Dubai Aims for Hedge Fund Launch this Year

Paul Das

3 March 2005

A legislative framework that will allow hedge funds to be launched in Dubai is expected to be put in place later in the year, according to David King, acting chief executive of the Dubai Financial Services Authority. Mr King said at a recent hedge fund conference that asset management and hedge fund registration has been identified as a potential growth area within the Dubai International Financial Centre. “The DIFC is seeking to attract funds business here,” Mr King told delegates. He added: “accordingly, DFSA is currently in the process of drafting a Collective Investments Law and Collective Investment Funds Rules, based upon internationally recognised best practice standards, and drawing upon the experiences of other, successful jurisdictions," he added. Mr King went on to explain that the DFSA is expecting to sign Memoranda of Understanding with regulators both within the United Arab Emirates and internationally, in order to share information, and is seeking membership of several international regulatory organisations.