DIFC Affirms Dubai's Leading Role in Global Development at Major International Conferences in Davos and London

• Dr. Omar Bin Sulaiman explains Dubai's position as a new global financial player
• The DIFC will have a pivotal role in the development of the wider Middle East region
• It shares the vision of global development set out recently by world leaders in Davos

Speaking yesterday in London, Dr. Omar Bin Sulaiman, Director General of Dubai International Financial Centre Authority (DIFCA), set out his vision of the role of DIFC in regional and global development.

Dr. Omar gave the keynote address at Economist Conferences’ “Dubai Business and Investment Roundtable”, on February 7 th in London. This prestigious event brought together business leaders from the UAE and Middle East, and heads of foreign firms investing in Dubai along with top business and economics experts. It follows the participation of Dr. Omar in the World Economic Forum in Davos in January, which this year took the theme, "Taking Responsibility for Tough Choices".

Amongst the other key note speakers from Dubai at The Economist Conference were Mohamed Ali Alabbar, Director General, Department of Economic Development, Dubai Government and the Chairman of Emaar Properties. Dr. Habib Al Mulla, Chairman of Dubai Financial Services Authority (DFSA), also attended.

Dr. Omar said, “I have just attended two major international gatherings of leading decision-makers and businessmen, where it was clear that Dubai is at the forefront of current trends in the global economy. In my meetings with global leaders they were impressed with what the DIFC has achieved in a short time.

A consistent theme was the need to accelerate development in areas such as the Middle East and I had the opportunity during meetings to explain that the DIFC is contributing to even more rapid growth worldwide, starting from its own region and spreading outwards to regions such as South Asia and Africa.

We have a crucial part to play in the development of our own region. By creating a regional market that many wish to join and by setting high standards of regulation, we will encourage improved transparency and corporate governance across the region as a whole. Modernising and developing the economies of the region will aid stability and support the cause of peace in the Middle East.

He continued, “the DIFC has put in place a developed infrastructure for participating fully in global financial markets. We set out to have 20 firms licensed and operating from the DIFC by the end of 2004 and we exceeded this target. In 2005 we will launch a new international financial exchange and will continue to attract some of the most respected financial institutions in the world.”

The Dubai Business and Investment Roundtable is run by Economist Conferences, part of the Economist Group and publisher of the Economist Magazine, one of the world’s most respected publications renowned for impartial and informed analysis and commentary on world affairs.

The DIFCA is committed to attending high profile and influential events around the world to ensure both the DIFC is positioned as the major financial hub for the Middle East and the obvious conduit through which the rest of the world can access the vast opportunities in the region