By Neeraj Gangal
Ahmed Humaid Al Tayer is new governor of the Dubai International Financial Centre.
Dubai's ruler has removed Omar Bin Sulaiman from his post as governor of the Dubai International Financial Centre (DIFC), replacing him with Ahmed Humaid Al Tayer, an official statement said on Friday.
The decision by Sheikh Mohammed Bin Rashid Al Maktoum to appoint Tayer was part of efforts to "improve performance in Dubai government and semi-governmental departments" and to boost the emirate's position as a global financial, trade and tourism centre, his office said in a statement.
Tayer, a former cabinet minister, also has experience from senior positions in areas including banking and finance.
Dubai's government set up the DIFC in 2002 in an effort to turn the regional trading and tourism hub into a world financial centre on par with Singapore and Frankfurt.
This was long overdue. Its been 7 years since the concept of establishing Dubai as a regional finance hub was created and 6 years since the origination of DIFC. Despite all the talk of its establishment of regulatory frameworks et al, I do not think DIFC has much to talk about, about its 6 year tenure. It has spent most of this time as a real estate developer rather than in developing an environment conducive for financial deal-making. All the big finance firms are there for the 'free zone' status rather than in a clear interest in helping Dubai becoming a Singapore or Hong Kong. Their objectives are correct but the way they are going about it raises a lot of questions.