Zetland To Open Dubai Office As Emirate Transforms Into A Global Financial Center

With the Middle East rising economically, global financial services provider Zetland Group announces it will open a new representative office in the United Arab Emirates' burgeoning economic hub of Dubai.

Hong Kong (PRWEB) January 28, 2008 -- Zetland Financial Group - http://www.zetland.biz - has announced it will inaugurate a new office in Dubai as the United Arab Emirates' main city continues to blossom into an international financial center.

With more than 20 years' experience worldwide, Hong Kong-based Zetland will continue to expand its vast network of representative offices in 2008, and the Gulf emirate Dubai is a perfect place to start, says Managing Director Michael Foggo.

As a prelude to the move, Zetland provided a detailed analysis of Dubai's financial, legal and economic systems recently on its comprehensive website.    

The Middle East region - and Dubai and Abu Dhabi in particular - is undergoing unprecedented economic growth and diversification. Gulf countries now hold more than US$1.5 trillion in foreign assets, and fed by insatiable oil demand combined with record oil prices, their accounts are forecast to swell to US$2 trillion in 2009.

Dubai has been chosen as a regional offshore center because of its strategic geographic position, its role as a regional financial hub, its economic dynamism, and its strong banking system.

Zetland notes there are no personal income or corporate taxes collected in the UAE - with the exception of certain foreign banks and oil companies - and no exchange controls or withholding tax on foreign remittances.

In the past, foreign companies and individuals were not permitted to own land in the UAE, but this changed recently with ownership or long-leasehold rights offered in designated areas.

Dubai has also benefited from the diversification of its economy into such areas as tourism and telecoms.

But it has been the Dubai International Financial Centre (DIFC) that has spearheaded Dubai's emergence as a global financial hub. The DIFC is a free trade zone that permits 100 percent foreign ownership with no taxation on income or profits.

In just three years, more than 500 firms have registered with the organization, operating in an open environment complemented with world-class regulations and standards.

DIFC bridges the time gap between the financial centers of Hong Kong and London, and services a region with the largest untapped emerging market for financial services.

Since 1987, Zetland Financial Group has provided information in its brochures, website and other materials regarding offshore fiduciary services, investment advisory and commercial matters.

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