Dubai's Ruler Sheikh Mohammed bin Rashid al-Maktoum
appointed his son as chairman of the Dubai International Financial Centre
(DIFC), the emirate's offshore financial district, by decree on Wednesday.
Sheikh Maktoum bin Mohammed bin Rashid al-Maktoum, 27, will
chair the Supreme Council of the DIFC, which since 2004 has been a financial
free zone for 800 firms, including 18 of the top 25 global banks, global asset
managers, insurers and law firms.
Sheikh Mohammed also appointed a new board for the DIFC,
which includes chief executive of Mashreq Abdul Aziz Al Ghurair as deputy
The changes follow on from other senior level reshuffles at
top government entities in the emirate which is keen to restore its
international credibility after a 2009 debt crisis and painful property slump.
In late June, Dubai's ruler named his uncle and close
adviser Sheikh Ahmed bin Saeed al-Maktoum as chairman of Emirates NBD , the
UAE's largest bank by assets, replacing Ahmed Humaid Al Tayer, a prominent
Dubai business and political figure.
Sheikh Ahmed also took charge of debt-laden conglomerate
Dubai World as chairman in December.
Other DIFC board members are comprised of well-known Dubai
names, including Isa Kazem, Hussain Mohammed al Qemzi, Abdul Fattah Al Saeed
Mansoor Sharaf, Abdullah Mohammed Saeed Ghobash, and David Alden.
The recently appointed governor of DIFC, Abdullah Mohammed
Saleh, and the Chairman of the Dubai International Financial Services Authority
- its regulator - are also on the new board
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