Al Shaali said: "Emerging market players are going on shopping sprees in developed markets, and country borders are proving to be no barriers to structuring deals. The tides are changing and investment flows are determining the political agenda."
He pointed to China as an example, saying: "The unifying forces of fluid but well-regulated cross-border financial transactions are the most effective way to level out the global playing field, whether in terms of alleviating poverty or eradicating corruption."
The changing face of financial centres and emerging markets will be debated during DIFCweek, a week of headline conferences, lectures and seminars to be held at The Gate district in DIFC, November 17 - 23.
"Financial services are focused on results, which ultimately serve the public's interest better. The business sector focuses on similarities and common interests - not differences - between all parties.
"This is where DIFC continues to achieve success: this focus on business enables us to embrace diversity while maintaining stability through the supply and demand chain."
Lack of transparency , even in the world's most sophisticated financial markets, remains a persistent concern affecting economic and social wellbeing across borders, said Al Shaali.
He said: "The subprime mortgage crisis, as witnessed in the United States at present, has left the world's leading economies open to a level of instability that could be prevented by effective application of the principles of financial soundness.
"DIFC's strategic plan includes building global financial infrastructure that promotes best-in-class practices. We will achieve this via our strong legal system, an efficient and robust regulatory environment and promotion of corporate governance, shariah and conventional ethical systems."
Ethics in finance will form the principal themes of two conferences during DIFCweek - Islamic and Ethical Finance, held in association with The Wall Street Journal, and Hawkamah Conference on Corporate Governance.
The timetable of events is as follows:
Saturday November 17:
• DIFC Economic Forum on emerging markets, developed with the support of Economist Intelligence Unit.
• DIFC Lecture presented by Steven Levitt, the bestselling author of Freakonomics.
Sunday November 18:
• Islamic and Ethical Finance, in association with The Wall Street Journal
• DIFC Boutique Event on Contemporary Art Investment, presented by Michael Moses, co-creator of the Mei Moses Index, the industry benchmark for measuring art as an asset.
Monday November 19:
• The FT/DIFC World Financial Centres Summit (day 1)
• DIFC Boutique Event on Carbon Trading, presented by Rod Beckstrom, a board member of Environmental Defense.
Tuesday November 20:
• The FT/DIFC World Financial Centres Summit (day 2)
• The Gate Lecture presented by Jeffrey Sachs, economic advisor to the Secretary General of the United Nations.
Wednesday November 21:
• Hawkamah Conference on corporate governance
• DIFC Boutique Event on Human Capital, presented by Lynda Gratton, professor of management practice at London Business School.
Thursday November 22:
• Middle East Capital Markets Forum, in association with Institutional Investor.
DIFCweek, the first event of its kind in the world, will focus on Financial Opportunities for the Third Millennium. The week of conferences will address every principal topic in the international financial arena.
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Financial centres will shape the political agenda in globalised world, says Al Shaali
- United Arab Emirates: Thursday, September 20 - 2007 at 09:45
- PRESS RELEASE
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Financial centres can succeed where politics has failed, with economics driving the agenda in an increasingly globalised world according to Nasser Al Shaali, CEO of Dubai International Financial Centre (DIFC).
Nasser Al Shaali, CEO of Dubai International Financial Centre (DIFC).
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Posted by Lara Lynn Golden, News EditorThursday, September 20 - 2007 at 09:45 UAE local time (GMT+4)
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Contact details
For media enquiries, please contact
Kirstie Hepburn,
tel +971 4 3622437
For delegate information, please call the customer service team on +971 4 3622438.
For sponsorship enquiries, please contact
Tina Schneidermann,
tel +971 4 3622436
About DIFCweek
DIFCweek, the first event of its kind in the Middle East, will focus on Financial Opportunities for the Third Millennium. The week of conferences will address every principal topic in the international financial arena, all viewed from a fresh perspective.
DIFCweek will present some of the world's most thought-provoking speakers, covering the challenges and opportunities in the world's current and emerging financial markets. Sharing in the debate will be hundreds of senior industry practitioners, corporate decision-makers and regulatory and government officials.
The week will turn the financial agenda on its head: it is not about what the industry is talking about today, but what it will be discussing tomorrow.
About the DIFC:
The 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 400 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.
The DIFC is made up of the following core bodies:
1. The DIFC Authority (DIFCA) - Responsible for the Companies and Security Registries and attracting financial as well as non-financial institutions to set up in the DIFC. The DIFC Authority is also responsible for developing the financial services industry. (www.difc.ae)
2. The Dubai Financial Services Authority (DFSA) - An independent, unitary regulatory authority, responsible for the regulation of all DIFC operations. Its principle-based primary legislation is modeled on that used in London and New York and its regulatory regime operates to standards that meet or exceed those in major financial centers. (www.dfsa.ae)
3. The DIFC Courts - An independent court system set up to uphold the provisions of DIFC laws and regulations, the courts provide comprehensive legal redress in civil and commercial matters within the DIFC. The DIFC Courts system is especially designed to deal with all of sophisticated transactions that will be conducted within DIFC. The DIFC Court laws, based on the common law, not only sets out the jurisdiction of the court but also provides for a dispute resolution services, including arbitration and mediation, thus allowing for the independent administration of justice in the DIFC. (www.difccourts.ae)
DIFC Investments- The creation of DIFC Investments will result in the allocation to it of all non public administration activities previously carried out by DIFC Authority. This will include amongst other things all commercial and other activities such as the operation and management of any current and future subsidiaries, the development of the centre's investment strategy and relevant policies and any other strategic investments or alliances which will further the goals and objectives of the Dubai International Financial Centre and contribute to the fulfillment of the Centre's vision. Some of the companies and organizations that DIFC Investments owns include:
1. The Dubai International Financial Exchange (DIFX) The DIFX is the region's first international financial exchange for equities, bonds, Islamic products, funds, index products and (subject to regulatory approval) derivatives. The target areas of the DIFX for seeking issuers include the Middle East and North Africa, as well as South Africa, Turkey and the Indian sub-continent. The regulator of the DIFX is the Dubai Financial Services Authority. The DIFX is located in the Dubai International Financial Centre (DIFC) and its owner is the DIFC Authority. (www.difx.ae)
2. Hawkamah- the first Institute for Corporate Governance in the region, has been established in partnership with a group of international institutions, including the Dubai International Financial Centre (DIFC), Organisation for Economic Cooperation and Development (OECD), UAE Ministry of Finance and Industry, Centre for International Private Enterprise (CIPE), International Finance Corporation (IFC), the Union of Arab Banks (UAB), Dubai School of Government (DSG), Young Arab Leaders (YAL), and the Institute of Management Development (IMD). (www.hawkamah.org).
For media enquiries, please contact
Kirstie Hepburn,
tel +971 4 3622437
For delegate information, please call the customer service team on +971 4 3622438.
For sponsorship enquiries, please contact
Tina Schneidermann,
tel +971 4 3622436
About DIFCweek
DIFCweek, the first event of its kind in the Middle East, will focus on Financial Opportunities for the Third Millennium. The week of conferences will address every principal topic in the international financial arena, all viewed from a fresh perspective.
DIFCweek will present some of the world's most thought-provoking speakers, covering the challenges and opportunities in the world's current and emerging financial markets. Sharing in the debate will be hundreds of senior industry practitioners, corporate decision-makers and regulatory and government officials.
The week will turn the financial agenda on its head: it is not about what the industry is talking about today, but what it will be discussing tomorrow.
About the DIFC:
The 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 400 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.
The DIFC is made up of the following core bodies:
1. The DIFC Authority (DIFCA) - Responsible for the Companies and Security Registries and attracting financial as well as non-financial institutions to set up in the DIFC. The DIFC Authority is also responsible for developing the financial services industry. (www.difc.ae)
2. The Dubai Financial Services Authority (DFSA) - An independent, unitary regulatory authority, responsible for the regulation of all DIFC operations. Its principle-based primary legislation is modeled on that used in London and New York and its regulatory regime operates to standards that meet or exceed those in major financial centers. (www.dfsa.ae)
3. The DIFC Courts - An independent court system set up to uphold the provisions of DIFC laws and regulations, the courts provide comprehensive legal redress in civil and commercial matters within the DIFC. The DIFC Courts system is especially designed to deal with all of sophisticated transactions that will be conducted within DIFC. The DIFC Court laws, based on the common law, not only sets out the jurisdiction of the court but also provides for a dispute resolution services, including arbitration and mediation, thus allowing for the independent administration of justice in the DIFC. (www.difccourts.ae)
DIFC Investments- The creation of DIFC Investments will result in the allocation to it of all non public administration activities previously carried out by DIFC Authority. This will include amongst other things all commercial and other activities such as the operation and management of any current and future subsidiaries, the development of the centre's investment strategy and relevant policies and any other strategic investments or alliances which will further the goals and objectives of the Dubai International Financial Centre and contribute to the fulfillment of the Centre's vision. Some of the companies and organizations that DIFC Investments owns include:
1. The Dubai International Financial Exchange (DIFX) The DIFX is the region's first international financial exchange for equities, bonds, Islamic products, funds, index products and (subject to regulatory approval) derivatives. The target areas of the DIFX for seeking issuers include the Middle East and North Africa, as well as South Africa, Turkey and the Indian sub-continent. The regulator of the DIFX is the Dubai Financial Services Authority. The DIFX is located in the Dubai International Financial Centre (DIFC) and its owner is the DIFC Authority. (www.difx.ae)
2. Hawkamah- the first Institute for Corporate Governance in the region, has been established in partnership with a group of international institutions, including the Dubai International Financial Centre (DIFC), Organisation for Economic Cooperation and Development (OECD), UAE Ministry of Finance and Industry, Centre for International Private Enterprise (CIPE), International Finance Corporation (IFC), the Union of Arab Banks (UAB), Dubai School of Government (DSG), Young Arab Leaders (YAL), and the Institute of Management Development (IMD). (www.hawkamah.org).
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