WEST PALM BEACH, FL (www.hedgeco.net) – Dubai, one of the growing investment centers in the Middle East, is gearing up to introduce hedge fund products in 2005. According to David King, acting chiefexecutive of the Dubai Financial Services Authority, the legislation for the new product are being put together and will soon be finalized. King made his remarks at the “Hedge Fund World Middle EastConference of 2005.�
He said in his inaugural speech, “Asset management and fund activities including hedge funds along with fund registration have very significant potential in the Dubai International Financial Centre (DIFC). The DIFC is seeking to attract funds business here. Accordingly, DFSA is currently in the process of drafting a Collective Investments Law and Collective Investment Funds Rules, based upon internationally recognized best practice standards, and drawing upon the experiences of other, successful jurisdictions.”
King further said, “The DFSA has drafted a complete set of principle-based laws designed to govern the day-to-day requirements and operations of all the financial and non-financial institutions, companies, partnerships and individuals that will be established in the DIFC. He also noted, �Vital pieces of UAE legislation were put into place with the passing of the Dubai law establishing the DIFC, and the DFSA as the fully independent, unitary regulator of all financial and related activities undertaken in or from the DIFC.�
When fully operational, DIFC will embrace the complete financial services spectrum including banking, asset management, funds activities, a capital market, (re) insurance, Islamic finance, a regional financial exchange � the DIFX – and other exchange activities including commodity trading activities.
Paul Oranika
Editor-in-Chief
HedgeCo.Net
Email: Editor@hedgeco.net
HedgeCo.Net is the most popular hedge fund database and community in the world. Membership on www.hedgeco.net is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds!
Be sure to check out our sister sites. www.hedgefundlounge.com, www.hedgefundtools.com, and www.hedgefundemployment.com.
