DIFC: 'We benefit from being in Dubai'

Dubai: While the DIFC was ranked seventh as the most competitive financial centre among 15 other international ones, Dubai came in at 10.

The DIFC operates within its own regulations which are different from the laws of the UAE, making it easier for financial firms to operate within it.

"DIFC has a wholly transparent operating environment that complies with global best practices," the report said.

"It's not a question of competing," said Chirag Shah, Executive Director of Strategy at DIFC. "The DIFC serves as an international financial centre in the region. We benefit from being in Dubai and from the infrastructure of Dubai, and vice versa."

The study, which is done regularly and internally at DIFC, was published for the first time on Tuesday.

"We know that we offer the same benefits or even better benefits than the other financial centres," Shah said.

But the DIFC wanted a study that would document the progress of its work and status on the international level.

"While other rankings and studies focus on outcome, this report measures the competences of a centre going into the future."