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DIFC Sends Delegation To India

by Lorys Charalambous, Lowtax.net, Cyprus
21 April, 2015

In a bid to strengthen the trade partnership between the United Arab Emirates (UAE) and India, a high-profile delegation from the Dubai International Financial Centre (DIFC) recently visited Mumbai.

During the visit, the delegation explored and identified new investment opportunities for businesses and organizations that can support and encourage the economic growth of both India and the UAE.

Led by Chirag Shah, Chief Strategy and Business Development Officer of Dubai International Financial Centre Authority (DIFC Authority), the delegation comprised members from DIFC's business development team.

As part of the joint meetings, the DIFC delegation conducted a series of presentations and discussions in the host city with the objective of introducing the financial hub and elaborating on Dubai's potential as a competitive business destination.

According to the DIFC, the delegation attracted the interest of nearly 50 existing and new clients.

Chirag Shah, Chief Strategy and Business Development Officer of DIFC Authority, said: "Given DIFC's strong regional and international status as one the most refined and mature regional financial hubs, we have received strong interest from banks, investment banks, asset/wealth managers, insurance/reinsurance providers/brokers and professional firms from India that are looking at setting-up or expanding their presence in the DIFC to tap into the opportunities in the growth markets in Middle East and Africa."

A recent study noted that nearly 26,500 companies from the Indian Subcontinent operate in the UAE, with an estimated combined investment of around USD52bn, the DIFC said.

Over the years, over 20 leading Indian banks and financial institutions have opened offices at the financial hub. These include Axis Bank, ICICI Bank, IDBI Bank, Punjab National Bank, and State Bank of India.

The free zone offers firms zero percent income tax guaranteed for 50 years, 100 percent foreign ownership, no exchange controls, and a legal system based on English common law.

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