DUBAI, (Reuters) – The Dubai International Financial Centre (DIFC) said on Friday it had issued new regulations enabling firms to form Special Purpose Companies (SPCs) in order to boost acquisitions in the Gulf Arab region.

The new regulations would enable companies to create SPCs for both Islamic and conventional transactions, the DIFC said in a statement.

“The enactment of the SPC regulations will provide a great boost for conventional and Islamic acquisitions and financings in the region,” Omar Bin Sulaiman, the DIFC governor, said in the statement.

Under the law, Special Purpose Companies (SPCs) would be exempt from some of the DIFC’s filing and disclosure rules, including the requirement to hold annual shareholder meetings and filing annual returns, the statement said.