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Newsletter | Articles Snippets from Dubai, UAE DIFC Single Family Offices The Dubai International Finance Centre (DIFC) has seen a marked growth in Single Family Office (SFO) business since the introduction of new regulations in June. The new regulations address specifically the needs of family run institutions and create a platform for wealthy families to set up holding companies in the DIFC to manage private family wealth and family structures anywhere in the world. In contrast to conventional financial institutions SFOs have no direct public liability as all shareholders are bloodline descendants of a common ancestor. As such, the regulatory requirements differ considerably. The DIFC SFO was created to promote the location as an extension of the DIFC value proposition across businesses within the centre. Ali Hussain, ILS’s Fiduciary Services Manager based in DIFC has noted an increase in DIFC tenants qualified to handle SFO business. Abu Dhabi Airport Free Zone (ADAFZ) Abu Dhabi Airport Free Zone (ADAFZ) is now under construction. Due for completion by 2010 the project will occupy an area of over 7 million square metres under one roof. The broad range of industries to be accommodated will include: Aerospace, Aviation; Maintenance, Repair & Overhaul Cargo Freight & Logistics Semiconductors Oil & Gas Engineering, Construction & Building Materials Consultancy & Business Advisory Services Fast Moving Consumer Goods Luxury Goods & Jewellery Pharmaceuticals Industrial Machinery Benefits will include: 100 per cent corporate tax, import & export and personal income tax exemption 100 per cent foreign company ownership 100 per cent repatriation of capital and profits Economic Zones World (EZW) Economic Zones World (EZW) is Dubai World’s latest initiative to consolidate and develop free zones not only in Dubai, but throughout the world. EZW currently operates the Jebel Ali Free Zone, probably the world’s largest and most successful free zone, as well as Techno Park and Dubai Auto Zone. Now EZW manages seven mega economic and industrial free zones in four countries across the world and has more than 20 different projects at various stages of development in Asia, Africa and Europe. Further information from Ali Hussain.