Does anyone know of any outfits are yet set up for prop in Dubai, or plan to do so. It seems to be the perfect destination, good hours for the european markets, good weather, cheap property and zero tax on everything, no corporate tax, no income tax no VAT. no tax at all = 40% pay rise I heard mutterings of prop firms sponsoring a eurex hub out there otherwise all orders would have to go to Zurich? This could be a problem scalping. I know a lot of prop guys dying to get out there, surely someone's got to get it organised soon. They have their financial district just built with very fast comms all fibre optics etc just need a hub. Anyone heard anything on this front? Cheers
Deutsche Boerse and Eurex operate the largest stock exchange network worldwide and now maintain telecommunications hubs in 10 cities: Amsterdam, Chicago, Frankfurt, Gibraltar, Helsinki, London, Madrid, New York, Paris and Zurich (Date: August 2004)
I heard refco were in talks with eurex over a dubai hub and I think schneiders are setting up a franchise out there
Has fairly strict business set up rules, usually requiring a native company as 51% ownership, and there are other issues with regards to muslim law and financial institutions are even more restricted in the U.A.E. While I am sure the powers that be there are aware of the potential, and are definitely one of the most progressive regimes in the middle east, they will likely take their time with this...but keep your eyes open, I am!
If you like Arab culture, I can recommend it. Otherwise you may regret it. It is becoming a financial center and lots of Russian money is going there as Cyprus got into the EU(more strict money laundering rules with EU) Also if you are single, you may not mind and build your wealth in the next 5 years. That may not be a bad idea at all. Shiki-Shiki Baba Securities is a good prop house over there)
I lived in the Sultanate of Oman for a few years and loved it. Dubai's really taken off recently. It sure beats london when you can go for a swim in the sea before the open and outgoings are so much less in terms of rent etc. I know some lawyer friends out there and they love it, it has to be lower terrorism odds than sat in the City of London! Thanks for the info (I hear damac properties even give you a free 911 targa if you buy a luxury flat off them)
Dogfish, i lived in Oman too, what were you doing out there? When were u there, were you in Muscat? I was there 1988 - 1992.
They have an exclusion zone financial district for foreign financial companies etc with companies exempt from foreign ownership rules and other hinderances.... "The Dubai International Financial Centre (DIFC) is an onshore capital market designated as a financial free zone designed to create a unique financial services cluster economy for wealth creation initiatives. There are six primary sectors of focus within the DIFC: Banking Services (Investment Banking, Corporate Banking & Private Banking); Capital Markets (Equity, Debt Instruments, Derivatives & Commodity Trading); Asset Management & Fund Registration (Fund Registration, Fund Administration & Fund Management); Reinsurance; Islamic Finance and Back Office Operations. Licence applications are being considered from financial institutions in the above sectors. Each of these units will offer benefits such as zero tax on income and profits, 100 per cent foreign ownership, no restrictions on foreign exchange or capital/profit repatriation, operational support and business continuity facilities." Sign me up!