BDO International Establishes Corporate Finance Office At The Dubai International Financial Centre

BDO International, the 5th largest global accountancy network, today announced the opening of a new corporate finance office in the Dubai International Financial Centre (DIFC).

The new office – BDO Corporate Finance (Middle East) LLP – will act as a hub for corporate finance and restructuring advisory work in the Middle East.

It will focus on building relationships with and working alongside regional family offices, institutional investors and businesses as well as helping multinational businesses who want to break into the Middle East.

Dr. Omar Bin Sulaiman, Governor of the DIFC, welcomed BDO International to the DIFC. "The world’s fifth most important accountancy consultancy joins a growing list of top global firms at the DIFC, the world’s fastest growing international financial hub. We have 20 of the world’s top 25 banks and 6 of the world’s 10 largest asset managers”.

"The Gulf has always been regarded as a cash-rich region and, I am sure, that with expanding opportunities as the centre of gravity of world commerce shifts East, coupled with growing sophistication and increasing depth of our markets, BDO International will have a highly successful operation in the region," added the Governor of the DIFC.

BDO Corporate Finance has received Category 4 Authorised Firm status from the Dubai Financial Services Authority (DFSA). Jon Breach, Corporate Finance Partner, who has relocated from the London office of BDO, heads up the office and has brought with him a team of corporate finance specialists from the UK.

Jon Breach, Lead Partner of BDO Corporate Finance (Middle East) LLP, said: “Over the last few years, we have witnessed the rising influence of Middle Eastern investors in the global corporate finance arena. By having a team of corporate finance and restructuring experts based in the region we are bringing additional specialist advisory services to the strong relationships established by the local BDO member firms. This will result in our clients being able to access a broader range of services, which is why we have opened the dedicated regional office. This market will continue to grow in importance as an international source of capital and the opportunity for us is very exciting. I look forward to working alongside the local BDO member firms in this dynamic region.”

Jawad Habib Jawad, Head of Middle East Region at BDO, said: “The Middle East is strategically important to BDO at an international level. Our strong member firms in the region will benefit from specialist corporate finance and restructuring advisory knowledge, skills and expertise on the ground. Our experience shows that Middle East investors prefer to work with local experts and this is what we will provide through this new venture. Jon brings with him a wealth of experience and he and his team will be able to draw on our regional and international BDO member firms for support where necessary.”

World Famous German Efficiency Comes To Victory Heights

As a part of their commitment to offering best-in-class services and ensuring high quality standards, Victory Heights has partnered with the world famous German brand, Bosch, to offer its homeowners a home appliance program that will give them exclusive access to a range of products.

“We are very pleased to announce this partnership with Bosch as they are truly a best-in-class partner. The agreement ensures our commitment to maintaining high quality standards throughout all our offerings to our homeowners,” said Yasser Al Raee, General Manager, Victory Heights.

The house appliance program from Bosch will include fridges, microwaves, dishwashers, washing machines and dryers.

Mr. Syed Adnan Shah the GM in Home Wide Middle East (Bosch’s distributor company in the UAE) “Victory Heights is an exceptional development and unique concept. We are very proud to be able to supply our home appliances to the Villas of the development.”

2009 is not only the year of delivery of Victory Heights’ villas but also much of the sports infrastructure as well as International Sports Events. The inauguration of the Dubai International Cricket Stadium this month has marked a major milestone in the ongoing development of Dubai Sports City. The recent openings of Bradenton Preparatory School and Butch Harmon Golf Academy have also been very successful, attracting many sports lovers as well as families.

Victory Heights’ homeowners and future residents are now able to make use of the Butch Harmon School Golf Academy with some of the younger residents already learning the skills required to hit the fairways.

The community is not only taking shape in a physical way but the actual opportunities for residents will be bolstered with the establishment of the Bradenton school, which will provide American expertise and academic and sporting education to residents’ families.

Artists With Special Needs Part Of Art Exhibition In Dubai

ROTTERDAM, Netherlands and DUBAI, United Arab Emirates, June 8/PRNewswire/ — A voting website will be launched in Dubai on the 17th of June 2009, where 40 artworks with the theme "Water" will be displayed. All 40 artworks have been created by artists with special needs from the Netherlands, Belgium, Switzerland and the UAE.

Visitors can vote for their favourite work of art on this website; http://www.voteforbeautifulpeople.com. By placing your vote you automatically have the chance to win beautiful prizes. The 12 works of art with the most votes will be used for a coffee crockery set with the theme "Water".

Mr. Saeed Al Nabouda, Chief Project Officer of Dubai Culture and Arts Authority, shall officially open the website in the Dubai International Centre.

The website will be closed at the end of August, votes will be counted and the 12 winners will be announced on the 31st of October. Her Royal Highness Princess Haya of Dubai will announce the 12 lucky artists in The
Grand Hyatt hotel. The Grand Hyatt is the starting point for the art exhibition displaying all forty artworks. From there on the exhibition will move to various locations.

Beautiful People is a social and sustainable coffee concept and works on behalf of artists with special needs. Beautiful People, a Dutch initiative, is also active in Switzerland and from October 31 officially in Dubai.

More information can be found on http://www.beautifulpeople.nl and http://www.beautifulpeople.ae.

DIFC Field Study Reveals UAE Family Businesses Are More Perceptive Of Business Opportunities, More Positive On Management Practices Than Their US Counterparts

A comprehensive survey of Family Businesses in the UAE has revealed that CEOs and Family Members have a higher perception of business opportunities in their sector of operations than their counterparts in the United States (US).

Entitled ‘Differing Perceptions and Challenges Facing UAE Family Businesses: Implications for Practice’, The study released by the Dubai International Financial Centre (DIFC) Research Unit, was done with the support of the Walker Center for Global Entrepreneurship at Thunderbird School of Global Management. It is the first study of its kind to compare the views and perceptions of parent-CEOs and family members within UAE-based family businesses. The study also derives its importance from being the first to compare UAE-based family businesses with US-based family businesses using a standardized and tested research tool and through direct face-to-face interviews.

The study results indicate a higher level of satisfaction with planning practices among UAE family business CEOs compared to US CEOs. In lights of its findings, the DIFC study stresses the importance, and highly recommends the writing of a family constitution that governs the family-business relations to avoid future conflicts and clearly define responsibilities and expectations among the various members of the business.

To further strengthen the foundations for future sustainability, the DIFC study also encourages family-owned enterprises to engage in a re-strategizing exercise that ensures the balancing of the growth and diversification drive witnessed by many organizations at its early stages with the need to introduce sound governance models and organizational systems. The study highlights the key significance of involving all stakeholders in this exercise.

H.E. Dr. Omar Bin Sulaiman, Governor of the Dubai International Financial Centre, stated: “The Arabian Gulf is dominated by family businesses. Most of the family business in the UAE and the Gulf are still young and in transition phases.

“The family-run business faces many challenges such as globalization, the growing number of family members in each generation, growth of the company, succession plans and business continuity. It is well known that nearly 95 per cent of family businesses do not survive the third generation of ownership primarily due to lack of planning in the succession.”

“This comprehensive scientific study comes as part of the DIFC’s efforts to provide sound and fact-based business intelligence that would help regional family owned businesses to cope with the pressures of change and succession-planning as well as assist the international business community to understand the needs and aspirations of UAE-based family businesses,” Dr. Omar said.

“The DIFC has and will continue to always leverage its expertise and partnerships in providing innovative and useful business intelligence and business tools that will assist regional and international businesses and the financial services community to have better visibility and thus support smooth decision-making process,” added the DIFC Governor.

Dr. Zeinab Karake Shalhoub, Director of Research, DIFC Investments, explained that the research showed that in the UAE, as well as in the US, chief executive officers (CEOs) generally perceived the practices, cultures and succession processes more favorably than other family members. "Important relationships between family and family firm cultures were found in both the US and the UAE samples. Many of the findings in the UAE mirror those found in the US”.

She clarified that: "UAE family businesses also exhibit stronger family influence in the business and greater challenges posed by generational succession; and the need for adaptation in a changing competitive environment.”

"The study identifies a number of areas for improvements and provides six major recommendations to UAE CEOs and family members including writing a family constitution; developing clear standards and processes for both managerial and ownership succession and adopting a holistic strategic planning approach," she said.

"It also recommends the appointment of at least two independent outsiders to the board of directors, as well as the employment of key non-family managers to ensure the professionalization of the business and the neutralization of the decision making process. In addition, assuring frequent family meetings and a more formal family council to educate and communicate with family members and family shareholders was also stressed to be a critical requirement for business continuity," Dr. Zeinab added.

The DIFC Study saw active participation by a number of family businesses in the UAE including CEOs and other family members in business.

Responses from the CEOs and other family members were compared to responses from CEOs and family members in other firms. The UAE responses were also compared with those of family businesses in the US in an effort to test the universality of managing family businesses across different cultures.

Dr. Zeinab pointed out that the study is a unique study that looks at challenges posed by generational succession in UAE family businesses and the need for adaptation in a changing competitive environment.

For a copy of the study, please contact Dr. Zeinab Karake Shalhoub at zeinab.karake@difc.ae.

’Humans 2006’ and ’Seasons of Solitude’ exhibitions open at The Empty Quarter Gallery

The Empty Quarter Fine Art Photography Gallery at the DIFC Gate Village, has announced the opening of "Humans 2006" and "Seasons of Solitude", exhibitions by contemporary photographers Mohammadreza Mizraei of Iran and Lou Raizin of the U.S.The twin events were inaugurated today and will be open for viewing until June 15. This is the inaugural solo exhibition in Dubai at The Empty Quarter Fine Art Photography Gallery for both the artists.Abdulla Hamad Bin Sougat, Chief Executive Officer of DIFC Lifestyle Group, welcomed the exhibitions at the prestigious The Empty Quarter Gallery."The Dubai International Financial Centre is home to several of the finest art galleries and events in the region and The Empty Quarter is counted among its best – and it is distinguished in the sense that it focuses on fine art photography. Hosting the works of internationally acclaimed artists like Mohammadreza Mizraei and Lou Raizin, speaks volumes about the reach of the gallery in sourcing works from as geographically and culturally diverse places as Iran and the United States," Bin Sougat said."Display of works of such high caliber and artistic excellence will also no doubt add to the already substantial reputation of the DIFC Gate Village as a hub for fine art in the region," Bin Sougat added.Explaining the rationale behind the theme ’Humans 2006’ for his exhibition, Mohammadreza Mizraei, said the display is devoted to life, death, people and the relationships between them and, of course, loneliness."I was influenced by a poem by Bijan Jalali, the Iranian poet who said ’the living is impossible/but we are still here/with ambitions of everything/and we go/and we come’"."In my mind the location in the ’Humans’ series is a kind of utopia, a nondescript town, somewhere that nobody know where. It is a stage that becomes a metaphor about life — people come, stay for a while, talk, stand, sit, play…do what they should do, and then leave the stage."Elie Domit, Creative Director at The Empty Quarter, who curated both displays, pointed out that Mirzaei’s style is unique, dispassionately recording scenes with precision. Setting up his camera at a distance, he sees and records anonymous people or ’Humans’, making cameo appearances, alone or in groups, frozen against backdrops of expansive and empty skies."His photographs can be viewed as pure documents of time passing in a specific place. Life goes on, people come and go, interact, continue on their separate ways, and the land and sky always remain. The viewer can also look a little deeper and interpret the images allegorically — as a comment or exploration of the nature of our human condition," Domit said.In a contrasting display Lou Raizin’s ’Seasons of Solitude’ explores the idealized place, where time stands still. A place strong and silent, alone but not lonely, a place that might just be just outside the window, but hard for most to find.Raizin explains that In the midst of the technical bombardment of emails, cell phone calls and web traffic, coupled with the daily news, automobile congestion and a world in flux, man strives to escape – a change of season.His body of work evokes a place of simple solitude, quiet and thought provoking, where one can take a geographic cure to discover the tranquility within.Domit said Raizin’s approach to photography is to capture a moment that reveals itself through artistic impulse, to allow himself to be touched and to be influenced by what he sees, to articulate the experience, and to illuminate it."Raizin’s photographs reflect who he is and how the subjects impact him. He looks through the lens of his camera and closes his eyes to see," the curator added.The exhibitions opened tonight and will run every day from 9am to 9pm until June 15, 2009

Dubai International Financial Centre announces the appointment of Abdulla Al Awar as Chief Executive Officer of DIFC Authority

Dubai International Financial Centre (DIFC) has announced the appointment of Abdulla Mohammed Al Awar as Chief Executive Officer of DIFC Authority, one of the main bodies of DIFC. Abdulla was previously Managing Director of DIFC Authority.Abdulla Al Awar succeeds outgoing CEO Nasser Alshaali who is leaving to pursue a career in the private sector, after a three year tenure at DIFC.Welcoming the appointment, His Excellency Dr Omar Bin Sulaiman, Governor of DIFC, said: "Abdulla has been an integral part of DIFC since its inception in 2004, and a key player in its growth and development as an internationally recognized centre. This new role recognizes Abdulla’s capabilities and commitment to DIFC.""As we enter a new phase of an even more integrated global economy, I am confident that Abdulla’s experience and knowledge will help him achieve new milestones, especially in service excellence, which will help steer DIFC closer towards achieving its vision of shaping tomorrow’s financial map as a global gateway for capital and investment", added Dr. Bin Sulaiman.Mr. Al Awar said: "I am honored to have been selected for this position at this critical juncture of our progress, and grateful for the vision and support shown by HH Sheikh Mohammed bin Rashid Al Maktoum, President of DIFC to future business leaders. I am excited about the challenges and opportunities of this role and look forward to supporting DIFC’s mission of creating sustainable growth in the region through a vibrant financial services cluster."David Eldon, Chairman of the Board, DIFC Authority stated, "I would like to congratulate and welcome Abdulla to his new position. We are confident in his capable leadership and ability to build and further improve DIFC’s position among the leading financial centres of the world." Wishing outgoing CEO Nasser Alshaali a successful future in the private sector, Dr. Omar commented, "We thank Nasser for playing a pivotal role in building DIFC into a globally recognized player. Today, DIFC has become the largest International Financial Services Industry cluster in the region between Singapore and Europe with more than 780 firms.Commenting on his departure Nasser Alshaali said: "During the past four years at DIFC, I have witnessed the region’s prominence in the global economy rise in a way unprecedented in modern history. With Dubai and the UAE’s financial industry in the lead, and supported by DIFC’s infrastructure, Abdulla will take this city within a city to new heights".In his recent role as Managing Director of DIFC Authority, Abdulla was responsible for overseeing the management of the body of DIFC, charged with developing overall strategy for the centre. His responsibilities included attracting financial institutions to operate in DIFC as well as the creation of an ideal platform for non-financial & professional service providers that support the constant development of the financial sector.

The Indian Business Community in the UAE Is an Important Partner in the Nation’s Development, Says HE Dr Omar Bin Sulaiman

The Indian business community in the UAE has been an integral partner in the growth story of the nation, HE Dr Omar Bin Sulaiman, Governor of the Dubai International Financial Centre, told members of the Indian Business & Professional Council on Sunday."The development and success of the UAE and Dubai wouldn’t be what it is without the committed, dynamic and entrepreneurial contribution of the Indian community," Dr Omar told the lunch meeting.Not only is the Indian community in the UAE a significant partner in growth, but so too does trade between the UAE and India engage a significant share of the UAE economy, he said. UAE exports to India have grown at a faster pace than overall growth in UAE exports, while imports from India have increased by a factor of 30 between 1990 and 2008, reaching US$13.7 billion by the third quarter of that year."The potential of both the Middle East and India has yet to be reached in full, but I believe that the Indian community here in Dubai and the UAE can be a catalyst to help our regions realise their full possibilities," Dr Omar said."The infrastructure and business environment in Dubai and the UAE offers a fertile trade and financial hub from which Indian businesses have flourished and expanded into the entire region, while the entrepreneurial spirit of the Indian expatriate community, as well as its links with the Indian economy, offer multiple opportunities for both sides to work together toward the betterment of all," Dr Omar said."In fact, some of Dubai’s biggest brands and commercial enterprises were founded by members of the Indian community in Dubai and have played an important role in contributing to the rise of Dubai as not just a regional, but also a global centre of trade, commerce, finance, education, healthcare, transportation and tourism," he added.Bilateral investment also is substantial, with India courting GCC capital and Indians representing the third largest source of investment into the Middle East, after the United States and the United Kingdom.Commenting on the enduring strength of Dubai’s economy, Dr Omar pointed to a new study of Indian and Pakistani schools by the Dubai Knowledge and Human Development Authority that showed a 2% increase in enrolment numbers for the 2009 academic year, which began in April."Given that these communities represent a large portion of the Dubai expatriate population, this is another sign that, despite the empty talk of sceptics, there is a continuing flow of real data showing the stability of the expatriate population," Dr Omar said. "We are confident that similar results will be found in other expatriate schools with the start of their new academic year in the fall."

Dubai’s Economy Is Undergoing A Structural Shift Toward Long Term Sustainability, Says HE Dr Omar Bin Sulaiman

The composition of Dubai’s economy will undergo a structural shift over the next few years toward sustainable long term sectors such as transportation, healthcare, education, tourism and financial services, HE Dr Omar Bin Sulaiman, Governor of the Dubai International Financial Centre (DIFC), told members of the Dubai Chamber of Commerce & Industry on Thursday.“This shift in the relative importance of various sectors of the economy is, in fact, a central component of the Dubai Strategic Plan 2015, but it’s happening more quickly than envisioned by the plan, largely due to the impact of the global crisis,” said Bin Sulaiman during the Dubai Chamber’s quarterly Business Breakfast, its second of 2009. “Additionally, because many of these sectors impact residents’ quality of life, the shift currently underway will further enhance Dubai as a place to live, especially alongside the government’s continued support of culture and the arts,” Bin Sulaiman told the participants. At the same time, high-growth industries such as real estate will continue to be integral to the make-up of Dubai’s economy, he said. The networking event is part of the Dubai Chamber’s active support and promotion of the interests of the emirate’s business community, as well as the Dubai Government’s policy of dialogue and engagement with the private sector. “This event aims at facilitating direct communication between public and private sectors where our members are presented with an opportunity to put forward issues and challenges that they face before the concerned officials.” Stated HE Hamad Buamim, Director General of Dubai Chamber of Commerce & Industry, during his presentation on the latest developments witnessed by Dubai business community. Buamim stated that Dubai’s Economy is witnessing the first signs of recovery and investors are showing more confidence. “According to the latest findings and figures profit rates in the banking sector has only dropped by 4%, while assets increased by 2%. Passenger traffic recorded by Dubai International Airport increased by 6.5% in April, and it is expected that this number reaches 10% in 2009, in a strong indication that Dubai is still a favored business and tourist destination, and it is ranked as the top FDI destination city in the World by the FT report” stated Buamim, while highlighting other equally significant growth rates recorded by the tourism and hospitality industry, electricity and water demand, in addition to Dubai’s recent population growth by 8%.  “Despite the crises Dubai’s current exports are still growing in comparison with the exports of 2007, since 2008 was an exceptional year of growth and 2007 is the norm and we still expect to see more growth” he concluded During his keynote speech HE Dr. Omar Bin Sulaiman added: “We are blessed to be living in an open and flexible market economy that allows us to adjust quickly in the face of rapidly changing global conditions. As a result, we soon will begin to see signs of a mature economy taking shape in Dubai and the UAE.” Despite these shifts, trade will remain a significant contributor to the emirate’s GDP, especially given the substantial investment in Dubai’s transport and logistics infrastructure and the more than 200 destinations served by its seaports and airports. And while acknowledging that this economic shift comes with pain to some companies and employees, he said the issue is more about a shift in the mix of jobs, rather than a decline in employment. “While there has been a loss of jobs in real estate and related sectors for example, positions are opening up in healthcare, education, hospitality, financial services and trade.” Examples of this include Emaar who recently announced the creation of 10,000 jobs in Dubai Mall as well as its hospitality and entertainment divisions, the more than 2,000 new employees that will be hired by Dubai Metro by the time it opens in September, and the thousands of healthcare workers who will be employed by clinics and hospitals opening in Dubai Healthcare City and elsewhere in the emirate. With regard to the financial services sector, Bin Sulaiman said company applications to DIFC’s regulator, the Dubai Financial Services Authority, are running higher in 2009 to date than over the same period in 2008. “This means that the DIFC will continue to be a major driver of growth in the number of high-end professionals working in Dubai, both today and in the future. For example, at the end of 2008, there were more than 14,000 of these professionals working at the DIFC, a number set to grow to 60,000 by the time the DIFC is completely built,” Bin Sulaiman said. Among the many steps the government is taking in its primary role as infrastructure provider and business enabler is support of the skilled workers already here in Dubai, through flexibility regarding visas of those who have lost their jobs. Moreover, the Dubai Government is working on creating a fund to support Dubai-based entrepreneurs who are running small- and medium-sized businesses, an initiative led by the Dubai Department of Economic Development.

World’s largest independent actuarial and consulting firms, Milliman Inc., registers office at the DIFC to serve Middle East, Africa and South Asia

Milliman Inc., one of the world’s leading consulting and actuarial firms, announced that it has registered an office at the Dubai International Financial Centre (DIFC) to serve the Middle East, Africa and South Asia region.The American-based firm offers a broad range of actuarial services. It brings its expertise with the aim to assist regional financial institutions and insurance companies in providing innovative products that simultaneously manage both investment and longevity risk. HE Dr. Omar Bin Sulaiman, Governor of the DIFC, welcomed Milliman Inc to the DIFC and the region. “Milliman joins a long list of leading global institutions that have made the DIFC their home since we opened and we welcome them and offer all support to ensure their success in doing business in the region. “Africa, Middle East, the Gulf and the Subcontinent region is bubbling with energy and vibrancy despite the ongoing global crisis and is poised to come out of it sooner and in better shape. This is evident in the shift of global commerce towards the East. It is a good time to focus on this region and we are sure that with the global expertise that Milliman possesses, it will do excellently and add value to the region,” Dr. Omar added. Debo Ajayi, Managing Consultant and Director of Milliman in Dubai said: “Milliman’s wide range of talents and global experience are ideally suited to meeting client needs in the Middle East, Africa and South Asia. We will respond to the growing demand for customised solutions in the insurance and financial services areas.” “Financial institutions have for years been under stress because of the twin threats of volatile capital markets and uncertain longevity trends, and the recent global financial crisis has compounded the situation. Many firms are now taking a new approach to risk management by offering retirement savings products with built-in guarantees. The global expertise that Milliman has developed in guaranteed products and the sophisticated risk management systems and processes needed to manage them will become increasingly relevant as organisations in the Middle East look to enhance their retirement savings products,” he further said. Milliman hosted a 1-day seminar on investment guarantees on 26 May in Dubai. The event, titled ‘Investment Guarantees: Managing Risk in Challenging Markets’, looked at the current state of the industry, examined some of the lessons learned in the wake of the recent financial crisis, and discussed future trends. The seminar compared and contrasted financial risk management practices in North America, Asia, and Europe, and discussed the potential to apply these techniques in the Middle East. It also included an in-depth discussion of the global financial situation, an overview of promising risk management strategies, and the presentation of a case study highlighting the use of a capital guarantee, hedging, and a best-practices process to maximise portfolio performance. Speakers included Ken Mungan and Ghalid Bagus of Milliman’s Financial Risk Management practice from the Chicago office. For more information, please call +971 4 3289828 Or email: dubai@milliman.com

DIFC Knowledge Series Seminar Explores Bonds And Sukuks

The Dubai International Financial Centre (DIFC) today hosted a seminar to highlight the infrastructure and support it provides organisations seeking to attract investment through bonds and sukuks (Shari’a-compliant bonds).

Titled ‘Structuring and Issuing Bonds and Sukuks, the seminar was the fourth event that formed part of the DIFC Knowledge Series, a regular series of seminars organised by DIFC to raise awareness about its infrastructure, regulations and business support services. Senior officials from DIFC Authority, and the Dubai Financial Services Authority spoke at the event.

Abdulla Al Awar, Managing Director of DIFC Authority said: “Bonds and sukuks have become a vital financing tool for companies and governments in emerging markets. Well-functioning local bond and sukuk markets reduce exclusive reliance on bank loans. They also widen the set of financial instruments available for savers and investors and broaden investment opportunities. DIFC provides a platform for governments and companies to efficiently and competitively issue these securities. The financial district’s regulations, the pool of global expertise available within the DIFC community, and the access offered to an internationally linked market through Nasdaq Dubai provide the ideal support for companies and governments seeking to tap regional and international investors through bonds and sukuks.”

NASDAQ Dubai is the largest exchange in the world for sukuk listings by value with 20 sukuks worth $16.45 billion listed on the exchange. In 2008 alone, nine sukuks worth $6.33 billion were listed on the exchange. It also lists conventional bonds.

Martin Kinsky, Managing Director – Markets, DFSA said: “DIFC continues to be an excellent location for the issuance of debt instruments in the region. The DFSA is committed to monitoring world developments to ensure that its regulatory standards are effective and efficient to assist the growth of the financial services industry in DIFC.”

Amit Sahi, Senior Manager, Listings, NASDAQ Dubai, said: “As the region’s international exchange, NASDAQ Dubai is committed to providing an effective listing platform for fixed income issuance. We welcome issuers of conventional bonds and sukuks to our market.”

Topics that were addressed at the Knowledge Series event included regulations for bonds and sukuks in DIFC; listing requirements for sukuk in Nasdaq Dubai; Shari’a compliance for sukuks; preparing a sukuk issue; and legal requirements for a bond or sukuk issuance. Speakers at the event also presented an overview of the bonds and sukuk market in the region.