El Pacifico colombiano: entre la desventura y la aventura

The Dubai International Financial Centre (DIFC) was established in 2004. It is a financial centre that provides a supportive and secure platform for financial institutions to increase their businesses. The DIFC has all of the elements found in the world’s most successful financial industry ecosystems: an independent regulator, an independent judicial system with a common-law framework, an international financial exchange, inspiring architecture, powerful and enabling infrastructure, support services and a vibrant business community. The DIFC has three core institutions, each of which operates independently: the DIFC Authority, the Dubai Financial Services Authority and the DIFC Courts (DIFC, 2012). The DIFC is a financial free zone that has its own legal jurisdiction based on international best practice. The advantages of this DIFC are: a company with 100% foreign ownership is allowed to join the centre and pay no tax on

income and profits, and there is no limitation on foreign exchange and repatriation of capital or profits (Pierce, 2008).

2.5.2Federation of UAE Chambers of Commerce and Industry

The Federation of UAE Chambers of Commerce and Industry (FCCI) was established in compliance with Federal Law No. (5) of 1976 and confirmed by Law No. (22) of 2000, issued by the UAE President. The Federation aims to provide the comprehensive framework that would include businessmen through the Chambers of Commerce and Industry for each emirate in the UAE. The first Board of Directors for the Federation was formed in 1977 at a meeting held at the ME in Abu Dhabi. The Board held Extraordinary Meetings with Ministries, Gulf, Arab and foreign bodies in order to discuss draft laws, legislation, protocols and economic agreements, and matters related to the Federation and its relations. The FCCI offered support to the private sector through a group of programs, including research studies, service and guidance in addition to facilitating the works of firms and companies on all economic, commercial and industrial activities (FCCI, 2013).

2.5.3Hawkamah Institute for Corporate Governance

Hawkamah, the Institute for Corporate Governance, was launched in 2006 to assist countries and companies of the wider MENA region, in particular the UAE, in enhancing sound and internationally well-integrated corporate governance frameworks, policy and practices. The institute supports regional and international initiatives to develop open and transparent markets and good corporate governance regimes. It aims to promote corporate sector reform and good governance, and to assist the countries of the region in developing and implementing sustainable corporate governance strategies adapted to national requirements and objectives. The OECD and Hawkamah worked with the World Bank and invited ministries, financial institutions, the judiciary, representatives of OECD countries and other regional and international bodies to meet and discuss these issues during the first half of 2007 (Singh & Singh, 2010).

In 2008, the Hawkamah Institute established Mudara—Institute of Directors (IOD) as a separate institute (Pierce, 2008). Mudara–IOD is a membership organisation that serves board members, directors and governance professionals in the MENA region. Mudara– IOD aims to establish an internationally recognised institute that is committed to best

practices for directors to: assist members and their boards in achieving the highest standards of directorship and corporate governance; advance the interests of directors in the region; increase understanding of the role of company directors; provide a forum for members to exchange ideas on common issues; and support free enterprise and wealth creation, which will lead to greater employment opportunities and higher living standards (Mudara–IOD, 2013).

2.5.4Abu Dhabi Centre for Corporate Governance (ADCCG)

The Abu Dhabi Centre for Corporate Governance (ADCCG) was established as an initiative by the Abu Dhabi Chamber of Commerce and Industry (ADCCI). The centre aims to effectively promote, and positively contribute to improving, the national economy. The ADCCG encourages and assists the private and public sectors to adopt the highest standards and practices of corporate governance, including: providing specialised consultancy services in the field of corporate governance; providing specialised advisory services in principles of corporate governance by assessing the current practices of entities in the private and public sectors; providing services of internal control systems; disseminating its research and studies through several means, including publications and presentations at conferences and seminars; providing professional development training in corporate governance and related areas; and organising conferences and networking meetings to discuss various corporate governance issues in the region (ADCCG, 2013).

2.5.5Emirates Organization for Certified Public Accountants

The Emirates Certified Public Accountant (ECPA) is a public accountant certification that is licensed by the UAE. In the UAE, this prestigious designation calls for individuals to demonstrate their knowledge and competence by passing the ECPA exam online, meeting high educational standards and completing a specified amount of general accounting experience. The American Council for Accredited Certification (ACAC) is the national professional organisation of ECPAs; it determines and prepares the content and scoring of the uniform ECPA examination. The exam is being offered internationally as a service to foreign nationals in response to the rapidly escalating international demand for ECPAs (Development Institute, 2013).

In the UAE, the Emirates Institute of Certified Public Accountants (EICPA) accepts only training centres with a high-standard learning environment that focuses on participants who are able to contribute to the economic, social and cultural life in local and international communities. The Arab Institute for Accountants and Legal (AIAL) is a leading educational institution in the UAE for accounting and legal courses. It has become a training ground for various professions and individuals from both public and private organisations (Development Institute, 2013).