Dubai International Financial Center Reports Strong 2016
by Lorys Charalambous, Lowtax.net, Cyprus
02 May, 2017
There was a 13 percent increase in the number of active registered companies in the Dubai International Financial Centre (DIFC), a free trade zone in the United Arab Emirates, in 2016.
Occupancy was at 98 percent in 2016, with construction advancing on Gate Avenue at DIFC, which will increase DIFC's portfolio of lifestyle, cultural, and entertainment offerings.
DIFC Governor Essa Kazim said: "I am pleased to report that our 2016 performance was robust. We continue to deliver stable revenue and growth thanks to our resilient business model and steady rental cash flows in a challenging macro-economic climate."
"DIFC experienced a strong 12 months, with the number of active registered entities increasing to 1,648 entities and 21,611 professionals working in the Centre. This represents growth of 13 percent and 9 percent, respectively, from the prior year."
The DIFC is a free trade zone founded in 2002. It offers a number of perks to firms, including zero percent income tax guaranteed for 50 years. It allows 100 percent foreign ownership and has no exchange controls.
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