His Excellency Dr. Omar Bin Sulaiman, Governor of the Dubai International Financial Centre (DIFC), today welcomed Peter T. Grauer, Chairman and President of Bloomberg LP. His Excellency Dr. Omar Bin Sulaiman said he will use the occasion to stress the vital role played by Bloomberg in Dubai’s increasingly complex financial environment. He will also use the visit to reaffirm the DIFC’s commitment to excellence and transparency.
The DIFC Governor said: “The term ‘Bloomberg’ has become synonymous with immediate and solid financial information and analysis, something the market needs now more than ever. So it is extremely gratifying to welcome the company’s Chairman and President, Peter Grauer, who has distinguished himself in his three decades in the financial industry and ten-plus years at Bloomberg.”
While acknowledging Bloomberg’s global influence, Dr. Omar Bin Sulaiman emphasized the vital role the company plays in burgeoning markets like Dubai. “In our ever-developing financial landscape, events unfold at a pace that can be dizzying,” he said. “Further, global markets are interconnected and interdependent. An investor in Dubai needs to know what’s happening in Hong Kong. He needs to know why it is happening and what this information means, and he needs to know right away.”
Dr. Omar Bin Sulaiman also praised Bloomberg’s commitment to keeping financial markets transparent. “We at the DIFC are committed to transparency and continue to set the highest standards for ourselves. We are also aware that ensuring widespread and immediate access to reliable market and historical data will help us accomplish our aims. We look towards organizations like Bloomberg to enable us to achieve our objectives towards implementing greater transparency and free flow of information in the region,” he said.
He added: “With experts reporting from 125 bureaus globally, the depth of its analysis and the exchange of information among its 230,000 subscribers worldwide, it is easy to understand why Bloomberg is one of the world’s top multimedia news and data providers. The Bloomberg network also allows for immediate and binding trading among investors.”
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 339 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) .
