Dubai, June 4th, 2006 (WAM) -- H.H Sheikh Mohammed Bin Rahid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has issuedin his capacity as President of the Dubai International Financial Centre(DIFC), a resolution appointing Dr. Omar bin Sulieman as DIFCGovernor.
Dr Oma,former Director General of the DIFC Authority, willbe charged with heading the Office of His Highness the President Of theDlFC. With this appointment,Dr. Omar will no longer act as DirectorGeneral of the DIFC Authority. DIFC Authority executive management will assume his existing responsibilities.
The resolution has been issued to meet the needs of the world's fastestgrowing financial centre. Since launch in Septmber 2004, the DIFC hasgrown significantly, with over 180 authorised and non-authorised member firms, including some of the world's largest financial institutions.
The Governor will serve as a delegate, acting in the place of thePresident in respect to all rights, powers and duties. Having a dedicatedrepresentative of the DIFC President will ensure more interactionbetween the independent centre bodies and will also ensure that strategic decisions related to the DIFC and its laws will continueto be made in an efficient manner.
The Governor will continue to ensure the rigorous independenceof the three independent bodies : the DIFC Courts, Dubai Financial ServiceAuthority (DFSA) and the DIFC Authority.
He will also ensure the DIFC's continued alignment with the DubaiGovemment's development strategy and ensure the Centre's optimal contribution to the economic, social and financial infrastruetureof the Emirate and the UAE.
