The Dubai International Financial Centre to win key partner

• Credit Suisse lodges Letter of Intent to participate
• A vote of confidence for the new financial centre

The Dubai International Financial Centre (DIFC) is pleased to announce today that Credit Suisse has issued a Letter of Intent regarding its application for an operating licence.

Naser Nabulsi, Chief Executive Officer of the DIFC, said:

"We are delighted to have received the Letter of Intent from Credit Suisse, one of the leading global financial institutions and welcome this demonstration of support for the DIFC. The level of interest we have received from many of the world's largest financial institutions is gratifying and it confirms that we are on the right track with this pioneering project."

"The DIFC has been empowered to build a world class financial centre that will generate wealth and create jobs. Today's announcement is not only a vote of confidence for the DIFC but, more importantly, a vote of confidence for the region's future."

Joe Straehle, CEO Asia Pacific, Middle East, America, Eastern & Northern Europe and Member of the Management Committee Private Banking of Credit Suisse, said:

"We have closely examined the model of the Dubai International Financial Centre and, based on our positive evaluation, have decided to issue a Letter of Intent. We are convinced of the growth potential of this dynamic region and are very strongly committed to it."

"Credit Suisse has been present in the region for 25 years and was one of the first foreign banks to set up operations in the area. Therefore this step is a logical continuation of our close relationship with the Gulf region."