Business Students Visit Dubai International Financial Center
Wednesday, Dec 07, 2016
College of Business Administration organized a field trip for finance students to Dubai International Financial Center (DIFC) under supervision of Dr. Abdulkareem Dahan. The objective of the trip was to expose finance major students to real financial institutions and make them able to link between the theory and practice. This would enhance their skills and make them able understand and analyze the current financial events. About thirty five students participated in this trip and the faculty members in the department. During the visit, Mrs. Stephanie, the Head of Marketing Department at DIFS, welcomed the participants of the trip and gave a presentation about the center.
Her presentation covered many points and functions of DIFC. She started talking about the development and importance of trade in Dubai. Then, she explained the structure of DIFC and the main financial institutions that are operate from DIFC. She showed how the number of the financial firms grew from 19 companies in 2004 when the center was established to 1445 firms in 2015. She pointed out the advantages of operating from DIFS as financial free zone where there is zero percentage of tax on profits and personal income, 100% foreign ownership, and applying British Common Laws in commercial disputes among clients. She informed the students that companies in DIFC are from different types of financial activates such as banks, insurance companies, Islamic finance, capital markets, professional financial services. She concluded her presentation by talking about the DIFC 10-Year strategic plan 2014-2024 that is of 3X Growth Strategy with concentration on South-South-Corridor.
Then, she answered the students' questions about the career in the center and other question from the faculty members. Dr. Mohammed Chaker, the Head of Finance Department, thanked her for the presentation and giving the finance students the opportunity to visit and know about the center. He showed an interest to have future cooperation with DIFC regarding students supervised training and joint research for faculty members and students.