DIFX broadens Board of Directors with new appointments
The Dubai International Financial Exchange (DIFX) has appointed six new Directors.
The move significantly broadens the regional and international composition of the Board by increasing the representation of regional financial services experts, as well as of executives of global investment banks.
The expansion of the Board at this time will assist the development of the exchange as it moves rapidly from its project phase towards its planned opening on September 26, 2005.
The new Directors are:
Hussain Al Qemzi - Chief Executive, Sharjah Islamic Bank
Yassine Bouhara - Head of Global Equity Derivatives and Head of Global Markets, Middle East and North Africa, Deutsche Bank.
Sameh El-Torgoman - Chairman, Mortgage and Finance Authority, Egypt; former Chairman of the Cairo and Alexandria Stock Exchange.
Mukhtar Hussain - Chief Executive, Corporate and Investment Banking and Markets, Middle East and North Africa, HSBC Bank Middle East.
Essa Kazim - Director-General, Dubai Financial Market (DFM). The DFM is primarily a Dubai-focused stock exchange which complements the primarily international focus of the DIFX.
Shadi Sadeek Sanbar - Special Adviser to Kingdom Holding Company. US Certified Public Accountant with more than 30 years experience in the US and the Middle East with major accountancy firms, most recently Ernst & Young.
The appointments are effective from September 1, 2005.
Lynton Jones, Chairman of the DIFX, said: “We are delighted to welcome such talented and experienced individuals to the DIFX Board. Their skills and expertise, gained at organisations ranging from leading international banks to prominent Middle Eastern financial organisations, will complement those of existing Directors.
“The composition of the Board is carefully designed to help the exchange achieve its aim of becoming the leading stock exchange between Western Europe and East Asia.”
With the arrival of the new directors, Sameer Al Ansari, Chief Executive Officer of Dubai International Capital (DIC), has stepped down from the Board.
Steffen Schubert, Chief Executive of the DIFX, said: “The DIFX greatly appreciates the excellent work Sameer Al Ansari has done in helping the exchange to prepare for its launch. Despite his considerable responsibilities at the DIC he has given generously of his time to the DIFX and has successfully completed his role in helping to guide the DIFX in its formative stages.
The DIFX is located within the Dubai International Financial Centre (DIFC). The DIFX aims to become the main exchange in its region for equities, bonds, Islamic products, funds, index products and derivatives. The target areas of the DIFX for seeking issuers include the Gulf Cooperation Council states and the rest of the Middle East and North Africa, as well as South Africa, Turkey, Central Asia and the Indian sub-continent. As it progresses towards its launch, the DIFX is holding detailed discussions with potential members and issuers. It is applying to the DFSA, the independent regulator of financial services inside the DIFC, for licences to operate an exchange and Clearing House.
