New Board of Directors for Dubai International Financial Centre Authority

Notes and media contacts

About DIFCA Board Members:
David Eldon began his 37-year career with HSBC Group in Dubai in 1968, when he joined HSBC Bank Middle East (formerly The British Bank of the Middle East). He remained in the Middle East in various roles until 1979, when he transferred to Hong Kong as Manager Special Projects in the Group's Head Office. In 1984 he returned to the Middle East as Deputy Managing Director of The Saudi British Bank in Saudi Arabia. He went back to Hong Kong in 1987 with responsibility for the Group's largest multinational corporations and in 1988 became Chief Executive Officer Malaysia. In 1990 he was appointed a General Manager of the Group. He returned to Hong Kong in 1992 where, after an assignment as General Manager Hong Kong and China, he became General Manager in HSBC's International department. He was made an Executive Director of the Bank in 1994, Chief Executive Officer in January 1996 and Chairman in January 1999. He was appointed a director of HSBC Holdings in 1999. David retired from the HSBC Group in May 2005.

In September 2005 he became Senior Adviser to PricewaterhouseCoopers, based in Hong Kong. He is also a Director of Hong Kong's Mass Transit Railway Corporation, Chairman of the Hong Kong General Chamber of Commerce, Honorary Chairman of the Seoul International Business Advisory Council, a Member of the International Council of the Bretton Woods Committee, a Member of the Advisory Board of Unisys Corporation and a Council Member of Hong Kong's Trade Development Council.

Abdulaziz Abdulla Al-Ghurair is the Chief Executive Officer of Mashreqbank, based in the United Arab Emirates. An Industrial Engineer with honors from California Polytechnic State University, USA, he joined Mashreqbank in 1977 and worked in various roles before becoming CEO in 1991. He is also on the Board of the Dubai Chamber of Commerce and Industry, a member of the Economic Council (Dubai), a Board member of EMAAR Properties, President of Al Ghurair City and the Chairman of Masafi Mineral Water Co. (L.L.C.). In addition he is the Director of Abdulla Al Ghurair Group of Companies and a member of the Governing Council of Dubai Higher Colleges of Technology. He has also been a Board member of both VisaCard International and MasterCard.

Sameer Al Ansari is Chief Executive Officer of Dubai International Capital, the investment arm of Dubai Holding. He joined the Executive Office of His Highness Sheikh Mohammed as Group Chief Financial Officer with responsibility for the financial, strategic, legal and corporate restructuring of the Group which includes high profile projects. He is a Board member of several companies locally and internationally including Dubai Media Inc. His professional career began with BDO in London before he moved to Dubai with Ernst & Young in 1987. He was later Chief Financial Officer at Dubai Aluminium Company (Dubal) where he played a key role in the successful turn around of the company. Sameer is a Fellow of the Institute of Chartered Accountants in England and Wales and holds an Honours BSc in Accounting and Financial Management and a Diploma in Industrial Studies.

Hussain Al Qemzi is Chief Executive Officer of Sharjah Islamic Bank. He has over 20 years experience working at major banks in the UAE in corporate and consumer banking, as well as quality and operations control and strategic planning. He is currently on the Boards of Emirates Institute for Banking and Financial Studies, Emirates Media, PWC Logistics Emirates, EMAAR Properties and the DIFX. He was formerly Chief Operating Officer of the Dubai International Financial Centre and is a former Board Director of Dubai Financial Market.

Cyrus Ardalan is a Vice Chairman of Barclays Capital. He is based in London and oversees Barclays Capital's investment banking operations in Russia, Central Europe, the Middle East, and Africa. Previously he oversaw the bank's investment banking activities in Continental Europe after joining the company in 2000. He was formerly Global Head of Fixed Income Marketing and a member of the Fixed Income Executive Committee at BNP Paribas. He held a number of senior roles at BNP Paribas between 1990 and 2000 in London and New York, including Global Head of Bonds, Global Head of Fixed Income marketing and Head of BNP Paribas Capital Markets' activities in North and South America. Previously he was a Managing Director at Chemical Bank. Prior to this he spent 12 years at the World Bank in Washington where he was Division Chief of Treasury Operations. He has served as; a member of the Executive Committee of the International Primary Dealer Association, a member of the Federal Reserve of New York Foreign Exchange Committee and Chairman of the Capital Markets Committee of the Bankers Association for Foreign Trade. Iranian-born, he holds a Bachelor of Science degree in Economics from the University of London and a Master of Philosophy Degree in Economics from the University of Oxford.

Assem O. Kabesh is Chief Business Development Officer at the DIFC. His role incorporates developing and leading DIFC's main sectors of activity such as Asset Management, Banking, Islamic Finance and Reinsurance and has been instrumental in DIFC's rapid growth as the first truly international financial centre of the region since joining in September 2004. Earlier he was appointed by the Government of Dubai as the Director of Sales at Dubai Internet City, playing a key role in developing, implementing and reviewing its sales strategy. He played a major role in the success Dubai Internet City is experiencing today. Prior to this, Assem was working with Mashreqbank for a period of 5 years as an Assistant Vice President. His experience also includes periods at Abu Dawood Co, Jeddah (Procter & Gamble) and American Express in Egypt. Educated in Egypt and the US, Assem holds a Bachelors degree in Business Administration from the American University in Cairo

Essa Kazim is Director General of the Dubai Financial Market. He is also a Board member of the Dubai International Financial Exchange (DIFX), Coordinator General of the Dubai Quality Award, a Member of the Dubai Council for Economic Affairs and a Member of the UAE Economy and Trade Committee. He began his career as Senior Analyst in the Research and Statistics Department of the UAE Central Bank in 1988 and then moved to Dubai's Department of Economic Development as Director of Planning and Development in 1993. He was appointed Director General of the DFM in 1999. Essa holds a Masters degree in Economics from the University of Iowa and a Bachelors degree in Mathematics, Economics and Computer Science from Coe College, USA. In 1998 he received a Masters degree in Total Quality Management from the University of Wollongong in the UAE.

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 DIFC Courts system is especially designed to deal with all of sophisticated transactions that will be conducted within DIFC. The DIFC Court law, based on the common law, not only sets out the jurisdiction of the court but also provides for dispute resolution services, including arbitration and mediation, thus allowing for the independent administration of justice in the DIFC. ( www.difccourts.ae )



For further information contact:

Amira Abdulla
PR Manager, DIFC
Tel: +971 4 362 2433