The company said it had been granted a licence by the Dubai Financial Services Authority to establish a branch at the Dubai International Financial Centre.

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Goldman Sachs has been establishing a presence in Dubai since 2006, when it received a license from the Dubai Financial Services Authority to operate in the Dubai International Centre.

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"Lawyers and banks are moving to Dubai, " says Darshan Bijur, director of auditor KPMG's Islamic finance division, adding that even Brits are not immune to the emirate's tax-free charms: One of the directors of Dubai's Financial Services Authority is a former London-based financial regulator and judge, Michael Blair.

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