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Dubai may set up financial centre in India |
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7/14/2006 8:32:35 AM |
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 DUBAI International Financial Centre (DIFC), a major regional offshore financial services hub, said on Wednesday it was in talks to create a financial district in India.
Omar bin Sulaiman, governor of state-owned DIFC, said the Indian centre might open as early as 2007 but stressed that talks with the Indian government were "at an early stage".
Asked if the proposed Indian centre would have an independent regulator set up with DIFC`s help, he told reporters: "We will look at the whole spectrum. Anywhere from the real estate side and the cluster-building side, all the way to regulation and regulators, or linking the exchange."
Since DIFC opened in 2004, many of the world`s leading financial institutions including Morgan Stanley, Merrill Lynch and Credit Suisse have applied for and received licences to offer financial services as they seek to tap Middle East oil wealth.
DIFC expects the number of financial firms there to rise by five times to 250 by 2009 and has ambitions to eventually rival London, New York and Hong Kong, a senior executive has said.
DIFC is a major real estate project, but it is more than just a property developer. It has its own courts, and its regulator, the Dubai Financial Services Authority, is independent of the United Arab Emirates central bank.
Dubai has had to embrace Western-style legal norms, in contrast to existing Islamic laws in the Gulf emirate, to make the 50-hectare jurisdiction appeal to global investors.
DIFC is also home to Dubai International Financial Exchange (DIFX), which lists a dozen stocks, depository receipts and bonds.
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