Tuesday, 26 July 2011 at 08:40, Reuters, Dubai
Financial free zone DIFC is home to more than 800 companies such as banks, insurers and asset managers. (REUTERS)
Dubai has named a new governor for the Dubai International Financial Centre (DIFC), the state news agency Wam reported on Monday, without giving a reason for the change.
Abdullah Mohammed Saleh, who has served as chairman of the Dubai Financial Services Authority - DIFC's regulator - was appointed as DIFC's governor by the emirate's ruler, Sheikh Mohammed Bin Rashid Al-Maktoum, the agency reported.
Saleh replaces Ahmed Humaid Al Tayer, a prominent figure in Dubai, one of the seven members of the United Arab Emirates.
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, also replacing Tayer.
The DIFC, launched in 2004, is a financial free zone home to 800 active registered firms, including 18 of the top 25 global banks, global asset managers, insurers and law firms.
Dubai, a trade and business hub in the leading Opec producer, is recovering from a $25 billion debt restructuring last year in its flagship company, Dubai World , after its 2009 standstill sent global markets reeling.
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