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Can you list the top facts and stats about Dubai International Financial Centre?
Summarize this article for a 10 year old
The Dubai International Financial Centre (DIFC) is a special economic zone in Dubai covering 110 ha (272 acres), established in 2004 as a financial hub for companies operating throughout the Middle East, Africa, and South Asia (MEASA) markets.
|Industry||Banking, financial services, insurance, wealth & asset management, brokerage & capital markets, professional service providers, corporate offices and retailers|
|Founded||2002, operations started 2004|
|Headquarters||Dubai, United Arab Emirates|
|Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum (President)|
Essa Kazim (Governor)
Arif Amiri (DIFC Authority CEO)
Saleh Al-Akrabi (DIFC Investments Chief Real Estate Officer)
Alya Al-Zarouni (DIFC Authority COO)
DIFC is regulated by the Dubai Financial Services Authority, an independent regulator exclusive to the zone, and by its own court system, DIFC Courts, separate from the Emirate of Dubai's legal system and that of the federal government of the UAE. DIFC follows the common law framework and operates in English.
DIFC is one of Dubai's independent free zones; it offers companies 100% ownership without the need for a local partner. The freezone houses financial institutions, and wealth funds in addition to retail and hotel space dedicated to the free zones.
DIFC offers clients a 50-year guarantee of zero taxes on corporate income and profits, complemented by the UAE's network of double taxation treaties.
It was reported in 2022 that DIFC had a 19% annual increase in non-financial firms, bringing the total number of international companies, family businesses, and corporate service providers to over 3,000.
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