - Member of the Executive Board Credit Suisse and Head Private Banking International, Dr. Omar Bin Sulaiman - Director General of the Dubai International Financial Centre Authority, Dr. Hans-Ulrich Doerig - Vice-Chairman of the Board Credit Suisse Group and Mr. Beat Naegeli - Managing Director and Head Credit Suisse in Dubai.
Credit Suisse was the first company to move into 'The Gate', the landmark building within the DIFC. The official opening took place under the patronage of His Highness General Sheikh Mohammed bin Rashid Al Maktoum, Dubai Crown Prince, UAE Minister of Defense and President of the Dubai International Financial Centre.

Credit Suisse considers the Middle East to be one of its most important markets and has decided to expand its operation in the region to cater to investors' private banking needs. In December 2004, Credit Suisse was granted the first full-service bank license to operate under the authority of the Dubai Financial Services Authority as of April 1st 2005.

Joachim H. Straehle, Member of the Executive Board of Credit Suisse and Head of Private Banking International, stated: 'We have been building up our knowledge and understanding of the Middle East since the 1970s. Thus we regard the opening of our Dubai branch as an important step in the continuation of our growth strategy in the region.'

Dr. Omar Bin Sulaiman, Director General, Dubai International Financial Centre Authority (DIFCA), commented: 'On behalf of the DIFCA I wish to offer our sincere congratulations to Credit Suisse on the launch of its new venture at the DIFC. Credit Suisse has been an advocate of the DIFC since the outset. It was the first company to announce that it was planning to apply to the regulator for a licence to operate from the centre and it is appropriate that it should be the first company to offer its private banking services from 'The Gate'.The DIFC will contribute to the development and growth of Dubai, the UAE and the wider region. With firms of the calibre of Credit Suisse operating from the centre our success is assured.'

Beat Naegeli, Managing Director in charge of the Branch in Dubai added: 'We are the first bank to have received a license to offer fully-fledged private banking services under the regulation of the Dubai Financial Services Authority. One important aspect of the license is the fact that it allows us to book our clients' assets onshore.'

The bank, which will be celebrating its 150 year anniversary in 2006, will primarily be targeting private banking clients with liquid assets of over USD 1 million and will provide a comprehensive service to its clients.

Credit Suisse launches full service bank at Dubai International Financial Centre

Credit Suisse, a leading global financial services provider headquartered in Zurich, announced today at a press conference in Dubai that it has officially commenced full-service banking operations at its new branch at the Dubai International Financial Centre (DIFC).

http://www.ameinfo.com/images/news/9/14179-credit.jpg
From left to right: Mr. Joachim H. Straehle - Member of the Executive Board Credit Suisse and Head Private Banking International, Dr. Omar Bin Sulaiman - Director General of the Dubai International Financial Centre Authority, Dr. Hans-Ulrich Doerig - Vice-Chairman of the Board Credit Suisse Group and Mr. Beat Naegeli - Managing Director and Head Credit Suisse in Dubai.

Credit Suisse was the first company to move into 'The Gate', the landmark building within the DIFC. The official opening took place under the patronage of His Highness General Sheikh Mohammed bin Rashid Al Maktoum, Dubai Crown Prince, UAE Minister of Defense and President of the Dubai International Financial Centre.

Credit Suisse considers the Middle East to be one of its most important markets and has decided to expand its operation in the region to cater to investors' private banking needs. In December 2004, Credit Suisse was granted the first full-service bank license to operate under the authority of the Dubai Financial Services Authority as of April 1st 2005.

Joachim H. Straehle, Member of the Executive Board of Credit Suisse and Head of Private Banking International, stated: 'We have been building up our knowledge and understanding of the Middle East since the 1970s. Thus we regard the opening of our Dubai branch as an important step in the continuation of our growth strategy in the region.'

Dr. Omar Bin Sulaiman, Director General, Dubai International Financial Centre Authority (DIFCA), commented: 'On behalf of the DIFCA I wish to offer our sincere congratulations to Credit Suisse on the launch of its new venture at the DIFC. Credit Suisse has been an advocate of the DIFC since the outset. It was the first company to announce that it was planning to apply to the regulator for a licence to operate from the centre and it is appropriate that it should be the first company to offer its private banking services from 'The Gate'.The DIFC will contribute to the development and growth of Dubai, the UAE and the wider region. With firms of the calibre of Credit Suisse operating from the centre our success is assured.'

Beat Naegeli, Managing Director in charge of the Branch in Dubai added: 'We are the first bank to have received a license to offer fully-fledged private banking services under the regulation of the Dubai Financial Services Authority. One important aspect of the license is the fact that it allows us to book our clients' assets onshore.'

The bank, which will be celebrating its 150 year anniversary in 2006, will primarily be targeting private banking clients with liquid assets of over USD 1 million and will provide a comprehensive service to its clients.

Credit Suisse launches full service bank at Dubai International Financial Centre

Credit Suisse, a leading global financial services provider headquartered in Zurich, announced today at a press conference in Dubai that it has officially commenced full-service banking operations at its new branch at the Dubai International Financial Centre (DIFC).

http://www.ameinfo.com/images/news/9/14179-credit.jpg
From left to right: Mr. Joachim H. Straehle - Member of the Executive Board Credit Suisse and Head Private Banking International, Dr. Omar Bin Sulaiman - Director General of the Dubai International Financial Centre Authority, Dr. Hans-Ulrich Doerig - Vice-Chairman of the Board Credit Suisse Group and Mr. Beat Naegeli - Managing Director and Head Credit Suisse in Dubai.

Credit Suisse was the first company to move into 'The Gate', the landmark building within the DIFC. The official opening took place under the patronage of His Highness General Sheikh Mohammed bin Rashid Al Maktoum, Dubai Crown Prince, UAE Minister of Defense and President of the Dubai International Financial Centre.

Credit Suisse considers the Middle East to be one of its most important markets and has decided to expand its operation in the region to cater to investors' private banking needs. In December 2004, Credit Suisse was granted the first full-service bank license to operate under the authority of the Dubai Financial Services Authority as of April 1st 2005.

Joachim H. Straehle, Member of the Executive Board of Credit Suisse and Head of Private Banking International, stated: 'We have been building up our knowledge and understanding of the Middle East since the 1970s. Thus we regard the opening of our Dubai branch as an important step in the continuation of our growth strategy in the region.'

Dr. Omar Bin Sulaiman, Director General, Dubai International Financial Centre Authority (DIFCA), commented: 'On behalf of the DIFCA I wish to offer our sincere congratulations to Credit Suisse on the launch of its new venture at the DIFC. Credit Suisse has been an advocate of the DIFC since the outset. It was the first company to announce that it was planning to apply to the regulator for a licence to operate from the centre and it is appropriate that it should be the first company to offer its private banking services from 'The Gate'.The DIFC will contribute to the development and growth of Dubai, the UAE and the wider region. With firms of the calibre of Credit Suisse operating from the centre our success is assured.'

Beat Naegeli, Managing Director in charge of the Branch in Dubai added: 'We are the first bank to have received a license to offer fully-fledged private banking services under the regulation of the Dubai Financial Services Authority. One important aspect of the license is the fact that it allows us to book our clients' assets onshore.'

The bank, which will be celebrating its 150 year anniversary in 2006, will primarily be targeting private banking clients with liquid assets of over USD 1 million and will provide a comprehensive service to its clients.


is this in "the Gate"???

it is...read first sentence...!

For the BFH, it was conceived over 2 years before it launched, even before the DIFC but they just waited for the right moment to launch it.

To me and lookin at the trends, forget the big names, go for Islamic Finance, it's the future and if you want success, build on that. Dubai seems to attract the European banks while Bahrain the American. There will be gaps that need to be filled.

It's never about names, it's about performance, and exploiting the unexploited. And for Dubai's potential, yes it's greater than Bahrain and is more attractive, but again Bahrain has it's strong points where it ousts any country in the region. It depends on what you want, it's not always about buildings and towers and names.

kalamik kila reasonable bro :) i didn't mean in my post that DIFC will be the only good financial Center .. there will be competetion and ofcourse :)... and about the lunching of DIFC ? who said that it was planned and designed in a single night ? for your info buddy a financial center was going to built in AD back in the 80's on al saidiyat Islands :) but they abandoned it .... and as for the business Dubai is the capital in that so it was more reasonable to be built in Dubai...
and speaking about the first move another example was the F1-circuit it was planned long time ago in Dubai but Bahrain lunched it a year before Dubai did while i remember back in 1996 it was planned and spoken about

First mover advantage is represented in the current situation and 31 years of bankinf experience, and not some Handsome buildings !!

Do you remember one thing? Bahrain was first country in the Gulf to explore Oil, but are we necesserly as importat today as we were in oil production more than 75 years ago? My example is to show you the invalidity you point concerning birth place of certain industries (Islamic Finance) or what ever.

And I really hope that both projects be a success, as far it will not have impact on other people's source of income.

Yallah man, lets celebrate our achievments ! :cheers: :cheers:

well bro everybody knows that Bahrain was the first to export oil and kuwait came second :) hatha shay ma ne5telif 3alaih :) bas regarding Islamic Finance DIB was the first to achieve this title :D i won't argue about it because it's a fact . Although Bahrain was much more developed than the UAE during the past because it had it's own athorities during the past while the UAE didn't have that much of political stability during that time due to invasion battles and stuff.. anyway my point is the UAE currently (specially the 3 most developed Emirates AD,Dubai, and sharjah ) achieved what no other country could :) so i guess in matters of business and Dubai being the hub of most of them DIFC will have a great potential in attracting international banks and financial experts
o bil3aks ya3nee al wa7ed yetmana al 5air ey3em 3la al jemeee3 o al Ba7rain 3azeezah o '3alyah 3alaina :)

it is...read first sentence...!
i don't think they meant to say"they will move to the whole Gate building .. i guess just part of it because the Administration will be there .. (DIFCA)

yah of course but his question was if the bank will be located in the gate :)

yah of course but his question was if the bank will be located in the gate :)
might be .. i have no idea yet

anyone has any information about the development of a credit Bureau in the UAE / Dubai ??????

By the way DFM will move to DIFC in september

well bro everybody knows that Bahrain was the first to export oil and kuwait came second :) hatha shay ma ne5telif 3alaih :) bas regarding Islamic Finance DIB was the first to achieve this title :D i won't argue about it because it's a fact . Although Bahrain was much more developed than the UAE during the past because it had it's own athorities during the past while the UAE didn't have that much of political stability during that time due to invasion battles and stuff.. anyway my point is the UAE currently (specially the 3 most developed Emirates AD,Dubai, and sharjah ) achieved what no other country could :) so i guess it matters of business and Dubai being the hub of most of them DIFC will has a great potential in attracting international banks and financial experts
o bil3aks ya3nee al wa7ed yetmana al 5air ey3em 3la al jemeee3 o al Ba7rain 3azeezah o '3alyah 3alaina :)

Man, leave it for time...... it's too early to tell , but we'll keep in touch i guess !!

Man, leave it for time...... it's too early to tell , but we'll keep in touch i guess !!

3ala allah :D and i'm sure we will

I hope they remove those Credit Suisse writings from the gate and its not permanent.

I hope they remove those Credit Suisse writings from the gate and its not permanent.
i'm sure they will because it's just an Advr.

http://i7.photobucket.com/albums/y264/altin/P1000211-1.jpg

This building was on the DIFC section that is on the other side of the road that runs alongside Novotel and Accor Hotel and ends up to Al Muroj Complex.

Offices !! maybe , or a minirise :)

i'm not sure but i think this one is sky gardens

little bit weird construction site..?

New laws raise stature of Dubai financial hub

Dubai: The Ruler of Dubai has enacted five laws to deal with legal, employment and security issues in the Dubai International Financial Centre.
A statement from the DIFC, which is striving to be a regional financial hub and set up an international-style capital market, said the laws were enacted by His Highness Shaikh Maktoum Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, and will be administered by the DIFC Authority.

The board of the DIFC Authority has also issued a new companies regulations.

The new laws include an Employment Law, which provides for minimum employment practices in the financial centre and a Law of Obligations, which sets out a framework for recovering non-contractual claims.

Another law provides for fairness and certainty in contracts, a fourth the structure for the recovery of damages and the fifth defines various forms of security interests acceptable as collateral for repayment of debt.

The sole set of regulations prescribe procedures for the formation and administration of legal entities registered in the DIFC, the transfer of such entities to and from the DIFC and the fees and costs associated with these.

The statement gave no details of what the laws and regulations actually contained.

"In the development of this legal system we have sought inputs from the world's leading capital markets to ensure that we provide the world's financial communities with the legal certainty they require … and feel comfortable operating in," DIFC Director-General Dr Omar Bin Sulaiman said in the statement.

DIFC will have entities providing asset management, banking, securities trading, Islamic finance and re-insurance services and an international financial exchange.

i'll Translate it later but there is something new we didn't know about in DIFC which is the largest underground shopping mall in the world . it will be 2km in length and there will also be an opra house ...

مدينة كاملة حافلة بالحياة داخل هذا المركز الذي أقامته دبي ولا يعرف أحد عن تفاصيله سوى القليل. حياة كاملة ومدن وأحياء لا يوحي بها اسمه الذي يعكس حياة مالية ومصرفية قد تكون جافة وجامدة . حياة مليئة بأسباب العيش الرغيد والرفاهية اللامحدودة قل ان يوجد لها نظير في بيئة عمل في العالم. أحياء أوروبية وأخرى تراثية عربية مراكز تسوق لا مثيل لها في العالم .. مواقف سيارات هي الأكبر من نوعها عالميا تعمل على حل أزمة المرور ليس فقط لموظفي المركز ولكن لكل سكان دبي والإمارات.. دار للأوبرا هي الأولى في المنطقة وحى ثقافي متكامل بما يغذى العقول ويشبع حاجات العقل والفؤاد وليس المعدة فقط. مصاعد أفقية هي الأولى من نوعها تنقلك من مبنى الى آخر في هذه المدينة العجيبة.


كل ذلك في بيئة واحدة ومكان واحد مع البورصات العالمية والمؤسسات المالية والمصرفية وشركات التأمين وإعادة التأمين. إنها بوابة دبي الى العالم وبوابة العالم الى دبي .. وقد فتحت «البوابة» أبوابها بالفعل الآن وبإمكانك أن تدخلها بسلام .


«بوابة» مركز دبي المالي العالمي فتحت أبوابها بحياة حافلة بالعمل قد لا يعكسها المظهر الخارجي المليء بأعمال الإنشاءات الضخمة بينما الحياة داخل المركز الآن تعج بحيوية لا مثيل لها . مؤتمرات واجتماعات مكثفة مع مؤسسات مالية عالمية .. لقاءات مع مسؤولين كبار من المنطقة والعالم .


أكبر مركز تسوق تحت الأرض في العالم حاليا تحت الإنشاء على امتداد كيلومترين اثنين وبعمق أربعة طوابق أسفل مباني وأبراج المركز ..أكبر موقف سيارات تحت ارض في العالم يتسع لأكثر من 37 ألف سيارة يجرى انشاؤه الآن تحت أبراج المركز وإحيائه ومبانيه ..فنادق ومنتجعات صحية .. لتشكل جميعها حياة كاملة تتضمن السكن والعمل والتسوق والترفيه في بيئة واحدة لا يحتاج فيها المرء لاستخدام سيارته أو الانتقال من مكان الى آخر.


الدكتور عمر محمد أحمد بن سليمان مدير عام مركز دبي المالي العالمي يكشف في حوار خاص مع «البيان» أن 50 ألف موظف وخبير سيعملون ويعيشون في هذه البيئة العالمية المتكاملة الفريدة من نوعها بالعالم. وان مركز دبي المالي العالمي سيكون المكان الوحيد بالعالم الذي لا يوجد بشوارعه مواقف للسيارات وإنما نوافير للمياه وحدائق ومتنزهات فقط بينما السيارات في مكان آخر تحت الأرض.


وقد تم انجاز المرحلة الأولى بالكامل وهى «البوابة» التي تعكس رؤية الفريق أول سمو الشيخ محمد بن راشد آل مكتوم ولي عهد دبي وزير الدفاع ورئيس المركز. هذه البوابة تعبر عن المستقبل الذي تريده دبي وهي امتداد للحاضر ممثلا في فندق أبراج الإمارات والماضي الذي يمثله مركز دبي التجاري العالمي، ولهذا جاءت كلها على امتداد واحد .


وفى تصميم معماري وهندسي يعكس هذه الرؤية، فبإمكانك من خلال البوابة ان ترى أبراج الإمارات ومركز دبي التجاري العالمي جميعها معا بما يعكس تمازج هذه المنشآت جميعها وتكامل أدوارها من جهة وبما يعكس أيضا الماضي والحاضر والمستقبل . هذه البوابة التي تم اختيار اسمها بدقة تعني ببساطة بوابة دبي والمنطقة الى العالم وبوابة العالم الى دبي والمنطقة .


وبعيدا عن التصاميم ومدلولاتها وفى الجانب العملي لمركز دبي المالي العالمي كشف الدكتور عمر بن سليمان أن بورصة دبي للطاقة التي تم تأسيسها بالتعاون مع بورصة « نايمكس » الأميركية أخيراً تقدمت للعمل من مركز دبي المالي العالمي وإنها ستخضع لمعايير المركز العالمية حتى تحصل على الموافقة قبل بدء العمل.


وان «بورصة دبي الدولية» التي سيطلقها المركز نفسه ستباشر عملها رسمياً في 26 سبتمبر من العام الجاري. وذكر ان هناك بورصة ثالثة يدرس المركز إطلاقها في مجال جديد .


وان الدراسة حول هذا الموضوع تنتهي خلال الأشهر الثلاثة المقبلة.وأكد أن تعدد البورصات في دبي ظاهرة صحية وليست سلبية طالما ان لكل منها دوراً محدداً يتكامل مع البورصات الأخرى ولا يتنافس معها وان هذه ظاهرة عالمية وليست بدعة جديدة. وفيما يلي تفاصيل الحوار:


المرحلة الأولى


ـ أولا .. هذه الإنشاءات لا توحي لمن يراها من الخارج بأن بالداخل كل هذه الحياة .. فهل بدأتم العمل الفعلي والافتتاح الرسمي للمركز؟


ـ العمل بدأ بالفعل كما ترى ويسير مع استكمال الإنشاءات في الوقت نفسه. طبعاً الافتتاح الرسمي لم يحدث بعد ولكن كما تعلم فان دبي لا تعلن عن شيء قبل أن تنتهي من انجازه . ولكن ضغط المؤسسات والشركات العالمية التي انضمت الى المركز لكي تبدأ عملها من دبي دفعنا لاستعجال الانتقال وبدء العمل والمرحلة الأولى وهي البوابة تم انجازها بالكامل ويجرى العمل الآن في المراحل التالية في الوقت ذاته .


* ثلاث سنوات


ـ متى ينتهي العمل في المركز بكامل مراحله وفقاً للمخطط الرئيس له وما هي هذه المراحل ؟


ـ المركز كما سبق أن ذكرت يعمل بكامل طاقته من الآن . أما الأعمال الإنشائية في الأحياء المختلفة والفنادق ومركز التسوق ومواقف السيارات .. كل هذه الأعمال تنتهي خلال السنوات الثلاث المقبلة . وسيكون المركز ساعتها بيئة العلم الأولى في العالم كله من الجوانب كافة .المرحلة الحالية التي هي على وشك الانجاز «قرية البوابة» . وهي حي تراثي عربي ذو صبغة عالمية .


وتضم هذه المرحلة مباني منخفضة الارتفاع تجمع بين طرازات ايطالية قديمة وعربية قديمة وتضم مكاتب ومساكن في الوقت نفسه، كما أن شوارعها ضيقة مكونة من الأزقة ذات العبق التاريخي الخالص. وهناك الحي الثقافي الذي يضم دارا للأوبرا ومسارح ومكتبات وغيرها مما يشبع نهم العقول والأفئدة . وهناك الحي الأوروبي بأبراجه الشاهقة .


* حياة متكاملة


ـ تتحدث عن دار للأوبرا ومطاعم ومركز للتسوق وأشياء لم يسمع بها أحد من قبل عن مركز دبي المالي العالمي .. فما علاقة كل ذلك بمركز مالي متخصص ؟


ـ هذه هي الحياة العصرية التي سيوفرها المركز وينفرد بها . المركز سيوفر بيئة عمل نموذجية بمعايير عالمية قل أن توجد في أي مكان آخر بالعالم . بل أن العديد من منشآت هذا المركز بالفعل لا وجود لها في مكان آخر .


وقد استفدنا من كل التجارب العالمية في هذا المجال وأضفنا إليها من إبداعاتنا الكثير مما يميزنا ونتفرد به.والغرض الأساسي هو أن نوفر بيئة للعمل والعيش المريح الذي يزيد إنتاجية الموظف ويوفر له الراحة النفسية ولا يشغله سوى بالإبداع . الموظف سوف يمل ويتسوق ويقضى وقت الراحة في مكان واحد حتى دون أن يحتاج للانتقال بسيارته.


سيضم أكبر مركز تسوق تحت الأرض في العالم يستطيع الموظف أن ينتقل من بيته الى مكتبه من خلال هذا المركز . وهو بطول حوالي كيلومترين تقريبا. كما سيضم موقف سيارات تحت الأرض يعد الأكبر من نوعه بالعالم يتسع لنحو 37 ألف سيارة أو يزيد. فلن ترى سيارات على أرض مركز دبي المالي العالمي أبدا . حتى الشاحنات التي تزود مركز التسوق والمطاعم بالمواد ستدخل من تحت الأرض . لن ترى سوى النوافير والحدائق والمتنزهات فقط .


* دار للأوبرا


سيكون هناك أول دار للأوبرا في المنطقة كلها ضمن حي ثقافي متكامل . وستكون هناك الفنادق العالمية مثل ريتز كارلتون وغيرها. وكل هذا ضمن منظومة واحدة متكاملة . حتى المشاريع الخاصة التي سيقوم أصحابها بإقامتها على ارض مركز دبي المالي العالمي سيتم ربطها بهذه المنظومة .


وستربط مبانيها بمواقف السيارات تحت الأرض وبمركز التسوق بحيث لايحتاج سكانها الى استخدام سياراتهم أبدا ويعملون ضمن نفس المنظومة .سيكون هناك نفق تحت الأرض بعمق 12 مترا للعمليات اللوجستية للمركز ولن ترى أشياء على سطح الأرض سوى هذه البيئة المثالية .


ـ فعلا بيئة نموذجية .. فماذا عن الجانب الآخر وهو المالي والمصرفي .. كم عدد المؤسسات التي انضمت بالفعل الى المركز حتى الآن؟


ـ من الصعب الحديث عن عدد محدد ولكن هناك اتصالات لا تحصى منذ اليوم الأول للعمل بالمركز لأن المؤسسات الدولية والإقليمية كانت تنتظر البداية وانطلاق الأعمال. وهناك طلبات من مؤسسات دولية على غرار ميريل لنش وكريدت سويس وهما من اكبر المؤسسات المالية بالعالم. أما المؤسسات من المنطقة فيصعب ذكر أسمائها لأنه كما قلت لن تقبل كلها وبالتالي سيكون محرجاً لها ذكر أسمائها. أما من يوفق أوضاعه فسيعلن عنه ويسجل بالمركز.


وكما قلت هناك شركات عربية وشركات من الهند مدرجة في بورصة نيويورك تنتظر إطلاق بورصة دبي العالمية لكي تنتقل إليها لان تعاملاتها في المنطقة وأسواقها في المنطقة وهي معروفة أكثر في المنطقة وبالتالي تواجدها هنا سيكون أفضل لها وما كان يمنعها هو عدم وجود السوق أو البيئة.


وكما تعلم فقد تلقى المركز اتصالات من أكثر من 270 مؤسسة مالية عالمية من مختلف القطاعات خلال الساعات الثلاث الأولى من إعلان نبأ تسجيل هذه المؤسسات على الانترنت .فنحن لا نسجل مؤسسات محلية أو حتى إقليمية إلا إذا كانت تتوافر فيها مواصفات معينة.


وهذا هو التحدي الذي يواجهنا ويواجه المؤسسات المالية بالمنطقة ولابد لهذه المؤسسات أن توفق أوضاعها مع النظم المالية العالمية حتى يتم تسجيلها في مركز دبي المالي العالمي. وهذا التحدي في حد ذاته سيحقق هدفنا الأساسي بتطوير البيئة المالية الإقليمية.


ولابد أن تغير الشركات المحلية أوضاعها لتتوافق مع النظم العالمية وهذا تحدٍ كبير لهذه المؤسسات لكنه يستخدم البيئة المالية بالمنطقة لأنها ستغير لوائحها وطريقة عملها وتعتمد الشفافية والإفصاح وغيرها من ضرورات العمل في بيئة عالمية. وللأسف الشديد غالبية المؤسسات في المنطقة لا تطبق هذه المعايير الآن.


ونحن الآن لدينا قوانين نهائية تم إقرارها ذات صبغة عالمية بشهادة المؤسسات الدولية. ولدينا هيئة مستقلة للخدمات المالية لا توجيه لها من أي جهة أو شخص، هذه الهيئة هي صاحبة الكلمة الأولى وهي ترخص وتراقب باستمرار. ولهذا فإن مركز دبي المالي العالمي تعدى مرحلة التخمين هل سينجح أم لا ووصل الآن إلى مرحلة النجاح وجني الثمار. فقد انطلقت الأعمال بالفعل.


وهذا اكبر ضمان للمؤسسات الدولية حتى تأتي وتسجل نفسها بالمركز. وبدون هذا لن تأتي هذه المؤسسات التي لا يمكن ان تترك نفسها واستثماراتها عرضة للأشخاص أو المعايير الفردية.


ـ ومتى تنطلق بورصة دبي الدولية ؟


ـ بورصة دبي الدولية سيتم إطلاقها رسميا في سبتمبر المقبل . وبذلك ستكون هناك بورصتان تعملان في مركز دبي المالي العالمي . بورصة دبي الدولية وبورصة دبي للطاقة التي أسستها دبي مؤخرا بالتعاون مع بورصة « نايمكس» الأميركية مؤخرا . وقد تقدمت بورصة دبي للطاقة بالفعل الى المركز للحصول على ترخيص بالعمل .


والأمر معروض الآن على لجنة الخدمات المالية بالمركز التي تعمل وفق معايير ومقاييس عالمية ولا مجال فيها للمجاملة أو الوساطة حتى لو كانت البورصة خاصة بدبي أو بالتعاون مع بورصة عالمية مثل نايمكس .وإذا حصلت على الترخيص ستباشر عملها من المركز.


* تعدد البورصات


ـ هذا الموضوع يثير عدة أسئلة مهمة جدا أولها تعدد البورصات في دبي بشكل كبير أحدث ارتباكا لدى الكثيرين الذين لم يعودوا يفرقون بين البورصات ؟


ـ تعدد البورصات ظاهرة صحية وليس سلبية . وهذا ليس بدعة وإنما هو أمر متعارف عليه في كل المدن المالية الكبيرة مثل نيويورك. دبي الآن تقاس مع هذه المدن العالمية .ووجود مركز دبي المالي العالمي يتكامل معها .والمهم في الموضوع أن تكون لهذه البورصات مجالها وان تتكامل مع بعضها البعض . فلا خوف من تعدد البورصات طالما انها تعمل ضمن منظومة واحدة متكاملة وهذا ما نفعله في دبي .


* بورصة ثالثة


ـ هل معنى هذا انه بالإمكان أن تشهد دبي بورصات أخرى في المستقبل ؟


ـ بالتأكيد سيحدث هذا. ونحن في مركز دبي المالي العالمي ندرس حاليا إطلاق بورصة جديدة. وستنتهي الدراسات الخاصة بالجدوى خلال ثلاثة أشهر ليتم اتخاذ القرار على ضوئها.كما قلت كل بورصة سيكون لها مجالها ضمن المنظومة المتكاملة. بورصة دبي الدولية سيكون لها منتجاتها المالية . وبورصة دبي للسلع والمعادن لها منتجاتها المختلفة .


وبورصة دبي للطاقة ستكون لها منتجاتها المختلفة في مجال النفط وخلافه من منتجات الطاقة .ويمكن لأي جهة أن تقدم لإنشاء بورصة في المركز . وستعرض على سلطة دبي للخدمات المالية وهى سلطة مستقلة تماما وتطبق معايير عالمية. ولن نجامل تحت أي ظرف على حساب هذه القوانين العالمية.


* مجالس الإدارة


ـ هذه القوانين للحصول على الترخيص أم أنها تشمل كافة المراحل؟


ـ بالعكس قوانين المركز تعمل على توفير الشفافية في كافة المراحل وليس الترخيص فقط . فلابد للشركات أن تلتزم بالشفافية في عملها والمركز سيتدخل في كل شيء حتى في اختيار أعضاء مجالس الإدارة ضمانا لهذه الشفافية. وهذا هو الفرق بين شركة عالمية المستوى وشركة محلية أو إقليمية.


فلابد في الشركات العالمية من وجود أعضاء مجلس إدارة محايدون ليس لهم مصلحة شخصية في الشركة ولا أسهم لهم فيها. هؤلاء مهمتهم حماية المصلحة العامة فقط. وهذا مجرد مثال.


وإذا رجعنا الى موضوع تعدد البورصات نجد أن وجود بورصات متعددة يخدم هذه القضية لأنه يعنى وجود بورصات محلية وأخرى عالمية. وكل منها يعمل مع الشركات حسب مستواها. مثلا سوق دبي المالي يخدم الشركات المحلية ويرفع مستواها بحيث يؤهلها للعالمية وبالتالي يمكنها الانتقال الى بورصة دبي الدولية. وهذا بدوره يرفع أسهمها ويخدم مستثمريها بلاشك.


* الفجوة الزمنية


ـ لا يزال الكثيرون لا يعرفون ماذا يعني مركز دبي المالي العالمي وما هو دوره؟


ـ مركز دبي المالي العالمي مؤسسة غير موجودة بالمنطقة. وهو المركز المالي العالمي الثالث في العالم بعد لندن ونيويورك. يسد فجوة كبيرة ليس فقط في التوقيت بين الشرق والغرب ولكن في الخدمات المالية. ولهذا فإن المركز يعمل على خلق قطاع خدمات مالية غير موجود أصلا لعدم وجود البيئة العالمية التي تعمل بها هذه الخدمات.


والآن هذه الخدمات تؤدى للمنطقة عن طريق جنيف أو نيويورك أو لندن.المركز لن يقوم بدور البنوك المحلية إنما سيخلق خدمات جديدة لا تقوم بها هذه البنوك ولا تستطيع أن تؤديها.


ـ نريد أمثلة لهذا النوع من الخدمات المالية العالمية حتى نفرق بينها وبين خدمات البنوك العادية مثلاً؟


ـ مركز دبي المالي العالمي كما قلت هدفه تطوير وخلق بيئة عالمية غير موجودة أصلا. وخلق خدمات مالية عالمية غير موجودة. وسيتحقق هذا من خلال خلق سيولة وخلق فرص استثمارية تغني شركاءنا ومستثمرينا عن الذهاب إلى لندن ونيويورك لأن هذه البيئة ستكون أمامهم وفي بلدانهم. مثلاً البنوك داخل الدولة تقدم خدمات للأفراد والشركات المحلية داخل الدولة. أما في مركز دبي المالي العالمي فستقدم خدمات على المستوى العالمي وليس داخل الدولة فقط.


مثلاً شركة تريد إصدار أسهم للسوق العالمي وليس المحلي. ولهذا نعمل الآن لإنجاز أول بورصة عالمية في المنطقة. وسيتم إطلاقها بنهاية العام المقبل. ومن خلال هذه البورصة يمكن ان تتداول في أي مكان بالعالم. وبالتالي يكون لديك شريحة كبيرة من المستثمرين. كما ان هذه البورصة تشكل فرصة للمستثمرين العالميين للتداول عليها.


مثال آخر: التمويل اليوم للمشاريع في منظمة عن طريق البنوك. مركز دبي المالي العالمي سيخلق أدوات جديدة مثل إصدار السندات والصكوك والتمويل الإسلامي وإدارة الأصول بطريقة عالمية والتأمين وإعادة التأمين العالمي. وصناديق المعاشات التي هي غير موجودة أصلا بالمنطقة وصناديق الاستثمار وغيرها.


ان التمويل بطريقة الإقراض التقليدية من البنوك لا يكفي حتى لمشاريع دبي وحدها فما بالك بالمشاريع في المنطقة كلها. وهذا سيعمل على إن السيولة الموجودة بالمنطقة تبقى في المنطقة عندما تخلق لها الفرص الاستثمارية.كما إن هذه الأدوات الجديدة ستجذب رؤوس الأموال من الخارج أيضا.


* الشركات العائلية


ـ هل يمكن إدراج شركات محلية مثل الشركات العائلية في هذه البورصة العالمية؟


ـ هذا مثال آخر للبيئة العالمية وما يمكن أن تقدمه للمنطقة. فهذه الشركات العائلية تمثل ثقلاً كبيراً في اقتصاديات المنطقة. وربما لا نجد البيئة المناسبة في الأسواق المحلية لكي تطرح جزءاً منها للاكتتاب. أما البورصة العالمية في دبي فسوف تكون المكان المناسب لمثل هذه الشركات لطرح أجزاء منها للاكتتاب.


وهذا سيخلق فرصاً جديدة بالسوق بلا شك تخدم الجميع. وهذا يسري على الشركات العائلية أو أية شركات محلية أو إقليمية طالما توفرت بها الشروط.


المركز كذلك سيخلق فرصاً وظيفية في قطاعات غير موجودة مثل المضاربين بالأسواق والمحللين الماليين والمحامين وغيرهم من الفئات التي تمثل خبرات وتخصصات نادرة. وهكذا فإنه يخلق صناعة جديدة غير موجودة ويحقق نقلة نوعية لاقتصاد المنطقة نحو الاقتصاد المصرفي.


* القطاع الإسلامي


ـ هل يمكن تقدير حجم الاستثمارات من خلال مركز دبي المالي العالمي؟


ـ هذه الأرقام يصعب التكهن بها أولاً لأننا لسنا مشروعاً عقارياً. وبالتالي لا يمكن قياس ذلك إلا من خلال القيمة المضافة لاقتصاد المنطقة وهي بالمليارات. مثلاً نحن نركز على تطوير القطاع المالي الإسلامي لأنه قطاع ضخم جداً ومع هذا لا توجد له بيئة عالمية المستوى. ووفقاً للدراسات الأولية فإن حجم هذا القطاع وحده أكثر من 200 مليار دولار وينمو بمعدل 12% سنوياً.


ونحن نسعى لتطوير هذا القطاع وخلق بيئة عالمية له. ونقلة من المحلية إلى العالمية. حجم الأعمال أو الاستثمارات من خلال مركز دبي المالي العالمي لا يمكن تقديره بالأرقام ولكن بالقيمة المضافة إلى اقتصاد المنطقة حيث سيخلق قطاعات جديدة بالكامل. كما سيخلق فرصاً استثمارية ليس لها وجود بالمنطقة تستوعب السيولة الموجودة بها وتجذب استثمارات من الخارج.


ونتعاون الآن مع مؤسسات مالية بالمنطقة منها بنك دبي الإسلامي في هذا الشأن. وواحد من القوانين التي أصدرناها خاصة بالقطاع المالي الإسلامي. ونسعى لإخراج خدمات مالية إسلامية تخدم المستثمرين في العالم وليس فقط المسلمين. لا يعقل أن بريطانيا ترخص لأول بنك إسلامي ونحن لا نقوم بتطوير القطاع. إن الترخيص لبنك إسلامي في لندن يدل على الإمكانات والفرص الهائلة في هذا القطاع.


* المصرف المركزي


ـ من النقاط الساخنة أيضاً علاقتكم بالمصرف المركزي للدولة خاصة وأن المركز ستعمل به مصارف ومؤسسات مالية.. فما نوع هذه العلاقة؟


ـ المركز بيئة عالمية وليست محلية. أي انه لا يعمل للسوق المحلي.. ورغم هذا هناك تنسيق كامل مع المصرف المركزي بالدولة. بل إننا نخدم دور المصرف المركزي. ونحن نتشاور في الكثير من الأمور معه وننسق أيضا مع المؤسسات المتواجدة في المنطقة.


ـ البعض يتصور ان منطقة مالية حرة مثل مركز دبي المالي العالمي تعطي فرصة للعمليات غير المشروعة مثل غسيل الأموال فما هي الضمانات لمنع وقوع مثل هذه العمليات؟


ـ قوانين الهيئة المستقلة للخدمات المالية بالمركز هي الضمان. وهي هيئة مستقلة وعالمية المستوى. وهذا يعني أنها تعمل وفق القوانين العالمية وبالتالي أكثر تشدداً.


وعلى عكس المتصور فإن الانضمام إلى مركز دبي المالي العالمي أكثر صعوبة من العمل بالسوق المحلي. فإذا كان التسجيل بالمركز يحتاج إلى جهد لتوفيق الأوضاع فكيف بالعمل في المركز. كما ان المركز يعمل بالتنسيق مع المراكز العالمية الأخرى في لندن ونيويورك.


ـ عندما نتحدث عن دور المركز في خلق وتطوير بيئة مالية عالمية فهل يقتصر هذا على دبي أو الإمارات؟


ـ فائدة المركز ستعم على المنطقة كلها وليس دبي وسيفيد المراكز العالمية الأخرى بالعالم. وكما قلت وجوده ضرورة لهذه المراكز وللمستثمر العالمي لأنه يسد هذه الفجوة سواء في التوقيت أو في البيئة المالية والتشريعات.


مجالس قطاعات


ـ أشرت الى قطاع التمويل الإسلامي كقطاع متنامٍ .. فهل سيوجد إدارة مستقلة مثلا لهذا القطاع ؟


ـ بالفعل .. نحن الآن بصدد تأسيس مجلس استشاري يضم خبراء عالميين لقطاع التمويل الإسلامي . سيضم هذا المجلس خبراء من الدول العربية ومن كل الدول الإسلامية وخبراء عالميين متخصصين في هذا النوع من التمويل ..


ولدينا خطة بتأسيس مجالس استشارية لكل القطاعات المهمة وبخاصة البورصات، والبنوك، والتأمين وإعادة التأمين، الى جانب التمويل الإسلامي. وسيكون لكل هذه المجالس سلطات مطلقة وفق القوانين والمعايير الدولية التي يطبقها المركز بلا تهاون.


أجرى الحوار: عبد الفتاح فايد

opera house... excellent!
underground mall.... not sure

sounds promsing at least

opera house... excellent!
underground mall.... not sure

sounds promsing at least


Why not, this is used on cold countries. For example in Toronto most of the downtown towers are connected underground with corridors and countless shops, restaurants and caffes.

Seoul has a similar one attached to COEX center and Intercontinental Hotels. Also in Vienna, there's a elatively extensive network of underground ways with shops in Karlsplatz, near the Opera.

مدينة كاملة حافلة بالحياة داخل هذا المركز الذي أقامته دبي ولا يعرف أحد عن تفاصيله سوى القليل. حياة كاملة ومدن وأحياء لا يوحي بها اسمه الذي يعكس حياة مالية ومصرفية قد تكون جافة وجامدة . حياة مليئة بأسباب العيش الرغيد والرفاهية اللامحدودة قل ان يوجد لها نظير في بيئة عمل في العالم. أحياء أوروبية وأخرى تراثية عربية مراكز تسوق لا مثيل لها في العالم .. مواقف سيارات هي الأكبر من نوعها عالميا تعمل على حل أزمة المرور ليس فقط لموظفي المركز ولكن لكل سكان دبي والإمارات.. دار للأوبرا هي الأولى في المنطقة وحى ثقافي متكامل بما يغذى العقول ويشبع حاجات العقل والفؤاد وليس المعدة فقط. مصاعد أفقية هي الأولى من نوعها تنقلك من مبنى الى آخر في هذه المدينة العجيبة.

It will be a complete city , not just a business center.

Biggest parking spaces in the world aimed to solving traffic problems.

First Opera house

Malls never seen anywhere else in the world

Horizontal elevators that will take people from one building to the other


أكبر مركز تسوق تحت الأرض في العالم حاليا تحت الإنشاء على امتداد كيلومترين اثنين وبعمق أربعة طوابق أسفل مباني وأبراج المركز ..أكبر موقف سيارات تحت ارض في العالم يتسع لأكثر من 37 ألف سيارة يجرى انشاؤه الآن تحت أبراج المركز وإحيائه ومبانيه ..فنادق ومنتجعات صحية .. لتشكل جميعها حياة كاملة تتضمن السكن والعمل والتسوق والترفيه في بيئة واحدة لا يحتاج فيها المرء لاستخدام سيارته أو الانتقال من مكان

الدكتور عمر محمد أحمد بن سليمان مدير عام مركز دبي المالي العالمي يكشف في حوار خاص مع «البيان» أن 50 ألف موظف وخبير سيعملون ويعيشون في هذه البيئة العالمية المتكاملة الفريدة من نوعها بالعالم. وان مركز دبي المالي العالمي سيكون المكان الوحيد بالعالم الذي لا يوجد بشوارعه مواقف للسيارات وإنما نوافير للمياه وحدائق ومتنزهات فقط بينما السيارات في مكان آخر تحت الأرض.


وقد تم انجاز المرحلة الأولى بالكامل وهى «البوابة» التي تعكس رؤية الفريق أول سمو الشيخ محمد بن راشد آل مكتوم ولي عهد دبي وزير الدفاع ورئيس المركز. هذه البوابة تعبر عن المستقبل الذي تريده دبي وهي امتداد للحاضر ممثلا في فندق أبراج الإمارات والماضي الذي يمثله مركز دبي التجاري العالمي، ولهذا جاءت كلها على امتداد واحد . الى آخر.

Biggest underground parking space for 37,000 cars (U/C)

Biggest underground mall , 2 kilometers in length and 4 stories deep (U/C)

Hotels and spas

50,000 specialists and businessmen will work in the DIFC




Whole project will be completed in 3 years


The rest is mumbo jumbo 

50,000 !!!! How they gonna fit all these things in that space??? The area is not that big.

well they said 50,000 will live and work here , so not all of them will live there !

First Opera house

The rest is mumbo jumbo 

Interesting - does this mean that the Opera house has been moved from the Dubai Pearl?

Very optimistic at the 3 years completition schedule. :nuts:

Interesting - does this mean that the Opera house has been moved from the Dubai Pearl?

I don't think so, this should be a different one.

indeed :D
but i guess they can do it.
i love the idea of underground corridors connecting the towers , with shops and so on...great news.
and an opera house, that's a good idea..!

3 years? Yeah right, I'd say more like 5 before it's all done.

horizontal elevators! :D :eek:

if they started work on everything right now the difc could be ready in 3 years

and the mall is already under c! how come we don't know anyhting about the difc, except a few towers?!

2km 4floors underground mall, that's gonna be big hole in the ground soon :runaway:

i wonder how the ground will stand the towers then...
hope they plan that very accurate :D

sorry i didn't have ennough time to translate and thanx Dubai_boy for doing that ... it is mentioned in the atricle that DIFC is a project that we don't know alot about so that seems great

yep i wonder why they did not publish all that stuff...

btw what about creating a thread in World forums for DIFC...
enough impressive stuff,maybe i will do that later...

Barclays gets licence to operate from DIFC

6 July 2005

DUBAI — Barclays Capital, the investment banking arm of Barclays Bank PLC and one of the most prominent investment banks in the Middle East, has received a licence to operate from the Dubai International Financial Centre (DIFC). Barclays Capital opened its office on Sunday in the landmark Gate Building.

Barclays Capital has significantly expanded the resources it has devoted to the Middle East, bringing the firm's expertise in debt financing and risk management to the region.

Nicholas Hegarty, managing director and Head of Middle East and North Africa Investment Banking at Barclays Capital, said: “The DIFC will provide Barclays Capital with an ideal base from which to further develop our already substantial regional business. Its familiar legal and regulatory environment combined with its state of the art infrastructure provides us with an obvious venue for our regional hub, from which we can continue to service the Gulf region.’’

Dr Omar Bin Sulaiman, director general of the Dubai International Financial Centre Authority, said: “The licensing of Barclays Capital is a major milestone for the Dubai International Financial Centre. A key factor for DIFC is that Barclays Capital has already enjoyed significant success in the Middle East and yet has identified the DIFC as a venue appropriate for it to further develop its business here.’’

isnt that the sponsor of UK premier league?

another big fish! :)
difc seems to fulfill dubai's desires

Bafco furniture for DIFC
Posted: Thursday, July 07, 2005

Dubai

Bafco has recently installed their newly designed Plan-it range of panel-based operative furniture into the offices of the Dubai International Financial Centre (DIFC).

The designer at DIFC, Abul Malik, said they chose Bafco because they could offer high quality furniture which was customised to suit their needs.

'We wanted the furniture specifically customised with colours we chose, with high panels for privacy and representing a rectangular and modern shape,' Malik said.

Bafco's Plan-it furniture was designed by Bafco's head designer Jamal Kabbani who graduated from Beirut's Fine Arts College.

Jamal has led the Bafco design team since 2001 and applies his artistic background to furniture design.

Plan-it provides modular solutions that cater to any workspace from small to large organisations and provides ease of reconfiguration through the use of sophisticated clip tile panels.

The system also offers advanced cable management capabilities and superior acoustics control to make the workspace more efficient.

Jamal believes that every element of design such as shape and colour should be suited to the end user, the furniture market and it should go beyond aesthetic appeal by fully satisfying functionality.

'In our quest to provide optimal solutions to our customers, we have researched the furniture market worldwide from The US and Europe to the Far East in order to develop our furniture designs.'

'The furniture can be suited to any style of office and represents elements of modernity but still controls ergonomics and functionality to suit every individual.'

Hmm interesting stuff about the furniture...but I love the fact that they will most likely have an underground mall. I hope it's very similar to the one we have here in Toronto. It's literally like a whole new world underground. Dubai seems to keep adding the best parts of other cities and I luv it! m))

DIFC sounds very interesting.. I like the idea of hiding cars below surface... however,maybe the location itself is not interesting, including underground shopping mall with what? no views on the world ! dull I should say.

And why 3 more years to complete other facilities? very strange

DIFC sounds very interesting.. I like the idea of hiding cars below surface... however,maybe the location itself is not interesting, including underground shopping mall with what? no views on the world ! dull I should say.

And why 3 more years to complete other facilities? very strange
Well, inside a shopping mall you usually don't have a lot of windows to see outside anyway. I've seen a few underground shopping malls before and it wasn't any different. I'm kind of glad they're putting it underground as they're usually ugly anyway. Maybe the space will be used for some green areas.

Well, inside a shopping mall you usually don't have a lot of windows to see outside anyway. I've seen a few underground shopping malls before and it wasn't any different. I'm kind of glad they're putting it underground as they're usually ugly anyway. Maybe the space will be used for some green areas.

But always the roof top/doms are made of glass that would allow sun light, allow us people to know time of day..is the sun still there or is it dusk?..this sort of things. underground shopping mall???!?!? and what worlds biggest.. come on.

25 July 2005
Permal, The $20 Billion Multi-Manager Hedge Fund Manager, Gains DIFC License
Permal, has today announced that it is the first pure play alternative asset manager to be licensed from the Dubai Financial Services Authority (DFSA) to operate from the Dubai International Financial Centre (DIFC). The Dubai office is set to open in late August and will be run by Ahmed Nashaat, Permal Senior Vice President.

Permal is the world’s most established fund of hedge fund manager with a track record of more than thirty years. Today the business is amongst the largest funds of hedge funds. Permal has offices in New York, London and Singapore and now Dubai.

The Dubai International Financial Centre was launched in September 2004 and has already seen over sixty companies licensed to operate from the centre; these include Merrill Lynch, Credit Suisse, Barclays Capital, and Standard Chartered & AIG.

Ahmed Nashaat commented:

“With over thirty year experience working with Middle Eastern investors, we are always looking at new ways to improve our services. The DIFC allows us to work closely with the Middle East market, within a secure regulatory environment, and enhances our regional distribution network.

“Dubai also has the additional advantage of bridging the international time-gap between Singapore and London.”

Dr Omar Bin Sulaiman, Director General of Dubai International Financial Centre Authority said:

“Permal was an early and vocal advocate of the DIFC concept. Prior to our launch Permal had identified DIFC as an obvious venue for it to develop its multi-manager hedge fund business in the Middle East and I am delighted that Permal is now a licensed firm within the DIFC.

“There has always been a terrific opportunity for the fund management industry in the Middle East where liquidity is so high but until now there has been no credibly regulated hub for such firms to operate from. I am pleased to welcome Permal to the DIFC and I wish Ahmed and his team the very best of luck in what I am sure will be a very successful venture.”

The good news keeps coming :) thanx 4 the update bu'3naim

25 July 2005
Permal, The $20 Billion Multi-Manager Hedge Fund Manager, Gains DIFC License
Permal, has today announced that it is the first pure play alternative asset manager to be licensed from the Dubai Financial Services Authority (DFSA) to operate from the Dubai International Financial Centre (DIFC). The Dubai office is set to open in late August and will be run by Ahmed Nashaat, Permal Senior Vice President.

Permal is the world’s most established fund of hedge fund manager with a track record of more than thirty years. Today the business is amongst the largest funds of hedge funds. Permal has offices in New York, London and Singapore and now Dubai.

The Dubai International Financial Centre was launched in September 2004 and has already seen over sixty companies licensed to operate from the centre; these include Merrill Lynch, Credit Suisse, Barclays Capital, and Standard Chartered & AIG.

Ahmed Nashaat commented:

“With over thirty year experience working with Middle Eastern investors, we are always looking at new ways to improve our services. The DIFC allows us to work closely with the Middle East market, within a secure regulatory environment, and enhances our regional distribution network.

“Dubai also has the additional advantage of bridging the international time-gap between Singapore and London.”

Dr Omar Bin Sulaiman, Director General of Dubai International Financial Centre Authority said:

“Permal was an early and vocal advocate of the DIFC concept. Prior to our launch Permal had identified DIFC as an obvious venue for it to develop its multi-manager hedge fund business in the Middle East and I am delighted that Permal is now a licensed firm within the DIFC.

“There has always been a terrific opportunity for the fund management industry in the Middle East where liquidity is so high but until now there has been no credibly regulated hub for such firms to operate from. I am pleased to welcome Permal to the DIFC and I wish Ahmed and his team the very best of luck in what I am sure will be a very successful venture.”

Permal?? who are they, I thought they make baby food? ohh no that it Parmalat heheheheheheeeeee

The Ritz Carlton - DUBAI INTERNATIONAL FINANCIAL CENTRE (DIFC)
http://www.geocities.com/asb63/RitzCarlton.jpg

http://www.geocities.com/asb63/Ritz01.jpg
http://www.geocities.com/asb63/Ritz02.jpg
http://www.geocities.com/asb63/Ritz03.jpg
http://www.geocities.com/asb63/Ritz04.jpg
http://www.geocities.com/asb63/Ritz05.jpg
http://www.geocities.com/asb63/Ritz06.jpg
http://www.geocities.com/asb63/RitzCarlton.jpg

http://www.geocities.com/asb63/r11.jpg

fantastic renders
this are is the park avenue i think
residential apartments and the hotel

see them now. looks spectacular.

Let's see if this source is better


http://public.baidas.net/images/RitzCarlton.jpg

http://public.baidas.net/images/Ritz01.jpg

http://public.baidas.net/images/Ritz02.jpg

http://public.baidas.net/images/Ritz03.jpg

http://public.baidas.net/images/Ritz04.jpg

http://public.baidas.net/images/Ritz05.jpg

http://public.baidas.net/images/Ritz06.jpg

http://public.baidas.net/images/r11.jpg

OH WOW HOT HOT HOT HOT HOT HOT HOT HOT HOT HOT

H H
O O
T HOT HOT HOT HOT HOT HOT HOT HOT HOT HOT T

Every other pics look very exclusive, except the last one that quite silly.

Every other pics look very exclusive, except the last one that quite silly.

the last one is a duplicate of the first one, they were copied and dumped from one folder

OH WOW HOT HOT HOT HOT HOT HOT HOT HOT HOT HOT

H H
O O
T HOT HOT HOT HOT HOT HOT HOT HOT HOT HOT T

YEEEEEEEEEEEEEEEEEEEEEHaaaaaaaaa

ESPECIALLY THIS
http://public.baidas.net/images/Ritz06.jpg

really showns the underground service roads that will be in this system

waterfall is phenomenal!! :)

Dubai International Financial Exchange set to debut today
Dubai | By Arif Sharif, Staff Reporter | 26/09/2005


The Dubai International Financial Exchange, the new stock exchange in the city's financial free zone, will open for trading today aiming to become the leading securities market between Western Europe and East Asia.

Rangarajan/Gulf News
http://www.gulfnews.com/images/2005/09/26_bus_gate.jpg
The DIFX’s opening is a crucial milestone for the Dubai International Financial Centre.

The exchange said on its website it will list five certificates tracking leading stock indices when it opens for trading on September 26.

The certificates, issued by Deutsche Bank, track the US Standard & Poors 500 Index, Japan's Nikkei 225, Europe's Down Jones STOXX 50 and EURO STOXX 50 and Germany's DAX.

It will also list global depositary shares of regional mobile phone company Investcom, most likely in October, after the telecoms company completes an initial public offering.

DIFX's debut also marks a crucial milestone for the Dubai International Financial Centre, the financial free zone, as its strives to become the gateway for global financial investement in the region.

DIFX chairman Lynton Jones told a capital markets seminar last week that the Middle East was a major source of capital and a rapidly growing economy, but it sat outside the world's international financial community.

The setting up of DIFX and DIFC, with their international style rules and regulations, are an attempt to change that.

Dubai is a major centre for international trade and the third largest re-export centre in the world after Hong Kong and Singapore.

More than 3,000 multinational and regional corporations operate in its free zones.

Institutional and private investors in the region hold more than $1 trillion in assets which must be managed, so the demand for financial services is obvious.

Jones said the creation of DIFX was necessary to attract international institutional investors and international market participants with international style regulations and features such central counter party, linkages to international payments systems and clearance and settlement systems and market maker mechanisms.

DIFX has said it will open with up to four brokers, some of them in remote locations, and will elaborate on Monday the type of new products and the general timeline over which they will be introduced.

Trading will begin at 2pm and run until 5pm from Monday to Friday to encourage international participation, especially from Europe where markets are open during that period.

i'm really excited how this will influence the difc

From today's Al Bayan newspaper:

إطلاق برجين بتكلفة 1.25 مليار درهم في مركز دبي المالي


كشف هاشم الدبل الرئيس التنفيذي لشركة «دبي للعقارات» إحدى شركات «دبي القابضة» عن تحالف الشركة مع «ديار» الذراع العقاري لبنك دبي الإسلامي لتطوير مشروع تجاري سكني في مركز دبي المالي باستثمارات تصل إلى مليار وربع المليار درهم.

وأوضح الدبل في تصريحات خاصة لـ «البيان» ان المشروع يتكون من برجين متصلين، يتكون كل منهما من 50 طابقاً، وأحدهما مخصص للأغراض التجارية والآخر لتلبية المتطلبات السكنية. وأشار إلى أن «دبي للعقارات» تمتلك 50% من المشروع فيما تمتلك «ديار» العقارية ال50% الأخرى. وبرر الدبل عدم طرح البرجين للأغراض السكنية للنقص الحاصل في الوحدات التجارية المطروحة أو التي قيد الإنشاء في دبي.


Hashem al-Dabal from Dubai Properties announces it has joined with Diar of Dubai Islamic Bank, to develop a commercial/residential project in DIFC worth and investment of AED 1.25 billion.

The project involves two towers connected together, each 50 storeys high. One commercial, and the other residential. Dubai Properties and Diar own half each.

al-Dabal stated that both towers weren't residential because there's a lack of commercial units in Dubai.

this is good news
finally something new
could it be that eternal proposal in the shape of a sail?
sorry, forgot the name

developer: wind intl and quest fz lcc?

i don't remember how it looks like but i can remember there was a twin by wind intl for difc.
might be announced soon...
hope all those get built finally . takes long!

and that's good news, the exchange will make DIFC more popular.

I think Dubai is becoming more and more successful as a financial centre. I’ve read that lately people in Europe not wanting to pay taxes on their fortune they just go and put their money in Dubai or Singapore.

Before it was possible let’s say if you lived in Germany to cross the border and put your money in Italy but since European countries decided to exchange information people with money are just opening banks account outside of the EU.

right.

there was a report about DIFX in german tv today.
seems like this really help DIFC and dubai to become known as a financial center.

DIFC is one of the toughest challenges to Dubai. I hope Dubai pass this exam.

I admire DIFC and Silicon Oasis the most as I think that they would add a real advantage to Dubai.

yes this is REAL business happening there.
and it is not intended to provide space for offices/business , like media city, BB etc, but even to be part of the things that happen, to be the actual "company"!