Dubai, UAE, 8 July 2020: Dubai International Financial Centre (DIFC), the leading international financial hub in the Middle East, Africa and South Asia (MEASA) region has announced that DIFC Presidential Directive will end on 31 July 2020.
On 26 April 2020, DIFC declared DIFC Presidential Directive No 4. of 2020 which addressed the pressing need for firms based in the Centre to be able to access a number of emergency measures related to their workforce to ensure the stability and viability of DIFC firms during the height of the Pandemic.
The DIFC Presidential Directive enabled firms to take appropriate action to deal with the effect of the COVID-19 pandemic on their business, during the Emergency Period commencing on 21 April 2020 and ending on 31 July 2020. This enabled DIFC Employers to take the following emergency measures without the consent of their employees such as reduced working hours, leave with or without pay, reduce salary, restrict workplace access and impose remote working
Following consultation with government partners and the legal community, DIFC confirms that the Presidential Directive will not be extended beyond the Emergency Period specified in the Directive, which ends on 31 July 2020.
Offices and retail outlets across the Centre are now fully open for business and the health and safety of the DIFC community and our visitors remains our utmost priority. The Centre continues to undertake strict pre-cautionary measures following Dubai and UAE Government guidelines.
About Dubai International Financial Centre
Dubai International Financial Centre (DIFC) is one of the world’s most advanced financial centres, and the leading financial hub for the Middle East, Africa and South Asia (MEASA), which comprises 72 countries with an approximate population of 3 billion and a nominal GDP of USD 7.7 trillion.
With a 15-year track record of facilitating trade and investment flows across the MEASA region, the Centre connects these fast-growing markets with the economies of Asia, Europe and the Americas through Dubai.
DIFC is home to an internationally recognised, independent regulator and a proven judicial system with an English common law framework, as well as the region’s largest financial ecosystem of more than 25,600 professionals working across over 2,400 active registered companies – making up the largest and most diverse pool of industry talent in the region.
The Centre’s vision is to drive the future of finance. Today, it offers one of the region’s most comprehensive FinTech and venture capital environments, including cost-effective licensing solutions, fit-for-purpose regulation, innovative accelerator programmes, and funding for growth-stage start-ups.
Comprising a variety of world-renowned retail and dining venues, a dynamic art and culture scene, residential apartments, hotels and public spaces, DIFC continues to be one of Dubai’s most sought-after business and lifestyle destinations.