Dubai International Financial Centre issues clarification

The Dubai International Financial Centre has stated that Lloyd’s has not been granted a licence, following a report to the contrary in the regional media. The report stated that Lloyd’s had received a licence in the Dubai financial free zone. A DIFC spokeswoman explicitly denied the report.

The issue is important as Lloyd’s currently has no regional office in the Gulf, and has postponed its decision on where to base. A Lloyd’s spokesman earlier said: “As for the Middle East, we have not chosen a base of operations as yet as we are holding back, on consultation with the market due to the current global economic climate.”