The DIFC has appointed Dr. Nasser Al Saidi as the Chief Economist of the Dubai International Financial Centre Authority. Dr. Saidi is a former Minister of Economy and Trade and Minister of Industry of Lebanon (1998-2000), and former First Vice-Governor of the Central Bank of Lebanon (1993-2003). He is a Member of the UN Committee for Development Policy and has had a distinguished career as an economist having served as economic adviser and director for various government organizations, central banks and financial institutions in the Arab countries, Europe and Central and Latin America. Dr. Saidi also pursued a career as an academic, as a professor of economics at the Department of Economics of the University of Chicago, the Institut Universitaire de Hautes Etudes Internationales (Geneva), and the Université de Genève, and AUB. He has a recent book, “Corporate Governance in the MENA countries: Improving Transparency & Disclosure”, and has published widely on macroeconomic, capital market development and international economic issues the region. His research interests include macroeconomics, financial market development, payment systems and international economic policy, and ICT; he actively promotes e-Government initiatives in the MENA region
Dr Omar Bin Sulaiman, Director General of Dubai International Financial Centre Authority, commenting on the appointment, said: “We welcome Dr Saidi to the DIFC. He has been a policy maker with a proven-track record as an economist and look forward to his contribution towards the development of the centre. The DIFC has established itself as the first truly international financial centre of the region and we now look forward to growing this position.”
Dr Saidi commented: “I am delighted to join Dr. Omar Bin Sulaiman and his outstanding team at the DIFC, contributing to building an institution which has set a world standard for the financial sector in the region. I share the vision and its strategic importance for the countries of our region. The DIFC with its quality infrastructure, international regulatory and supervisory framework and efficient trading platforms is providing an integrated, seamless financial market structure which is very attractive to international players and will prove a strategic development for the economies of our region and internationally.”
Saidi is co-chair with the OECD of the MENA Corporate Governance Forum and is the Executive Director of Hawkamah, the Institute for Corporate Governance, whose mission is to assist the countries and companies of the region in developing and implementing sound and globally well integrated Corporate Governance frameworks.
As Chief Economist, Dr Saidi will advise the DIFC on strategic economic issues facing the region and its financial markets and actively contribute to the creation of the future vision and strategy for the DIFC and the development of its market infrastructure and financial markets in order to serve the economic and financial development of the region. His responsibilities also include maintaining and developing national, regional and international strategic relationships with institutions such as the IMF, WB, IFC, BIS, OECD, AMF and other international financial institutions.
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 modelled 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 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 )
