x Abu Dhabi, UAEFriday 28 July 2017

Timetable of troubles at the top

2004 The Dubai International Financial Centre (DIFC) is established. November 2009 Dr Omar bin Sulaiman is dismissed as governor of the DIFC by Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, amid allegations that he abused his position and spent public funds for personal use. Ahmed Humaid al Tayer, the chairman of Emirates NBD bank, is appointed as DIFC governor.

December 2009 Bisher Barazi steps down from his post as managing director of DIFC Investments on December 21. March 2010 Dr bin Sulaiman is arrested for allegedly embezzling Dh50 million (US$13.6m) in public funds that were called "performance bonuses". April 2010 DIFC hires the consultancy McKinsey to help review its strategy. Bisher Barazi files a case in DIFC Courts to recover severance benefits he claims he is owed by the DIFC. May 2010 Dr bin Sulaiman is released from custody after repaying Dh51.5m. DIFC Investments, which owns properties and invests on the DIFC's behalf, writes down $562.3m due to the declining property market and poor-performing investments.