Sheikh Mohammed issues law on Dubai International Financial Centre

Sheikh Mohammed issues law on Dubai International Financial Centre

DUBAI - In his capacity as Ruler of Dubai, Vice President and Prime Minister of the UAE, His Highness Sheikh Mohammed bin Rashid Al Maktoum issued Law No. (5) of 2021 relating to Dubai International Financial Centre (DIFC).

The new Law replaces Law No. (9) of 2004 on Dubai International Financial Centre, which was the original founding law of DIFC. In line with global best practice, the new Law provides for more clarity on the duties and responsibilities of the President, the Governor, the Centre and bodies in DIFC.

It also ensures the Centre’s operational, financial and administrative independence that is crucial for the continued growth and success of the Centre and confirms the requirements for their adherence to the highest governance and accountability principles.