DIFCADubai International Financial Centre Authority
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It further allows for the DIFCA Board of Directors to expand the fines and penalties regime, impose additional fines and appoint inspectors to ensure compliance.
However, DIFCA also said that the picture was not quite so bright as far as occupancy of office space owned by third-party developers in the
The DIFCA Board announced the segregation of its two core functions into two independent entities: The business development and legislation arm, which will remain named DIFC Authority, responsible for developing DIFC's international relations with the world's other leading financial centres and further strengthen the Centre position globally; and DIFC Properties to manage the Centre's real estate portfolio and responsible for delivering DIFC's Master Plan.
Changes to the Original Law include a number of provisions that are specific to DIFCA. These confirm DIFCA's independence and put into place a corporate structure of a Board, CEO and executive body.
Clifford Chance acted as counsel to the DIFCA in the preparation of the law, and Habib Motani, a partner in Clifford Chance, worked in conjunction with Dr Peter Werner, director of Policy at ISDA (the International Swaps and Derivatives Association) on the preparation of the DIFC's netting law, which is based on ISDA's model netting law.
Jeff Singer, CEO of Dubai Financial Centre Authority (DIFCA), commented, "Dubai has successfully positioned itself as an international business hub and a gateway to markets across the MEASA region, and we believe that Expo 2020 will showcase this to the world.
By way of background, Ms Al Herz and Mr Lutfi were both employed and subsequently dismissed by the DIFC Authority ("DIFCA").
Summary: The Dubai International Financial Centre Authority (DIFCA) has appointed Jeff Singer as its new Chief Executive Officer.
Al Habtoor met Jeffrey Singer, the new chief executive officer of the Dubai International Financial Centre Authority, or DIFCA, and Hamed Ali, acting chief executive of Nasdaq Dubai.
Al Ghurair, who recently accepted a post as chairman of the Dubai International Financial Centre Authority (DIFCA), also says the banking regulations are a necessary move: "Some regulation is good, zero regulation is a disaster - but regulation will also put the brakes on bank profitability."
Dubai The Dubai International Financial Centre (DIFC) added one million square feet of commercial space last year with a strong growth in occupancy rates, officials from the DIFC Authority (DIFCA) said yesterday.