in DubaiDubai, Sept 9th, 2007 (WAM): Dubai's Department of Economic Development(DED) in collaboration with the Global Association of Risk Professionals(GARP), a US non-profit organisation that offers professionalcertification and other educational programs around the world,today signed a Memorandum of Understanding (MoU) to establish'The Risk Academy' in Dubai.

The Academy will provide financial risk management services andconsultations to the region's banking sector and financial institutions,and help build a culture of risk awareness in the industry viaa series of training and certification programs overseen by internationally-respectedacademics and industry practitioners. The Academy will offerGARP's International Certificate in Banking Risk and Regulation(CBRR) program in the Middle East, and is expected to contributesignificantly to regional economies and businesses.

The MoU was signed by Mr. Ali Ibrahim, Deputy Director Generalfor Executive Affairs at DED, and Mr. Richard Apostolik, Presidentand CEO of GARP, at a reception held today at the Sheraton CreekHotel, Dubai. Senior representatives from the government, bankingand financial sectors and institutions attended the reception.

"The Risk Academy will contribute directly to the economies andthe business of the emirate as it will usher in an era of greatereconomic growth through better financial risk management," saidAli Ibrahim. "The academy will be dedicated to the advancementof the risk profession through education, training and the promotionof best practices globally."Richard Apostolik, CEO of GARP, said: "GARP is excited aboutestablishing a strong presence in the Middle East and rollingout its portfolio of training courses and services to help banksand financial institutions intelligently and fairly assess financialrisk. GARP works on expanding the visibility and increasing recognitionof the global risk management community."The Institute for Financial Analysts (IFA), a company specialisedin offering training courses such as CFA, FRM, CVA among manyothers, will be responsible for providing qualified and skilledacademic staff for all courses, ensuring the quality and relevancyof materials used, said Dr. Assem Safieddine, IFA Managing Director.

"IFA has specialised training courses on finance and bankingall over the Middle East region.""The Risk Academy plans to bring to the region world-class offeringsand GARP's traditional customer focus," added Mr. Ali Ibrahim.

The initiative, he added, is part of DED's vision to implementthe Dubai Strategic Plan for 2015. The Plan calls for the developmentof human capital in the emirate, and the Risk Academy aims todevelop human capital in the financial and banking sector.

The first CBRR workshop on risk measurement, supervision anddisclosure will be held from November 18 - 22 and November 25- 29, 2007. Six such workshops will be held during the next 12months. All 'The Risk Academy' courses are open to members ofthe region's financial and banking sectors.