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Maktoum bin Mohammed chairs meeting of DIFC’s Higher Board of Directors

Maktoum bin Mohammed chairs meeting of DIFC’s Higher Board of Directors

June 27, 2018

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His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of Dubai International Financial Centre (DIFC), said that DIFC has helped cement Dubai’s position as one of the major financial hubs not only in the region but also the world, guided by the vision of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

His Highness commended the Centre’s three entities, DIFC Authority, Dubai Financial Services Authority (DFSA) and Dispute Resolution Authority (DRA) for their ongoing efforts in cementing Dubai’s position as a global financial hub and a preferred destination for doing business.

His Highness’s remarks came as he chaired the official meeting of DIFC’s Higher Board of Directors today, in which he directed the Board members to continue to strive to maintain their achievements and double their efforts to sustain Dubai’s position as one of the top ten financial centres in the world by enhancing its relationship with international partners and attracting new ones. He also called on the Board members to work to further improve the legal framework of the Centre so that it can provide even greater support to global businesses based in Dubai.

Attended by the senior board members of DIFC, the meeting reviewed the latest legal and regulatory frameworks implemented by the Centre, in addition to its key achievements in the first half of 2018. The Board also reviewed three new strategic initiatives announced by the Centre aimed at catalysing economic growth in Dubai and its extended commitment to FinTech through the expansion of FinTech Hive at DIFC.

During the meeting, Justice Michael Hwang, Higher Board Member and Chief Justice of the DIFC Courts, received a certification of appreciation from His Highness Sheikh Maktoum for his exceptional judicial contribution to the Centre’s internationally recognised legal framework.

HE Essa Kazim, Governor of DIFC, said: “DIFC continues to play a significant role in reinforcing Dubai’s position as a global investment destination and the leading financial hub in the MEASA region. Our aim remains on acting as a gateway for growth and providing ample opportunity for businesses to set up and operate in one of the region’s fastest growing markets. We are proud of the accomplishments we have achieved during the first half of the year and we are on track to delivering on our 2024 growth strategy through our unmatched, inclusive ecosystem and globally competitive offerings.”

As part of the 2024 strategy, DIFC is poised to grow three-fold over the next 10 years through the integration of a four-pronged strategy that includes deepening core client synergies, enhancing infrastructure, increasing the availability of skilled staff, and stepping up access to the South-South trade corridor.

DIFC also aims through its 10-year strategy to align its goals to Dubai Plan 2021 in order to reinforce its position as an international centre for legislative and Islamic financial services. The strategy outlines goals and opportunities that the Centre aims to achieve and take advantage of in the next decade by continuing to expand its physical and legislative infrastructure to keep pace with targeted growth, so that it ranks within the top 10 financial centres globally. DIFC expects to increase the number of active domiciled financial firms to 1,000 by 2024. The combined workforce of DIFC-registered companies is set to grow from 17,860 to 50,000 over the next decade.

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