January 7, 2019 / 4:32 PM / 6 months ago

Dubai ruler approves financial center expansion plan

FILE PHOTO: People walk outside the Gate Building at the Dubai International Financial Centre (DIFC) November 28, 2011. REUTERS/Nikhil Monteiro

DUBAI (Reuters) - Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum on Monday approved a plan to increase the area of the Dubai International Financial Centre (DIFC), the Dubai government media office said in an emailed statement.

The state-owned free zone is the major finance center in the Middle East, hosting international banks, insurance companies and investment firms. Companies registered at the DIFC benefit from a 40-year guarantee of zero taxes on corporate income and profit.

“Upon completion, the new district will comprise 6.4 million square feet (about 600,000 square meters) of office space,” the statement said.

Reporting by Maher Chmaytelli, editing by David Evans

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