Dr. Habib Al Mulla calls for young Arab leaders to make an effective contribution to good governance

Dr. Al Mulla used the creation of the Dubai International Financial Centre (DIFC) and the Dubai Financial Services Authority (DFSA) as the basis for his discussion, calling it an 'eye opener' to what can be done. In praising H.H. Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice-president and Prime Minister, and Ruler of Dubai, Dr. Al Mulla said: "The DIFC is a visionary project and a role model for good governance in the Arab World".

He described good governance as being 'where public resources and problems are managed effectively, efficiently and in response to critical needs of society. Effective forms of governance rely on public participation, accountability and transparency.'

"Efficient, fair and transparent capital markets are central to economic growth and development and good governance ensures that finance raised is put to good use while investors are protected," he added.

Dr. Al Mulla regarded the DIFC as a leading financial centre because it was underpinned by the DFSA which he described as 'a world class regulator'. He said: "The DFSA has adopted international best practice from day one to ensure the DIFC is among the best regulated financial centres in the world".

Dr. Al Mulla paid credit to the DFSA Board members he chaired, stating: "Our board comprises renowned leaders, all experts and role models in their field; they are devoting their time and energy to make the DFSA a role model in the Middle East".

In concluding, Dr. Al Mulla paid tribute to the DFSA executive who had been instrumental in developing the 'Tomorrow's Regulatory Leaders' initiative. He said: "The DFSA has attracted the best international regulators from around the world and they are engaged in an extensive knowledge exchange programme to train and develop young Emiratis. Young people are our future and we must invest in them and train them to be upstanding leaders".