Friday, February 23, 2007

BVI the Third in the List of Countries Licenced by the Department of Economic Development of Dubai

The British Virgin Islands are in the top list of countries whose foreign companies and their branches during last year received licences from the Department of Economic Development of Dubai (DED).

The Department of Economic Development was established in 2002 with the purpose to organise, regulate and boost trade and industry in the Emirate of Dubai. Last year it has issued 170 licences to branches of foreign firms; that is about 20% more than the number of licences issued last year.

The maximum number of licences – 24 - was issued to the British companies, German firms were granted 13 licences. British Virgin Islands with 11 licences are the third in the top list. They are followed by Indian and American companies, with 10 and 8 licences respectively. Lebanon is in the top of the list among the Arab countries, with 6 licences issued to businesses from the country, and it is followed by Kuwait (3).

The British Virgin Islands are also among the leaders in providing offshore services in the countries of Arabian world. Recently the well-known offshore law firm Conyers Dill & Pearman has established its Middle East office in Dubai International Financial Centre to provide multi-jurisdictional offshore legal services. Company's specialists in the Middle East office will consult on the matters of corporate and commercial law, hedge funds, private equity and venture capital funds, project financings and securities.

Department of Economic Development has formulated policies and procedures to encourage foreign investments and create the right environment for international investors to do business in Dubai. Mr Ali Ibrahim, Deputy Director General for Executive Affairs of Dubai Department of Economic Development, has commented, “ The Emirate has grown by an average of 12 per cent over the last five years with enterprises in Dubai standing to benefit from the availability of local capital, an evolved financial market and a pool of skilled workforce.”

No comments: