DIFC wins global 'Industry Initiative of the Year Award' in London

The Dubai International Financial Centre (DIFC) has won The Review Worldwide Reinsurance Award in the ‘Industry Initiative of the Year’ category. The award given by The Review magazine was accepted by Dr Omar Bin Sulaiman, Director General of DIFCA, and Ms Fetooh Al Zayani, Head of Insurance & Reinsurance, at a gala ceremony held in the Dorchester Hotel in London on September 7th, 2005.

Dr Omar Bin Sulaiman, commented: “We set out to create a financial centre to the likes of those in London, New York and Hong Kong - with a regulatory framework built on the best practices found in those leading jurisdictions. We are now well on our way to realising the vision of HH General Sheikh Mohammad bin Rashid Al Maktoum, Crown Prince of Dubai and Minister of Defence, UAE. This award is a recognition for our efforts. I thank the judges, The Review publication and the team at DIFC for making it happen.”

Ms Fetooh Al Zayani, commented upon receiving the award: “To receive this award from such a sophisticated industry is the ultimate recognition and a great honor for us. DIFC now has established its presence on the global reinsurance map.”

Currently DIFC has threemajor insurance/ reinsurance companies on board – AIG, JLT and Alliance Re. There are ten other major institutions currently being licensed, including ARIG Retakaful Company.

Jason Groves, editor of The Review – Worldwide Reinsurance, said: “Dubai had developed the facilities completely to transform the re/insurance industry in the Middle East. At present some countries there have little or no regulation but the DIFC has set a new precedent with a well-regulated market in the offing. It is clearly a very interesting development for the market worldwide.”

The awards, set up by The Review, are now in the 12th year, while the magazine itself is a 136 year old publication. Recipients are chosen from entries taken from around the world and adjudicated by a distinguished judging panel which this year included Geoff Bromley, president of Non-Americas at reinsurance brokers Guy Carpenter, Inga Beale, the Head of Continental Europe at GE Insurance Solutions and Greig Woodring, the CEO of the world’s largest professional life reinsurer, RGA.

The Review is a global title and its key markets are Bermuda, USA, Central Europe, Asia and London. Since its inception in 1994, the awards have been acknowledged as the leading standard of recognition in the industry around the world. Each year it brings together an eminent judging panel of industry leaders to decide the leading performers in the industry. The process culminates in the awards night itself - one of the highlights of the reinsurance calendar - held every year at the Dorchester Hotel in London.

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