H.H Sheikh Mohammed Bin Rashid Al-Maktoum appoints Dr Omar Bin Sulaiman as Governor of DIFCPress Release04 Jun 2006 11:16 am
This statement was issued by WAM (Emirates News Agency)
H.H Sheikh Mohammed Bin Rashid Al-Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, in his capacity as President of the Dubai International Financial Centre (DIFC), has issued a directive creating the Office of the President of the DIFC and the new post of DIFC Governor.
Dr. Omar Bin Sulaiman, formerly Director General of the DIFC Authority, has been appointed DIFC Governor and will be charged with heading the Office of His Highness the President of the DIFC. With this appointment, Dr Omar will no longer act as Director General for the DIFC Authority. DIFC Authority executive management will assume his existing responsibilities.
The directive has been issued to meet the needs of the world’s fastest growing financial centre. Since launch in September 2004, the DIFC has grown 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 the President in respect to all rights, powers and duties. Having a dedicated representative of the DIFC President will ensure more interaction between the independent centre bodies and will also ensure that strategic decisions related to the DIFC and its laws will continue to be made in an efficient manner.
The Governor will continue to ensure the rigorous independence of the three independent Centre Bodies: the DIFC Courts, Dubai Financial Services Authority (DFSA) and the DIFC Authority.
He will also ensure the DIFC’s continued alignment with the Dubai Government’s development strategy and ensure the Centre’s optimal contribution to the economic, social and financial infrastructure of the Emirate and the UAE.