Dubai approves establishing a world financial center

The Deputy President of the United Arab Emirates and the ruler of Dubai, Sheikh Maktoum Bin Rashed al-Maktoum, issued a special decree for the establishment of Dubai's world financial center as a financially and administratively independent free zone.

In a statement, Dubai's world financial center said that the issuance of the special decree on the establishment of Dubai's financial and world center as a financially and administratively independent zone completes the legislative steps needed to establish the world financial center, officially.

The center is a free financial zone including administrative buildings for financial services including investment, banking, capitals markets and Islamic financing.

Dubai, one of the 7 Emirates composing the oil-rich United Arab Emirates, hopes to compete with financial centers like that of London, Singapore and Hong Kong. This attempt is part of the efforts made by the rulers of the UAE to convert their country into a prosperous business center and a tourism attraction area.

Worthy mentioning that after the Gulf war in 1991, Dubai started an ambitious program for development. It established an Internet city, and a media city which includes major companies in the field of information technology and media establishments.