Brett Schafer appointed to lead growth strategy of DIFC Properties

Dubai, 19 May 2013 Dubai International Financial Centre (DIFC) today announced the appointment of Brett Schafer as Chief Executive Officer of DIFC Properties. 

In July 2012, DIFC announced the restructuring of the Centre's core functions into independent entities, with DIFC Authority named as the business development and legislation arm, and DIFC Properties, established as part of DIFC Investments LLC ("DIFC Investments") to manage the Centre's real estate portfolio and deliver DIFC's Master Plan. Nabil Ramadhan, who has served as Acting CEO of DIFC Properties since the restructuring, will continue in his role as Chief Operating Officer of DIFC Authority.

Schafer brings approximately 30 years of experience in the commercial property sector across the Middle East, United States and Canada to his role within DIFC Properties.

In his capacity as DIFC Properties CEO, Schafer will work closely with the Centre's private developers and his internal team, while reporting directly to the DIFC Investments Board, to ensure that the highest possible standards of infrastructure are provided within the DIFC.

His Excellency Abdullah Mohammed Saleh, Chairman of DIFC Investments and Governor of DIFC, commented: "Our goal is to ensure that the necessary infrastructure is in place to support DIFC's projected growth and expansion, and we are very pleased to welcome Brett Schafer on board to help us achieve this. With a wealth of experience in property management, together with his exciting vision for the future of DIFC's real estate, we believe that Brett will prove to be a major asset for DIFC Properties."

Brett Schafer commented: "Established as an international financial hub connecting the East and West, DIFC has flourished since 2004.  Its world class infrastructure and financial ecosystem has enabled its clients and their businesses to successfully grow. I look forward to working with the team to ensure that the real estate requirements of our existing and potential clients are taken on board and implemented in the Centre's growth strategy."

DIFC Authority oversees the strategic development, operational management and administration of Dubai International Financial Centre. DIFC Properties, which is under DIFC Investments, oversees the property development of the DIFC free zone, of which roughly 40% remains to be constructed, and its supporting infrastructure.

About DIFC
The Dubai International Financial Centre (DIFC) is the financial and business hub connecting the region's emerging markets with the developed markets of Europe, Asia and the Americas.

Since its launch in 2004, DIFC, a purposely built financial free zone, has been committed to encouraging economic growth and development in the region through its strong financial and business infrastructure. Currently, DIFC's client base comprises 912 active registered firms, including 19 of the world's top 25 banks, eight of the world's ten largest insurers, six out of ten top law firms, 11 of the top 20 money managers in the world. Around 14 thousand employees operate in an open environment complemented by international legal and regulatory standards. DIFC offers its member companies benefits such as 100 per cent foreign ownership, zero per cent tax rate, with no restriction on capital convertibility or profit repatriation. DIFC has its own independent financial and ancillary services regulatory body, the Dubai Financial Services Authority (DFSA). It also has the DIFC Courts, which is an independent common law judiciary based in DIFC with jurisdiction over civil and commercial disputes in or relating to the Centre.

DIFC is built upon a modern legal, regulatory and physical infrastructure, which makes it the destination of choice for Financial Services firms establishing a presence in the region.

For further information, please visit our website: www.difc.ae , or follow us on Twitter @DIFC.

For further inquiries on DIFC, please contact:
Dubai International Financial Centre
Shaima Al Zarouni
PR Manager
Email: shaima.alzarouni@difc.ae
Tel: +971 4 362 2432

Capital MSL (Dubai)
Manal Shaikh
Senior Consultant
Email: manal.shaikh@capitalmsl.com
Tel: +971 55 109 2542    

© Press Release 2013