Mr Jones is stepping down on schedule at the end of his contract, after becoming the first Chairman of the DIFX in September 2003 and guiding it successfully through its preparation phase and launch in September 2005. He will remain a Board Director.
Dr Azzam will oversee plans for the expansion and development of the DIFX in the coming months. Among many prominent roles in Middle East financial services, he has been a Board Director of the DIFX since March of 2004 and he is currently the Chief Executive Officer of Amwal Invest, a regional investment banking firm based in Jordan. He is also the Chairman of MobileCom, the mobile subsidiary of Jordan Telecom, a board member of Royal Jordanian airline and Vice Chairman of Majid Al Futtaim Trust, Dubai. He is the author of five books on the region's economy and capital markets.
Mr Jones said: "The DIFX is an extraordinary project with enormous potential to benefit the economy of the region that it serves. Those involved in creating the exchange overcame many challenges and seized many opportunities en route to its launch. I am proud and honoured to have been involved from the beginning in what will in due course come to be seen as a historic venture and a testament to the vision of the government of Dubai.
"Investors around the world, as well as potential issuers and brokers, are preparing to take advantage of the opportunities offered by the DIFX. I look forward to continuing my involvement with the exchange as a director."
The Director General of the DIFCA, Dr Omar bin Sulaiman, said: "We are extremely grateful for the work done by Lynton during his term of office as Chairman. Creating an international stock exchange from scratch has been a very challenging task, one seldom attempted anywhere else in the world. As a result of his energy and experience, and the excellent teamwork shown by his colleagues we have been able to launch this market in a very short space of time. For this we thank him. We are particularly pleased that he has agreed to remain a member of the DIFX board."
Mr Jones was formerly Chairman of Jiway, the pan-European retail equity exchange, Chief Executive of the International Petroleum Exchange, Chief Executive of the OM London Exchange, Managing Director of NASDAQ International, and International Affairs Adviser and subsequently Head of Public Affairs of the London Stock Exchange. He currently has a number of other responsibilities in the UK including participating on several boards and committees.
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Lynton Jones DIFX Chairman steps down at end of his term of Office Henry Azzam takes over as Chairman
- United Arab Emirates: Monday, December 19 - 2005 at 12:19
- PRESS RELEASE
The DIFX announced today that Lynton Jones, first Chairman of the exchange, will be stepping down from the Chairmanship at the end of December and Henry Azzam, an experienced banker and economist, will take over as Chairman effective from January 1, 2006.
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Lynton Jones became Chairman of the DIFX in September 2003 on a two year contract. In June 2005 the Nomination and Remuneration Committee of the DIFX board asked him to extend this contract to the end of December 2005, to which he agreed. His responsibilities in the UK include Bourse Consult, membership of the Corporation of London's Committee of City Experts, membership of the Advisory Board of Carbon Registry Services Ltd, and Trustee of the Horniman Museum.About DIFX
The DIFX aims to become the main exchange in its region for equities, bonds, Islamic products, funds, index products and derivatives. The target areas of the DIFX for seeking issuers include the whole of 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.
About the DIFC:
The Dubai International Financial Centre (DIFC) is an onshore hub for global finance. It bridges the time gap between the financial centres of Hong Kong and London and services a region with the largest untapped emerging market for financial services.
In just over one year, more than a hundred top international institutions have joined the DIFC as members. 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. (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 centres. (www.dfsa.ae)
3. The Dubai International Financial Exchange (DIFX) - A liquid and transparent electronic market trading securities, bonds and derivatives, launched in September 2005, the DIFX eases access to regional and international investment opportunities and funds. (www.difx.ae )
4. 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 laws, enacted by His Highness Sheikh Maktoum bin Rashid Al Maktoum, UAE Vice President and Prime Minister, and Ruler of Dubai, provide for a new court system designed especially for the DIFC and the sophisticated transactions that will be conducted within it.
• The law establishing the Judicial Authority at the DIFC creates and sets out the jurisdiction of the court and provides for a dispute resolution services, including arbitration and mediation, thus allowing for the independent administration of justice in the DIFC; and
• The DIFC Courts Law sets out the jurisdiction, powers, procedures, functions and administration of the court.
( www.difccourts.ae )
For further information contact:
Amira Abdulla
PR Manager, DIFC
Tel: +971 4 362 2433
Tim Harrison/Lavina Chatterjee
Asda'a Financial Practice
Tel: + 9714 3355969
Lara Lynn Golden, News EditorMonday, December 19 - 2005 at 12:19 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
This article was updated on Mon Apr 09 2007.
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