Official: DIFC to see good year ahead

10 Jun 2010

(MENAFN) The Dubai International Financial Centre (DIFC) said that it expects this year to be a good year for awarding new licenses, Reuters reported.

DIFC’s Chief Executive, Abdulla Al Awar, said that the emirate’s flagship financial district awarded over 40 licenses between January and April most of the institutions were from the MENASA (Middle East, North Africa and South Asia). He added that the first quarter this year has showed some good signs, and expected that most of the institutions are now in a recovery mode.

Recently, DIFC’s former governor had been detained in an investigation into the use of public funds.

It is worth mentioning that the DIFC has sought to position itself as a financial hub for the Gulf and large parts of Asia but the global economic crisis hit Dubai hard and raised concerns about its viability as an international centre for business.

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