Title: Dubai International Financial Centre (DIFC) Or: How to Build a Successful Financial Centre Freezone

Author: Dr. Andreas Baumgartner

Abstract

Since its creation in 2004, Dubai International Financial Centre has been a trailblazer, synonymous with the most successful and innovative special economic zone in the financial services spaces. Often copied, it has created enormous economic impact for Dubai and has contributed to firmly positioning Dubai on the global map.

Strategic location, an outstanding regulatory and governance framework, tax benefits, world- class infrastructure, access to a large market, innovation and technology focus, strong government support, a diverse and inclusive community – if one adds to those factors a clear value proposition, unwavering commitment as well as the willingness to go the extra mile and push boundaries, this characterizes DIFC well.

Yet, what have been the stages of development of DIFC? What is the legal, regulatory and institutional setup? And: What can be learned from DIFC for Free Global Cities? This is explored using the framework of Key Success Factors, as established by Napoleon Hill.

However, DIFC is far from just a “historic case study”. As it celebrates its 20th anniversary in 2024, it is full of buzz and vibrancy. The best is still to come – this is the aspiration for the next decades.

Keywords

Dubai; United Arab Emirates; Dubai International Financial Centre; DIFC; Dubai Financial Services Authority; DFSA; DIFC Courts; Free Zone; Special Economic Zone; Innovation; Financial Hub; Financial Centre; DIFC Innovation Hub; DIFC Academy; DIFC Family Wealth Centre; FinTech; Napoleon Hill; Key Success Factors; Purpose; Creative Vision; Self- Discipline; Commitment; Free Global Cities; Free Global City