all the legislation, documentation and legal
procedureswere inArabic language. Inorder
to solve this problem, thegovernment of Dubai
created for DIFCparticipants a separate and
autonomous legal and regulatory systemusing
the local legislationonly in the sections related
to criminal law and antimoney-laundering
provisions. DIFC legal system is basedon the
modernworldpractice: the lawonbanking rests
upon the legislationdevelopedbyGreat Britain
Financial Services Agency, corporate law is based
uponDelaware andCanada legislation, the
insurance law–onBahamas legislation, and the
lawon Islamic instruments –on the legislation
of Bahrain, Saudi Arabia andMalaysia. DIFC
created an international regulatorybody –Dubai
Financial Services Agency (DFSA).
SuccessofDubai Financial Center iswitnessed
not onlyby the statistics (full rangeof banking
services andhugenumber ofwhite-collar
employeesworkinghere) but also recognitions
by theworld financial elite. Thevisit of London
CityLordMayor Alderman JohnStudgardtwas
indicativeanddemonstrated theattitudeof
London– financial capital of theworld– towards
DIFC. By theway, at the timeof his career of a
financial specialist,Mr. Studgardt spent 40 years
working for PricewaterhouseCoopers –acompany
well known inUkraine.
GLOBALFINANCIALCENTER INTHE
HEARTOFEUROPE
Banking sectorofUkraine’seconomy
continuesworkingwithoutmuch focusing
onpolitical situationbut ratherbasedon
commercial advisabilityandcommon sense. For
instance, EuropeanBankof Reconstructionand
Developmentdeclared its readiness toprovide
guarantees for investments intoUkraine formore
than2billioneuro,within the frameof 130projects.
According to theAssociationof Ukrainian
Banks, inApril, deposits of Ukraine’s people
into thenational banking system increasedby
almost 0.5billionhryvnias and their consolidated
amount increasedby 10% since thebeginning
of the year. Amore serious evidenceof stable
conditionof thebanking sector is the increaseof
volumeof short-term and long-term credits.
In this context, the realizationof the initiative
ofUkrainian Investment andPrivatization
AssistanceFundon theestablishment ofGlobal
Financial Complex“GFC-Ukraine”(formoredetails
seeBusiness Emirates, issue13, 2007, pages 86-88)
couldbringhuge investment capitals toUkraine
from the largest financial centersof theworld.
There isnomoreneed topersuadeanyone that
Ukrainehasgood investment potential, it is just
necessary touse skillfully the financial instruments
that havebecomepopular around theworld.
P.S. KAZAKHSTAN.
For a long timenow,many foreign country
consulting agencies and companies specializing
on securitiesmarket haveworkedon financial
market of Kazakhstan. Out of the34banks of the
country, 14have foreign capital (9of them are
subsidiary structures of foreignbanks). In2006,
Kazakhstan lifted theprevious limitationon the
amount of foreign capital due towhich fact new
players areexpected to comeout on themarket.
In2006, the resolutionwasapprovedon
openingof financial center inAlmaty. Members
registeredherewillbegrantedcertainbenefits; trade
site isalready in theprocessof constructionanda
complexof financial instruments isbeingdeveloped.
Themaingoalsof Financial Center inAlmaty
includeactive stimulationof thedeveloping stock
exchangemarket inKazakhstanandbringing in
foreignoperators. Economic incentives for the
issuers include: partial compensationof audit
costsdependingon thevolumeof issue; listing
discountsdown to zero level during the first year
of Almaty regional financial center’soperationand
exemption from registration fee..
Inorder to create a competitive financial
center, thegovernment of Kazakhstanmade a
number of unprecedented steps for the country,
which areexpected tobringgood results.
ACCORDINGTOTHE
ASSOCIATIONOF
UKRAINIANBANKS, IN
APRIL, DEPOSITSOF
UKRAINE’SPEOPLE INTO
THENATIONALBANKING
SYSTEM INCREASEDBY
ALMOST0.5BILLION
HRYVNIASANDTHEIR
CONSOLIDATEDAMOUNT
INCREASEDBY10%
Yu. Pavlenko -memberofUkraine-UAEBusinessCouncil, V.Gulenko -Director
General, TransenergoCompany, S. Pachkovskyi -DirectorGeneral,UkraineTrade
Center, IbrahimAl Janahi -VicePresident, JAFZA, AbdallaAl Banna -Commercial
Director,Dubai TechnoPark,G. Buyko -People’sDeputyofUkraine
BUSINESS EMIRATES
92
ÍÅÄÂÈÆÈÌÎÑÒÜ, ÁÈÇÍÅÑ, ÈÍÂÅÑÒÈÖÈÈ
ÓÊÐÀÈÍÀ -ÎÀÝ
