Dubai Intl Fin Centre planning free zone in India

Dubai International Financial Centre (DIFC), a financial free zone, is in discussions to set up similar zones in six countries including India.

"We are in discussions with different countries to see if we can create financial centres in other countries. We want to expand the multiple-hub concept," Omar bin Sulaiman, governor of DIFC, said yesterday.

He named India as one of four countries in the east and two countries in the west that have approached DIFC in assisting them to establish financial centres similar to DIFC, a tax-free zone where financial companies operate under an independent regulator.

DIFC could build and manage the free zones with the first free zone being complete by next year, he said.

"India, for us, is an interesting country. We know that India has a great financial opportunity but there are also issues to look at: transparency, co-operation on regulation and access," he said.