Elite team to chalk out DIFC strategy

The operational strategy for the Dubai International Financial Centre (DIFC) will be mapped out next month by an elite team of advisors drawn from eminent bankers from the world's leading financial institutions.

It is also understood that the membership selection of the DIFC Regulatory Council is almost complete, and will be announced shortly.

The DIFC Regulatory Council is also expected to meet shortly, sources said. "The Advisory Board of the Dubai International Financial Centre will meet in Dubai for two days on May 10 and 11.

"This will be the board's first meeting. It will review the progress made so far, discuss financial regulations, understand regional needs and requirements and map out a strategy for the DIFC," sources said.

They also pointed out that the selection of the DIFC Regulatory Council is almost complete. Members of the team - like the advisory board - are highly respected experts in their fields.

The list is also expected to be announced soon, and shortly thereafter, the DIFC Regulatory Council will hold its first meeting to chalk out operational plans and procedures.

Once the Regulatory Council is in place, the operational structure of the DIFC would be almost complete - with three arms becoming functional. These are the Board of Directors, the Advisory Board and the Regulatory Council.

The Regulatory Commission is under Acting Chief Commissioner Ian Hay Davison. The independent DIFC Regulatory Agency has a two-tiered governance structure consisting of the Regulatory Council and the Regulatory Commission.

The Dubai International Financial Centre was announced by General Sheikh Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and UAE Defence Minister, in mid-February.

Anis Al Jallaf, managing director and chief executive of Emirates Bank International, is the DIFC chairman. The DIFC Advisory Board that is scheduled to meet here next month is formed of leading names in international finance from around the globe.

They include Dr. Kenneth Courtis, vice-chairman of Goldman Sachs, Asia; Francis Finlay, chairman and CEO of Clay Finlay Inc; Stephen K. Green, executive director for investment banking and markets of HSBC Holdings plc; Thierry Lombard, managing partner of Lombard Odier et Cie; Michael Philipp, global head of asset management at Deutsche Bank; James J. Schiro, chief operating officer of group finance at Zurich Financial services; Jean Claude Votron, executive vice-president for Central and Eastern Europe, Middle East, Africa and India for Citibank; and Makoto Utsumi, president and executive director of Japan Centre for International Finance.

Meanwhile, Standard Chartered Bank is examining opportunities at the DIFC.

A senior delegation from Standard Chartered plc, led by its chairman Sir Patrick Gillam, and group chief executive Mervyn Davies, met with key officials from DIFC, including Anis Al Jallaf chairman, and Hussain Al Qemzi, chief operating officer.

"We are grateful to DIFC for their invitation to discuss Standard Chartered's possible involvement with this project. We had a very fruitful meeting and we are keen to continue exploring the opportunities which exist," said Sir Patrick.

The meeting took place during the visit of the full Board of Directors of Standard Chartered plc to the UAE.