Dubai financial center in major management shakeup

DUBAI, Aug. 29 (Xinhua) -- The Dubai International Financial Center (DIFC) are witnessing these days its first major management change since its inception in 2004.

On Wednesday, NASDAQ Dubai, the international capital market of the DIFC, said it has appointed Hamed Ali as acting CEO "to lead the next phase of expansion at the region's international exchange. "

Ali joined NASDAQ Dubai earlier this month as Chief Operating Officer. His appointment followed the resignation of Jeff Singer, who had been at the helm of NASADQ Dubai since 2008.

NASDAQ Dubai is part of the DIFC and is considered the only capital market in the Middle East that abides by international listing and trading standards.

The DIFC harbors headquarters and branches of 349 regulated entities. 18 of the top 25 banks of the world have branches in the center, located in the heart of the Gulf Arab sheikhdom.

Also, on June 28, Dr. Nasser Saidi, the Chief Economist of the DIFC Authority announced he would resign in September from his post. Saidi is a former Minster for Economy of Lebanon and a veteran of the 2004-founded DIFC.

Paul M. Koster, head of the DIFC's regulatory authority DFSA will also leave his post in September. In the wake of the financial crisis which hit Dubai's financial sector hard in 2009, Dutchman Koster upgraded the DFSA's control mechanisms and the reporting duties in the DIFC. Koster will be succeeded by Ian Johnston, an Englishman who had served as Koster's Deputy CEO since 2009. Enditem

Go to Forum >>0 Comment(s)