In his capacity as the Ruler of Dubai, UAE Vice-President and Prime Minister His Highness Sheikh Mohammed bin Rashid Al Maktoum issued a decree appointing Dubai Deputy Ruler Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum as chairman of the Supreme Council of the Dubai International Financial Centre (DIFC).
The new legislation also appoints Abdul Aziz Al Ghurair as deputy chairman of the board, with a membership of Hussein Mohammed Al Qamzi, Abdul Fattah Al Saeed Mansoor Sharaf, Isa Kazem, Abdullah Mohammed Saeed Ghobash and David Alden, along with the Governor of the DIFC and the Chairman of the Dubai International Financial Services Authority.
Sheikh Mohammed also issued a law amending some of the provisions of Law No.9 of 2004 regulating the Dubai International Financial Centre (DIFC).
The law stipulates replacing texts of articles 3 and 5 of the law with the respective texts:
Article 3: The DIFC shall have the following entities: A. Dubai International Financial Centre Authority B. Dubai Financial Services Authority C. DIFC Courts Article 5: The DIFC shall have a Board of Directors headed by the Chairman, with members who are appointed by virtue of a decree by the Ruler. The members shall include the Governor and Chairmen of the authorities mentioned in article 3.
The decree and law are effective from their date of issuance and will be published in the Official Gazette.