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Dubai: DIFC to Have New Board to Increase Transparency

  •   Mon, Apr 25 2011 04:03:40 PM

Dubai, Apr 25 (PTI) Dubai has unveiled key legislative changes aimed at ensuring greater legal clarity and improved corporate governance for the Dubai International Financial Centre, or DIFC.

Under the new law of amendments issued by Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, the financial and business gateway will have a new Higher Board.

The Higher Board will comprise representatives of the three bodies under the DIFC -- DIFC Authority, Dubai Financial Services Authority (DFSA) and DIFC Courts.

The amendments made to the original law of 2004 establishing the DIFC will be enforced with immediate effect, a DIFC statement said.

The changes seek to provide "greater legal clarity and transparency and provide stronger support to DIFC's drive to become a global financial centre, complying with the highest levels of good governance and best practices," said the statement.
  

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Title: Dubai: DIFC to Have New Board to Increase Transparency



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