The Dubai International Financial Centre (‘DIFC’) was established in September 2004 and is a 110 acre zone within the Emirates of Dubai. The DIFC is a self-contained jurisdiction created with a view to establishing an onshore financial centre in Dubai. The DIFC represents a vision of creating an international financial hub in the Middle East that can operate between the time zones of other leading centre such as Hong Kong and London, and operate along similar lines to those and other kinds of financial centres. As such, DIFC has its own institutions,, laws and court system clearly separate from those of the Emirate of Dubai and the federal institutions of the UAE.
We all know that Labuan is a separate territory and freeport within the Federal Territory of Malaysia off the coast of Sabah. It first enacted Offshore Trust Act 1996 which took bits and pieces from old laws of other jurisdictions such as Cook Island Law and also contains provisions similar to Belize asset protection trust law.