Within the framework of the ongoing working trip to the United Arab Emirates (UAE), on March 7 and 8, a group of Da Nang leaders, led by municipal People's Committee Chairman Le Trung Chinh, paid visits to the Dubai International Financial Centre (DIFC) and the Abu Dhabi Global Market (ADGM).

Da Nang People's Committee Chairman Le Trung Chinh (left) presents a souvenir to Mr. Juma Al Hameli, Director of ADGM's Communications Department.

The Da Nang delegation was warmly received by Ms. Khadija Ali, Director of DIFC’s Business Development Department, and Mr. Juma Al Hameli, Director of ADGM’s Communications Department.

DIFC is allowed to operate as an ‘independent country’ model with the nature of a financial free zone with three separate regulatory agencies for infrastructure, marketing and financial transactions, and arbitrators handling disputes

DIFC has outstanding preferential policies. Specifically, there are no special restrictions based on nationality of employees working at DIFC. There is unlimited remittance rate abroad, and unlimited use of currencies. Also, foreign companies can own 100% of assets.

DIFC currently contributes 12% of Dubai's gross domestic product (GDP). In addition, DIFC has established its own Human Resource Training Academy to provide high-quality human resources for businesses operating here.

The Da Nang delegation work with DIFC and ADGM

Meanwhile, ADGM boasts a complete and modern infrastructure for financial service providers, and its ability to give good access to international funds and attract high-quality human resources.

ADGM provides the most favourable ecosystem for investors and businesses. Besides, incubators and innovative projects are also encouraged thanks to the operation of large-scale international investment funds.

The decisive factors for the success of the two financial centers DIFC and ADGM are the transparent management mechanism, the application of the international legal system, and the developed aviation industry.

Representatives of Da Nang, DIFC and ADGM take a group photo.

At the meeting, the hosts shared their experience in building and operating two financial centers DIFC and ADGM. This was a good opportunity for Da Nang to learn from experience in building and developing the city.

Reporting by GIA MINH - Translating by M.DUNG