My trip to Dubai after 10 Years.
My trip to Dubai after 10 years. I am seeing Dubai International Financial Centre after a long time (DIFC). I had a 2 hour meeting with Mr. Mohammad Khalifa, the Vice President of DIFC, the number 2 in hierarchy of DIFC. What is important is that 60% of the conversation was in Hindi.Mr. Khalifa understands Hindi & speaks so well. The range of topics in discussions ranged from what is happening in DIFC to how DIFC will be gateway to GCC and rest of the #world. I don't know the statistics yet, but DIFC is the 8 th largest IFFC in the world for fund domiciles.
The agenda then veered around to different licensing, opening to KSA market. DIFC has an entire ecosystem now to service funds. The focus is now on service levels, fit and proper for regulation, correct advise being given by DIFC towards the category and whether the reputation of the applicant is good enough for.
DIFC focus is on skilled professionals to service and thus fit & proper. What impressed me is that you can be a licensee who sits and operates when needed and travel when required.Clear tax substance! Interview is for the skill. To be regulated, you can operate by just operating from a business center. No need to be renting out full offices. Improves ROI. All you need to have an smart address that is all!
From our side, I briefed Mr.Khalifa about what Basiz does, it's international presence. He was very happy about our size and reach in every major market. Also talked to him about Gift City Gandhinagar and how we can have master feeder structures and a corridor between DIFC and GIFT as well as passporting.