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Thursday, November 26 - 2009

New board appointments strengthen DIFX growth strategy

  • United Arab Emirates: Saturday, November 10 - 2007 at 12:35
  • PRESS RELEASE

The Dubai International Financial Exchange (DIFX) has strengthened its Board with the appointment of four new Directors, as it prepares for an expansion in listings and further participation in international and regional exchange consolidation.

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The new directors are Maha Al-Ghunaim, Chairperson and Managing Director of Global Investment House; Mohamed Binbrek, Chief Executive of Dubai Properties; Per E. Larsson, Chief Executive of Borse Dubai and of the DIFX; and Gerald Lawless, Executive Chairman of Jumeirah Group.

Soud Ba'alawy, Chairman of the DIFX, said:

"These appointments bring a wealth of international and regional talent to the exchange. Their financial services and business expertise will enhance the rapid developments underway at the DIFX as the international exchange serving the region between Western Europe and East Asia, fully integrated into the global capital markets."


The DIFX is a platform for wholesale and individual investors to access major equity listings. It is the largest exchange in the world for Sukuk (Islamic bonds) and the only exchange in the GCC region to list structured products.

Per E. Larsson said: "The DIFX is preparing for substantial new listings as well as adding derivatives (subject to regulatory approval) and exchange-traded funds to its Market of Markets platform. While driving the development of the capital markets in its own region, the DIFX will further expand its links with other exchanges internationally and regionally for the benefit of issuers and investors."

Saad Abdul Razak and Adel Al Shirawi, who are members of the Board of Borse Dubai, have stepped down from the DIFX Board after successfully assisting the integration of the DIFX into Borse Dubai. Borse Dubai is a holding company created in August 2007 to expand Dubai's position as a global capital markets hub.

The Boards of both Borse Dubai and of the DIFX are carefully streamlined to provide effective leadership in the quickly developing financial services environment.

Full DIFX Board:

Soud Ba'alawy (Chairman)
Maha Al-Ghunaim
Bisher Barazi
Mohamed Bin Brek
Essa Kazim
Per E. Larsson
Gerald Lawless
George Möller
Shadi Sanbar
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About Borse Dubai
Borse Dubai is the holding company for Dubai Financial Market (DFM) and Dubai International Financial Exchange (DIFX). Borse Dubai was created 6 August, 2007 to consolidate the Government of Dubai's two stock exchanges as well as current investments in other exchanges, expanding Dubai's position as a global capital market hub.

Borse Dubai builds on existing synergies between both exchanges with improved infrastructure to better serve all stakeholders. Borse Dubai continues to explore opportunities with capital markets across the globe to leverage technology, liquidity, regulation and expertise.

Borse Dubai's growth mandate is extracted from the 2015 Dubai Strategic Plan which has defined financial services and capital markets as a key focus area to support the development and growth of regional capital markets to the highest international standards. This is complemented with Dubai's strong heritage of building global leaders in selected industries.

About DIFX
The DIFX is the international financial exchange serving the region between Western Europe and East Asia. It welcomes regional as well as international issuers that seek regional and international investment.

The exchange opened in September 2005 and currently has 19 Members - ABN AMRO, Arbuthnot Securities, Barclays Capital, Citigroup, Credit Suisse, Daman Securities International, Deutsche Bank, EFG-Hermes, Hichens, Harrison & Co, HSBC, ING Bank NV, Jefferies International, KAS BANK, Morgan Stanley, Merrill Lynch, Mashreq Capital (DIFC), NBD Investment Bank, SHUAA Capital and UBS.

Issuers on the DIFX: Equities - Albaraka Banking Group (ordinary shares), Boulder Steel (ordinary shares), Citigold Corporation (ordinary shares), Fortune Management (ordinary shares), Gold Fields (American depositary shares), Hikma Pharmaceuticals (global depositary receipts), Kingdom Hotel Investments (ordinary shares), Man Industries (India) (global depositary receipts), Monarch Gold Mining Company (ordinary shares), Rana Sugars (global depositary receipts); Sphere Investments (ordinary shares); Unigold Inc (ordinary shares); Bonds - DP World (Medium Term Notes), Dubai Holding Commercial Operations Group (Medium Term Notes), Kuwait Financial Centre S.A.K. (Closed) (Notes); MashreqBank (Medium Term Notes), National Bank of Dubai (Medium Term Notes); Islamic Products - Aabar Sukuk (Sukuk), Cherating Capital (Sukuk), DAAR International Sukuk (Sukuk), Dar Al Arkan International Sukuk (Sukuk), DIB Sukuk (Sukuk), DIFC Investments (Sukuk), Dubai World Sukuk (Sukuk), IIG Funding Ltd (Sukuk), Nakheel Development (Sukuk), Ports, Customs and Free Zone Corporation (Sukuk), TID Global Sukuk (Sukuk); Structured Products - Deutsche Bank, Merrill Lynch, Morgan Stanley.

The regulator of the DIFX is the Dubai Financial Services Authority. The DIFX is owned by Borse Dubai Limited, a holding company which also owns the Dubai Financial Market. The DIFX is located in the Dubai International Financial Centre.

For more information, please contact:

Mark Fisher
DIFX
Tel: +9714 3612222

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