Dubai has just enacted a collective investment law to provide guidance for mutual funds, hedge funds and private equity funds to put the Dubai International Financial Centre (DIFC) on par with other leading offshore financial centers, including New York, London and Hong Kong, Financial Times reports.

Opened in September 2004, the 110-acre zone grants special benefits to companies operating there, such as no taxes on profits, 100% foreign ownership, no restrictions on foreign exchange or repatriation of capital, a dollar-denominated environment, operational support and business continuity facilities.

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