DIFC laws amended as new higher board appointed

Thursday, Aug 25, 2011

Gulf News

Dubai: A series of amendments to laws relating to the Dubai International Financial Centre (DIFC) were announced yesterday as a new Higher Board was appointed.

His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, yesterday issued a law amending some bylaws of DIFC Law No 9 of 2004.

The law states that DIFC will have a higher board that will be chaired by the DIFC President and include members with proven local and global expertise, capabilities in the field of financial services, banking, insurance and securities exchange.

The members will be appointed by a decree issued by the Ruler and will include the DIFC Governor and chairmen of authorities and bodies mentioned in this item.

Chairman appointed

Shaikh Mohammad yesterday issued a decree appointing the Chairman and members of the Higher Board of Directors at DIFC. Shaikh Maktoum Bin Mohammad Bin Rashid Al Maktoum, Deputy Ruler of Dubai, has been appointed chairman of the board, and Abdul Aziz Al Ghurair as Deputy Chairman. The board members of the Higher Board include Hussain Al Qemzi, Abdul Fattah Sharaf, Eisa Kazim, Abdullah Saeed Gobash and David Eldon.

The decree comes into effect from the date of its issuance and is to be published in the official gazette.

Shaikh Maktoum Bin Mohammad Bin Rashid Al Maktoum in his capacity as President of the DIFC will have the responsibility of supervising the authorities mentioned in this law, as well as coordinating among them.

This includes the appointment of the board of directors and consultative committees without affecting the independence of the Centres authorities.

The amended law states that the Higher Board will meet upon an invitation from the President. The board must meet at least four times a year, and will hold meetings when necessary.

The President will also have the power to specify the boards duties and operating mechanism.

The Higher Board also has the power to invite people who they might deem suitable to attend.

Staff Report