Dubai has enacted a collective investment law aimed at competing with other global financial centers with the goal of becoming home to 20% of all investment funds. Financial Times reports that the Dubai International Financial Centre’s new law takes a wholesale approach by providing a single legal framework that will cover mutual funds, property funds, hedge funds, private equity funds and even Shariah-compliant funds. An executive at the DIFC told Financial Times that the new law should put Dubai on par with New York, London and Hong Kong and should particularly attractive to hedge funds.
