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DIFX names Soud Ba'alawy chairman of the board

02 July 2007  |  1647 views  |  0 Source: Dubai International Financial Exchange

The Board of the Dubai International Financial Exchange (DIFX) commences its new term with the appointment of a new Chairman and three new directors following its Annual General Meeting held on 25th June.

The Board will focus on the growth of the Exchange going forward.

The existing Board has appointed Soud Ba'alawy as the new Chairman of the DIFX, with immediate effect. Mr Ba'alawy is the Executive Chairman of the Dubai Group, the global financial conglomerate of Dubai Holding with extensive interests in investments, banking and insurance.

He will replace out-going Chairman, Dr Henry Azzam, who successfully oversaw the emergence of DIFX as the leading exchange in the region with a larger value of sukuk offerings than any other exchange.

Four of the existing directors will continue to serve on the Board. The directors of the new Board are: Soud Ba'alway (Chairman), Adel Al Shirawi, Bisher Barazi, Essa Kazim, George Möller, Saad Abdul Razak and Shadi Sanbar. The new Board does not include direct representatives of trading organisations or market participants. All of its members are non-executives.

Commenting on the changes, the Governor of the DIFC, His Excellency Dr Omar Bin Sulaiman said: "In the short period since its launch, the DIFX has already made enormous progress in successfully establishing itself as the leading financial exchange in the region. We would like to thank the retiring board members for their contribution. We welcome the new Chairman and Board members as they take the Exchange through its next phase of rapid growth."

Per E. Larsson, Chief Executive of the DIFX, added: "The DIFX would like to thank the retiring board members for their achievements in launching the first successful phase of the Exchange's development, operating to the highest international standards of regulation and governance. The new Board has been designed to facilitate our next objectives - more listings, more asset classes, new market segments and active participation in the continuing rapid consolidation of the international exchange market."

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