The Dubai International Financial Centre (DIFC) is a special area in Dubai created in 2004 to serve as a financial hub for companies in the Middle East, Africa, and South Asia (MEASA) regions. It's regulated separately by the Dubai Financial Services Authority and has its own legal system, distinct from Dubai and the UAE's federal government. DIFC allows companies to have full ownership without needing a local partner. It's home to financial institutions, wealth funds, as well as retail and hotel spaces. Businesses operating here enjoy a 50-year promise of no taxes on their corporate income and profits, which is supported by the UAE's double taxation treaties.