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.
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Miss Granny
Director: Joyce Bernal
Starring: Sarah Geronimo, James Reid, Xian Lim, Nova Villa
3/5
(Tagalog with Eng/Ar subtitles)
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The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
Pearls on a Branch: Oral Tales
Najlaa Khoury, Archipelago Books
