DIFC boss to leave in governance clearout

Chief executive to leave post amid governance issues

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By  Mark Johnson Published  December 22, 2004

Just three months after being officially open for business, Dubai International Financial Centre (DIFC), is to lose its current ceo, Naser Nabulsi. Nabulsi, who joined from world leading investment bank, Merrill Lynch, in March 2003, will stand down from his post at the helm of the world's newest international financial centre in January 2005. Nabulsi's departure comes amid continued efforts by DIFC to demonstrate that it is serious about taking its place as one of the world's truly independent and well-regulated financial centres. Questions were initially raised over corporate governance at the financial centre in June 2004 when two of its most senior regulators were sacked by Nabulsi after they raised questions over a land deal. "The government is serious about what has to be done at DIFC," DIFC director general, Dr Omar Bin Suleiman told the Dow Jones Newswire service. "We have taken all the corrective measures needed to do that and you can see the success now." So far, DIFC has issued seven licences to companies wishing to operate within the DIFC's regulatory system, including Credit Suisse, Standard Chartered and Julius Baer. DIFC is planning to move into its prestigious new home, The Gate (pictured right) - a massive arch-shaped structure opposite Dubai's landmark Emirates Towers buildings - at the end of January 2005.

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