His Excellency Dr. Omar Bin Sulaiman, Governor of the Dubai International Financial Centre (DIFC), welcomed Lord Levene of Portsoken, Chairman of Lloyd's of London, and James Sutherland, Head of Operations, Business Development Directorate at Lloyd’s, to the region. The visit follows that of the Right Honourable Lord Mayor of the City of London, Alderman John Stuttard, earlier in the month. The visit by two key figures from the City of London highlights the growing importance of Dubai as a financial hub, and underpins the strength of relationship between two vibrant investment capitals, London and Dubai.
Lloyd’s is the world’s leading, specialist insurance market, with its roots dating back to the 17th century. Lloyd’s covers the world’s most complex and specialist risks from oil rigs and major airlines to the world’s biggest banks.
His Excellency Dr. Omar Bin Sulaiman, Governor, DIFC, commented on Lord Levene’s visit: “Lloyd’s of London epitomises the global insurance industry and has played a significant role in driving the growth of the sector worldwide. As one of the high growth areas in the financial services industry, insurance is key to the DIFC. We are also home to the Watkins Syndicate, the first syndicate of the Lloyds group to come to the DIFC. We are very pleased to welcome Lord Peter Levene, who as Chairman of Lloyds, has taken the organisation to greater heights of prosperity. Today’s visit also underpins the excellent relationship we have with the City of London and we look forward to strengthening this further.”
Lloyd's Chairman Lord Levene said: “I have found today's visit to the DIFC both enjoyable and educational. The Lloyd's market and the Middle East already enjoy a long history of working well together. The economy here is growing fast, and I am here to find out more about how we can support the development of the local market, and to help Lloyd's develop a business strategy for the region.”
Lord Levene was elected as Lloyd’s Chairman in November 2002. He had spent 20 years in the Defence Industry before being asked to take on the Permanent Secretary post of Chief of Defence Procurement in the Ministry of Defence, a post which he held for 6 years. Subsequently, he held a number of Government posts and was Adviser to the Prime Minister on Efficiency and Effectiveness from 1992 to 1997.
In addition to the Chairmanship of Lloyd’s, he is presently Chairman of General Dynamics UK Limited and a member of the Board of TOTAL SA, China Construction Bank and Haymarket Group.
Lord Levene is an Alderman of the City of London and served as Lord Mayor for the year 1998/99 where he acted as ambassador for the UK financial services industry.
Chairman of Lloyd's of London – largest group of insurance companies
Insurance sector
About the DIFC:
The Dubai International Financial Centre (DIFC) is an onshore hub for global finance. It bridges the time gap between the financial centers of Hong Kong and London and services a region with the largest untapped emerging market for financial services.
In just under two years, over 340 firms have registered at the DIFC. 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. The DIFC Authority is also responsible for developing the financial services industry. (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 centers. (www.dfsa.ae)
3. 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 laws, based on the common law, not only sets out the jurisdiction of the court but also provides for a dispute resolution services, including arbitration and mediation, thus allowing for the independent administration of justice in the DIFC. ( www.difccourts.ae)
DIFC Investments- The creation of DIFC Investments will result in the allocation to it of all non public administration activities previously carried out by DIFC Authority. This will include amongst other things all commercial and other activities such as the operation and management of any current and future subsidiaries, the development of the centre's investment strategy and relevant policies and any other strategic investments or alliances which will further the goals and objectives of the Dubai International Financial Centre and contribute to the fulfillment of the Centre's vision. Some of the companies and organizations that DIFC Investments owns include:
1. The Dubai International Financial Exchange (DIFX) The DIFX is the region's first international financial exchange for equities, bonds, Islamic products, funds, index products and (subject to regulatory approval) derivatives. The target areas of the DIFX for seeking issuers include 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. (www.difx.ae)
2. Hawkamah- the first Institute for Corporate Governance in the region, has been established in partnership with a group of international institutions, including the Dubai International Financial Centre (DIFC), Organisation for Economic Cooperation and Development (OECD), UAE Ministry of Finance and Industry, Centre for International Private Enterprise (CIPE), International Finance Corporation (IFC), the Union of Arab Banks (UAB), Dubai School of Government (DSG), Young Arab Leaders (YAL), and the Institute of Management Development (IMD). (www.hawkamah.org) .
