His Excellency Dr. Omar Bin Sulaiman, Governor of the Dubai International Financial Centre (DIFC), has been appointed Chairman of the Board of Directors of the Young Arab Leaders (YAL) Organisation, replacing Saeed Al Muntafiq whose term will come to an end during the coming few weeks.
Al Muntafiq, who is also Executive Chairman of Tatweer, spoke of his pride of the organisation's achievements under his chairmanship. He said the organisation has established itself strongly as a unique business networking platform. He also stressed that through its wide range of programmes and initiatives, the organization has succeeded in having a remarkable impact on young people throughout the Arab world.
Al Muntafiq expressed his gratitude to the Board of Directors including His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice president and Prime Minister of the UAE and Ruler of Dubai, H.H. King Abdulla The Second of Jordan and H.H. Sheikh Salman Bin Hamad Al Khalifa, Crown Prince of Bahrain, for their trust and support during his term in office.
"I am confident the distinguished board will strongly back the new chairman in his endeavours to empower YAL members by putting the organisation's objectives into effective action," Al Muntafiq added.
"Since 2005, YAL has been actively involved in key business forums across Asia, Europe and North and South America. Our prime focus has been to initiate and activate new channels for dialogue and collaboration between the Arab region and the rest of the world. We look to the new board, with hope and confidence, to further the organisation's role as a pivotal player in building up the capabilities of the Arab youth.,"
Al Muntafiq underlined the importance of introducing new blood to the YAL’s board and said that new talent and expertise will ensure more opportunities for Arab Youth in education, leadership development and entrepreneurship.
His Excellency Dr. Omar Bin Sulaiman was unanimously voted chairman of YAL by the Board of Directors during a special meeting held in Dubai in October.
Commenting on the appointment, the incoming chairman thanked the Board of Directors for their support and said: "I am privileged to lead one of the prominent organisations in our region. Aware of the size of this tremendous responsibility, I will spare no effort in enforcing the organisation's role as a leader of development. I am looking forward to working with the YAL team to establish further successes both regionally and internationally," he said.
With more than 500 members representing 10 countries, Young Arab Leaders has built a solid reputation as a network of Arab men and women eager to trigger change in the world around them. The YAL has established relations with more than 1,000 leaders in various fields across the world.
The organistion has provided training opportunities to more than 1200 young leaders across the Arab world. It has also provided thousands of internships and scholarships to young people in the region.
Over the past two years, other achievements have included opening five representative regional offices across the Arab region. YAL has also been proactive in organising business forums in Asia, Europe and America, leveraging them as platforms for fruitful dialogue between the Arab region and other parts of the world.
His Excellency Dr Bin Sulaiman is the Governor of the Dubai International Financial Centre (DIFC) www.difc.ae. Prior to joining the DIFC, he was the Chief Executive Officer of Dubai Internet City (DIC). He led the development of DIC into a major ICT cluster. He also led the development of several other entities under the banner of the Dubai Technology and Media (TECOM) Free Zone Authority. His Excellency Dr. Omar Bin Sulaiman is one of the most active board members of YAL and can be characterised as an entrepreneur, an inspiring leader and a strategic planner.
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 400 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:
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)
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)
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.
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). (www.difx.ae)
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).
