On September 18, 2004, Dubai’s international financial free zone, the Dubai International Financial Centre (DIFC), opened for the first time.
The next year, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said: "Dubai and the UAE have moved into the more sophisticated world of high finance. And I am pleased to learn that in only one year of operation, the Dubai International Financial Centre has surpassed all expectations."
He also said: “We are a living proof that when human beings have the courage and commitment to transform a dream into reality — there is nothing that can stop them."
In its first year, DIFC had hoped to attract 15 companies, but instead managed to bring in more than 100. It has since attracted more than 4,000 companies, growing into the largest financial centre in the Middle East and Africa, and the 19th biggest in the world, according to the Global Financial Centres Index ranking published last year.
Today, DIFC is the world’s best-performing free zone in attracting foreign direct investment (FDI) projects in the financial services. Last year, a report from the Dubai Investment Development Agency said that its success helped propel Dubai to the top international spot for attracting FDI — performing better than other major hubs such as London, Singapore, New York and Paris.
Looking ahead, DIFC is setting up the world’s first global centre for ultra-wealthy and family businesses, in a bid to double its contribution to Dubai’s economy by 2030. The centre is expected to bring family businesses and ultra-high net worth individuals — people with a net wealth of $30 million or more — to the emirate from other regional and global markets.
It has also called for financial centres around the world to become more green, digital, inclusive and collaborative by 2030.
But DIFC is more than simply a financial centre. Nestled within its striking architectural landmarks is a dynamic array of art galleries, five-star hotels, coffee shops, high-end boutiques and restaurants — centred on the downtown destination, Gate Village.
Earlier this year, DIFC transformed the area around the landmark Gate Building into a sculpture park, to commemorate the UAE's Golden Jubilee. The open-air gallery featured 50 sculptures, as well as paintings by established local and international artists.
As the centre continues to add to its allure with projects such as the sprawling Gate Avenue, DIFC looks set to continue propelling the growth of Dubai's economy, and cultural landscape, for years to come.
Scroll through more images of the DIFC sculpture park below
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David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
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The story in numbers
18
This is how many recognised sects Lebanon is home to, along with about four million citizens
450,000
More than this many Palestinian refugees are registered with UNRWA in Lebanon, with about 45 per cent of them living in the country’s 12 refugee camps
1.5 million
There are just under 1 million Syrian refugees registered with the UN, although the government puts the figure upwards of 1.5m
73
The percentage of stateless people in Lebanon, who are not of Palestinian origin, born to a Lebanese mother, according to a 2012-2013 study by human rights organisation Frontiers Ruwad Association
18,000
The number of marriages recorded between Lebanese women and foreigners between the years 1995 and 2008, according to a 2009 study backed by the UN Development Programme
77,400
The number of people believed to be affected by the current nationality law, according to the 2009 UN study
4,926
This is how many Lebanese-Palestinian households there were in Lebanon in 2016, according to a census by the Lebanese-Palestinian dialogue committee
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KILLING OF QASSEM SULEIMANI
COMPANY PROFILE
Name: Akeed
Based: Muscat
Launch year: 2018
Number of employees: 40
Sector: Online food delivery
Funding: Raised $3.2m since inception
SCORES
Multiply Titans 81-2 in 12.1 overs
(Tony de Zorzi, 34)
bt Auckland Aces 80 all out in 16 overs
(Shawn von Borg 4-15, Alfred Mothoa 2-11, Tshepo Moreki 2-16).
UAE SQUAD
Khalid Essa (Al Ain), Ali Khaseif (Al Jazira), Adel Al Hosani (Sharjah), Mahmoud Khamis (Al Nasr), Yousef Jaber (Shabab Al Ahli Dubai), Khalifa Al Hammadi (Jazira), Salem Rashid (Jazira), Shaheen Abdelrahman (Sharjah), Faris Juma (Al Wahda), Mohammed Shaker (Al Ain), Mohammed Barghash (Wahda), Abdulaziz Haikal (Shabab Al Ahli), Ahmed Barman (Al Ain), Khamis Esmail (Wahda), Khaled Bawazir (Sharjah), Majed Surour (Sharjah), Abdullah Ramadan (Jazira), Mohammed Al Attas (Jazira), Fabio De Lima (Al Wasl), Bandar Al Ahbabi (Al Ain), Khalfan Mubarak (Jazira), Habib Fardan (Nasr), Khalil Ibrahim (Wahda), Ali Mabkhout (Jazira), Ali Saleh (Wasl), Caio (Al Ain), Sebastian Tagliabue (Nasr).
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
The biog
Hometown: Cairo
Age: 37
Favourite TV series: The Handmaid’s Tale, Black Mirror
Favourite anime series: Death Note, One Piece and Hellsing
Favourite book: Designing Brand Identity, Fifth Edition
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England squads for Test and T20 series against New Zealand
Test squad: Joe Root (capt), Jofra Archer, Stuart Broad, Rory Burns, Jos Buttler, Zak Crawley, Sam Curran, Joe Denly, Jack Leach, Saqib Mahmood, Matthew Parkinson, Ollie Pope, Dominic Sibley, Ben Stokes, Chris Woakes
T20 squad: Eoin Morgan (capt), Jonny Bairstow, Tom Banton, Sam Billings, Pat Brown, Sam Curran, Tom Curran, Joe Denly, Lewis Gregory, Chris Jordan, Saqib Mahmood, Dawid Malan, Matt Parkinson, Adil Rashid, James Vince
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
