Family companies from Egypt and Saudi Arabia seek to join Dubai International Financial Center

Hossam Abdulnabi (Dubai)

Companies from Egypt and Saudi Arabia seek to join companies operating in the Dubai International Financial Center (DIFC) to take advantage of existing features such as the Fiscal and legislative environment. .

Trade relations and growing trade relations between the UAE and a large number of countries are driving foreign family businesses to choose Dubai in general and the Dubai International Financial Center in particular as their preferred location. The two countries will be located in the international financial center of Dubai, which is a gateway between East and West. Ali Shakili, a partner at the law firm Wade & Case, notes that family-owned businesses in several countries, including Egypt and Saudi Arabia, are increasingly interested in working at Dubai International Financial Center (DIFC) due to tax and legislative factors.

In response to an Al-Ittihad question about why family businesses are reluctant to participate in stock markets despite recent changes to the Companies Act, which have reduced the percentage that can be offered to Public underwriting, The first reason, followed by the failure of the owners of these companies to adhere to the rules of governance, then accustomed to the management of companies to work with a different mentality and methods of management methods to be followed in listed companies in terms of transparency.

Gary Watts, partner and director of business at Tamimi & Company, said that good business relations between Dubai and several countries around the world encouraged foreign family businesses to choose DIFC as their favorite. The largest Indian family business in the UAE, which has been operating for years and has achieved unprecedented success. … more