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Dubai ruler names new board for financial hub

Dubai, August 25, 2011

Dubai's Ruler Sheikh Mohammed bin Rashid al-Maktoum appointed his son as chairman of the Dubai International Financial Centre (DIFC), the emirate's offshore financial district, by decree on Wednesday.

Sheikh Maktoum bin Mohammed bin Rashid al-Maktoum, 27, will chair the Supreme Council of the DIFC, which since 2004 has been a financial free zone for 800 firms, including 18 of the top 25 global banks, global asset managers, insurers and law firms.

Sheikh Mohammed also appointed a new board for the DIFC, which includes chief executive of Mashreq Abdul Aziz Al Ghurair as deputy chairman.

The changes follow on from other senior level reshuffles at top government entities in the emirate which is keen to restore its international credibility after a 2009 debt crisis and painful property slump.

In late June, Dubai's ruler named his uncle and close adviser Sheikh Ahmed bin Saeed al-Maktoum as chairman of Emirates NBD , the UAE's largest bank by assets, replacing Ahmed Humaid Al Tayer, a prominent Dubai business and political figure.

Sheikh Ahmed also took charge of debt-laden conglomerate Dubai World as chairman in December.

Other DIFC board members are comprised of well-known Dubai names, including Isa Kazem, Hussain Mohammed al Qemzi, Abdul Fattah Al Saeed Mansoor Sharaf, Abdullah Mohammed Saeed Ghobash, and David Alden.

The recently appointed governor of DIFC, Abdullah Mohammed Saleh, and the chairman of the Dubai International Financial Services Authority -- its regulator -- are also on the new board.-Reuters




Tags: DIFC | sheikh mohammed | board | Council | financial hub | revamp | Dubai ruler | financial district |

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