The issue of the law clears the major hurdle in the way of the Dubai International Financial Centre (DIFC) launching operations. However, five regulatory issues remain to be resolved. They are:

A federal decree establishing the DIFC;

A cabinet resolution proscribing the 110-acre DIFC site a financial free zone;

A Dubai law establishing the DIFC;

A cabinet resolution granting free zone companies a four-year holiday from operating within the physical boundaries of the DIFC site, while the facilities are under construction;

Promulgation by the DIFC of its own rules and regulations;

'These five developments should take place rapidly,' says a DIFC official. 'The key was the enactment of the financial free zone law.'

Insurance firm Aon, Credit Suisse First Boston, Deutsche Bank and Standard Charteredhave already registered their interest in establishing operations in DIFC, and several other licence applications are in the pipeline (MEED 19:9:03).