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Appointment of DFSA Chairman and Board

Dubai, 7 September 2011: The Deputy Ruler of Dubai, His Highness Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum in his capacity as President of the Dubai International Financial Centre ( DIFC ), appoints Mr Saeb Eigner, as the new Chairman of the Dubai Financial Services Authority (DFSA). His Highness also appointed the existing DFSA Board Members for a further three-year term.

Mr Eigner said, "The DFSA has strengthened its reputation as a world-class regulator under the leadership of the former Chairman Mr Abdullah Saleh, who takes on his new responsibility as Governor of the DIFC . I look forward to continuing to work with my colleagues and to leading the DFSA in its vital role as the regulator of the DIFC . In doing so I am fortunate to have a highly respected and experienced international Board of Directors and an excellent executive team.

The DFSA looks forward to continuing to fulfill the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai, to position the DIFC as a global financial Centre with strong and independent regulation." Mr Eigner said that one of his key priorities is the DFSA's continued engagement with international standard-setting bodies and regulators, as well as the implementation of international regulatory standards.

Mr Paul Koster, Chief Executive of the DFSA, warmly welcomed the appointment of the new Chairman and the stability provided by the re-appointment of other Board members.

The DIFC is the purpose built financial centre in Dubai which has attracted more than 250 financial firms, including many of the world's largest institutions.

The DFSA Board comprises:

Saeb Eigner, as Chairman;
Fadel Abdulbaqi Al Ali;
Abdul Wahid Al Ulama;
The Honourable Apurv Bagri;
Michael Blair QC;
Robert L Clarke;
Lord Currie of Marylebone;
The Earl of Home;
Robert Owen;
J Andrew Spindler
Georg Wittich; and
Paul Koster, in his capacity as Chief Executive;

-Ends-

The Dubai Financial Services Authority (DFSA) is the independent regulator of financial and ancillary services conducted in or from the Dubai International Financial Centre ( DIFC ), a purpose-built financial free-zone in Dubai. The DFSA's regulatory mandate covers asset management, banking and credit services, securities, collective investment funds, custody and trust services, commodities futures trading, Islamic finance, insurance, an international equities exchange and an international commodities derivatives exchange.

Saeb Eigner was appointed as Chairman of the DFSA Board of Directors in August 2011, having served as a member since 2004 and deputy Chairman since 2007 and previously as a Director of the DFSA.

Mr Eigner is the Founder and Chairman of Lonworld, a private finance, property and investment group. He is a Governor of the London Business School. Formerly a Senior Manager at ANZ Grindlays Bank PLC, in London, Mr Eigner headed the Middle East and Indian Sub-continent Division of the Private Bank, which he left to found Lonworld in the early 1990s.

Mr Eigner holds a Masters Degree in Business Administration and a Masters Degree in Management from the London Business School. He is the co-author of the management books "Sand to Silicon" (2003) and "Sand to Silicon-Going Global" (2009) and author of "Art of the Middle East" (2010). He holds and has held a number of senior Board appointments in the areas of banking, strategy, education, investment and culture.

Paul M Koster was appointed Chief Executive of the DFSA on 1 December 2008. Prior to becoming Chief Executive, he was Commissioner and Member of the Executive Board of the Autoriteit Financiële Markten (AFM), the national, integrated conduct of business financial services regulator for the Netherlands, where he was identified as one of the four leaders shaping the conscience of Dutch business. Mr Koster joined the AFM in March 2001 and in addition to his duties as a Commissioner, he chaired, from May 2006 until December 2007, CESR-Fin, the permanent working party of the Committee of European Securities Regulators that co-ordinates the endorsement and enforcement of financial reporting standards in Europe.

For the previous two years he had chaired CESRs Sub-committee on International Standards Endorsement. During his time with the AFM, he was also a Member of the IOSCO Chairs' Committee and, as Chief Executive of the DFSA, he remains actively involved in the work of IOSCO.

Mr Koster previously served as Executive Vice President (Corporate Internal Audit) at Royal Philips Electronics 1998 to 2001; as Managing Partner Corporate Finance, Coopers & Lybrand 1988 to 1998; and as Chief Compliance Officer and Acting Commissioner of Quotations, Amsterdam Stock Exchange 1986 to 1988; and carried out a number of senior finance functions in his earlier career, having trained as an accountant with Arthur Andersen. Mr Koster is a licensed Registered (Chartered) Accountant having qualified through the Royal Dutch Institute of Chartered Accountants in 1977 and certified as a registered auditor in 1983.

In May 2009, Mr Koster joined the Advisory Board of the Emirates Securities and Commodities Authority (SCA), the UAE's federal securities regulator, and in July 2009, he also became a Member of the Consultative Advisory Groups of the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA).

In September 2010, Mr Koster won the 'CEO of the Year for Financial Services' award and was voted one of the most influential expatriates living and working in the region today.

For further information please contact:
Ms. Angharad Irving - Jones
Head of Corporate Communications
Dubai Financial Services Authority
Level 13, The Gate
Dubai, U.A.E.
Tel: +971 (0)4 362 1661
Fax: +971 (0)4 362 0801
Email: airvingjones@dfsa.ae
www.dfsa.ae

© Press Release 2011