x Abu Dhabi, UAESunday 23 July 2017

Dubai International Financial Centre law change 'to boost legal clarity'

Sheikh Mohammed has ordered amendments to the law governing DIFC that provide more 'legal clarity'.

DUBAI // A law governing the Dubai International Financial Centre has been amended to give the six-year-old system more "legal clarity and transparency", the state news agency WAM reported yesterday.

Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, issued the amendment to Law 9 of 2004, which established the DIFC as a financial free zone.

The amendment governs how the president of the centre is appointed and the length of time he serves.

According to the new law, the DIFC must create a Higher Board, with representatives from the DIFC Authority, Dubai Financial Services Authority and the DIFC Courts, headed by Sheikh Maktoum bin Mohammed, Deputy Ruler of Dubai. The governor of the DIFC will be appointed by the Ruler of Dubai - and on the proposal of the DIFC president - for a four-year term. The DIFC Authority will also have a board, a chief executive and an executive body.