Sheikh Mohammed bin Rashid appoints new members to DIFC's higher board

Sheikh Maktoum bin Mohammed has been reinstated as the chairman of the Higher Board of Directors

Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, issued a decree appointing the Higher Board of Directors for the Dubai International Financial Centre. Jeff Topping/ The National

Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, appointed a Higher Board of Directors to lead the Dubai International Financial Centre.

As part of the move, Sheikh Maktoum bin Mohammed, Deputy Ruler of Dubai and President of the DIFC, is reinstated as chairman.

“DIFC’s Higher Board exercises oversight over the centre's strategies and policies aimed at meeting the objectives of the DIFC, which include adopting international best practices and raising Dubai’s position as a leading global financial centre,” the Dubai Media Office said in a statement.

The DIFC is a major financial hub in the Middle East, Africa and South Asia and home to more than 2,500 companies.

Last month, it signed an agreement with Bank Hapolim, Israel's largest lender, following normalisation of relations between Tel Aviv and the UAE.

The DIFC is attracting start-ups and technology firms to anchor itself as a FinTech hub in the region. There are more than 200 FinTech companies based out of the DIFC, accounting for over 50 per cent of all FinTech firms in the GCC, the DIFC said in July.

The other core members confirmed by the decree include the governor of the DIFC, the chairman of the Board of Directors of DIFC Authority, the chairman of the Dubai Financial Services Authority’s Board of Directors and the Chief Justice of the DIFC Courts.

The decree revokes the appointment of the other existing members of the Higher Board, the statement added.

The chairman of the Higher Board is empowered to add new members he deems appropriate to the committee.