Dubai ruler approves financial centre expansion plan

DUBAI (Reuters) – Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum on Monday approved a plan to increase the area of the Dubai International Financial Centre (DIFC), the Dubai government media office said in an emailed statement.

The state-owned free zone is the major finance centre in the Middle East, hosting international banks, insurance companies and investment firms. Companies registered at the DIFC benefit from a 40-year guarantee of zero taxes on corporate income and profit.

“Upon completion, the new district will comprise 6.4 million square feet (about 600,000 square metres) of office space,” the statement said.

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