At a recent press conference, the Dubai International Financial Center (DIFC) wanted to let everyone know that, really, it didn't care about the new free zone in Abu Dhabi.
DIFC governor Essa Kazim said that the two entities wouldn't compete at all because the market is “big enough for two [financial free zones in the UAE].”
Abu Dhabi's free zone, Abu Dhabi Global Market (ADGM), was first announced in 2013 and began forming its regulations for tenants earlier this year. Some have said that the new free zone could put Dubai's status as the top financial center in MENA at risk.
Although Kazim believes that the two entities can co-exist, using Emirates Airways and Etihad as an example of how two businesses from the Emirates can prosper independently, he dismissed a partnership with ADGM in the future.
Kazim went on to say that, regardless of ADGM, Dubai has always been considered a safe haven for international companies and that he believes that will always be the case.
Oh snap.