Business | Banking

DIFC Authority separates core functions

Business development and legislation arm to operate independently

  • Gulf News Report
  • Published: 17:56 July 31, 2012
  • Gulf News

  • Image Credit: Gulf News archives
  • The Dubai International Financial Centre. The changes aim at strengthening DIFC’s reputation as an international financial hub.

Dubai: The Dubai International Financial Centre Authority (DIFCA) on Tuesday announced changes to its structure and its senior management team responsible for the implementation of DIFC’s growth strategy.

The DIFCA Board announced the segregation of its two core functions into two independent entities: The business development and legislation arm, which will remain named DIFC Authority, responsible for developing DIFC’s international relations with the world’s other leading financial centres and further strengthen the Centre position globally; and DIFC Properties to manage the Centre’s real estate portfolio and responsible for delivering DIFC’s Master Plan. The reorganisation is effective immediately.

Jeff Singer is appointed CEO of DIFC Authority and Nabil Ramadan is appointed Acting CEO of DIFC Properties. They report to the Board of Directors of DIFC Authority. Together they will implement DIFCA’s growth strategy to raise the number of DIFC’s membership which currently stands at 860 active companies, increase the number of people working at DIFC to an estimated 25,000 people, complete the remaining development of the 110 acre site, ensure the Centre continues to be supported by efficient and reliable infrastructure, and continue to enhance DIFC’s international reputation as a global financial hub.

Abdullah Al Awar has been appointed as an advisor to the Board of Directors.“For the last three years, Abdullah has worked diligently to ensure that DIFC continues to grow despite the global economic backdrop. As an advisor to the board of DIFC Authority, we will be able to leverage his valuable experience at the Centre,” said Abdul Aziz Al Ghurair, Chairman of the Board of Directors of DIFC Authority.

“Going forward, our goal is ambitious but achievable. We plan to double DIFC’s scale in terms of the number of member companies and their employees. We also plan to develop the Centre’s function and reputation as host to international capital markets. To achieve this, we have decided to change the structure of the senior management team,” said Al Ghurair.

Till recently Jeff Singer has been the CEO of NASDAQ Dubai.“DIFC commands a strong position and I look forward to raising awareness of the many opportunities DIFC offers to new and existing members and to developing the business transacted from the Centre,” said Singer

“Our challenge is to balance the needs of our current and new member companies with the supply of the high-quality real estate and supporting infrastructure they need to grow successfully. We have created a very dynamic working environment at DIFC. We will ensure that the Centre continues to evolve and that the contribution we make to the UAE economy continues to grow as a result,” said Ramadan.

Since its launch in 2005, DIFC has successfully become the leading international financial centre in the region. In 2011, Dubai was ranked as one of the top 10 international financial centres (8th) by The Banker (FT Business) out of 53 international Financial Centres, based on the level of international business and the value offered to international institutions seeking to expand their international operations.

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