Victorian Treasurer visits DIFC

Notes and media contacts

For further information, please contact:

Ms. Angharad Irving - Jones
Manager, Communications and Strategic Planning
Dubai Financial Services Authority
Level 13, the Gate Building, Dubai
Tel: +971 (0) 4 362 1660
Fax: +971 (0) 4 362 080
Mr. Edward D'Mello
Group Account Director
Polaris Public Relations
Dubai
Tel: + 971 (0) 4 3348520
Fax: + 971 (0) 4 3341326

The Dubai Financial Services Authority (DFSA) is an independent, integrated regulatory authority responsible for the regulation of all financial and ancillary services conducted in or from the Dubai International Financial Centre (DIFC), including asset management, banking, securities trading, Islamic finance, re-insurance, and an international financial exchange. The DFSA has been created using principle-based primary legislation modelled closely on that used in London and New York, and the DFSA regulatory regime operates to standards that meet or exceed those applying in the world's major financial centres.

The DFSA is a central component of the DIFC, a financial centre established to position Dubai as a recognised hub for institutional finance, and the regional gateway for capital and investment to the Middle East.

Dubai International Financial Centre (DIFC) is an onshore hub for global finance. It bridges the time gap between the financial centers of Hong Kong and London and services a region with the largest untapped emerging market for financial services. In just under two years, over 380 firms have registered at the DIFC. They operate in an open environment complemented with world-class regulations and standards. The DIFC offers its member institutions incentives such as 100 per cent foreign ownership, zero tax on income and profits and no restrictions on foreign exchange. In addition their business benefits from modern infrastructure, operational support and business continuity facilities of uncompromisingly high standards







His Excellency Dr. Omar Bin Sulaiman is the Governor of the DIFC. He is the representative for DIFC affairs for His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

Dr. Omar Bin Sulaiman, was earlier the Director General of Dubai International Financial Centre Authority (DIFCA). Under his leadership the DIFC established itself as the first truly international financial centre of the region and the fastest growing in the world. Dr. Bin Sulaiman has also led the development and launch of the first international financial exchange in this region, the Dubai International Financial Exchange (DIFX).

Prior to joining the DIFC, Dr. Bin Sulaiman was the Chief Executive Officer of Dubai Internet City (DIC). He led the development of DIC into a major ICT cluster that houses several global giants. Under his leadership, DIC achieved more than 100% growth in less than a year and continued for three consecutive years. At the same time, he also led the development of several other entities under the banner of the Dubai Technology and Media (TECOM) Free Zone Authority, the Government of Dubai body responsible for the development of the knowledge clusters such as (ICT, media, education, energy, etc).

He can be characterised as an entrepreneur, an inspiring leader and a strategic planner.

Dr. Bin Sulaiman holds a Doctorate in Leadership, a Master of Business Administration (MBA) in Finance, a Master of Science in Education and a Bachelors degree in Industrial Engineering. He is married with one son and a daughter.

Mr. David Knott was appointed Chief Executive of the DFSA on June 1, 2005. He is a former Chairman of the Australian Securities and Investment Commission (ASIC) and was Chairman of the Technical Committee of the International Organisation of Securities Commissions (IOSCO).

Mr. John Brumby is the senior economic Minister in the Bracks Government holding the offices of Treasurer, Minister for Regional and Rural Development and Minister for Innovation. As Treasurer, he is responsible for the financial management of Victoria's $32 billion Budget sector, which represents over 13 per cent of the State economy. As the Minister for Regional and Rural Development Mr. Brumby has overseen the establishment of Regional Development Victoria to promote and drive economic growth and prosperity outside Melbourne. In February 2002, Mr. Brumby was appointed as Victoria's first Minister for Innovation.

Mr. Brumby was elected to the Victorian Parliament in 1993 and was Leader of the Opposition for almost six years. Between 1983 and 1990 he was the Federal Member for Bendigo during the Hawke Government and served as Chairman of the Parliamentary Committee on Employment, Education and Training.