Friday, June 23, 2006

Gulfnews: Dubai targets Antwerp's crown

Belgium's tough federal legislation regarding money laundering and checks on the use of diamond money to finance ugly conflicts are leading manufacturers to turn their eyes to the tax-free haven of Dubai's freezones.
Mehta, also vice-chairman of Dubai Diamond Exchange, said the diamond giant is considering a future shift of its main administrative headquarters to Dubai. He claimed others will follow.
"The diamond industry moved to Antwerp in the first place because less questions were asked there and it was easier for the diamond workers to do business," he said. "Now more and more questions are being asked in Antwerp about sales and margins and where money is coming from, so people are getting fed up and saying let's move to Dubai."
Sounds like libel to me. I thought the "no questions asked" reputation was one that Dubai wanted to shake.


Post a Comment

<< Home