UNITED ARAB EMIRATES – Al Mulla calls for overhaul of DFSA, Nasdaq Dubai

A report by Arabian Business states that the founding chairman of Dubai’s financial regulator has called for a shake-up of the watchdog and its exchange.

 

In a comment piece in the Financial Times on the decision to split Dubai International Financial Centre Authority (DIFCA) – which governs the financial free zone – into two entities, Dr Habib Al Mulla, said a similar overhaul is needed at Nasdaq Dubai and its regulator, DFSA.

 

“It appears a healthy step… Similar management overhauls are needed at as Nasdaq Dubai, the centre’s exchange, and the DFSA, the centre’s regulator.

 

“In building up and renting out some of Dubai’s most desirable office space, however, the primary focus of the DIFC’s management so far has been confined to property – with most revenues derived from rental income,” Al Mulla said. “Given this focus, the split into separate divisions seems to make sense. The newly-independent DIFC Authority can focus on its primary role; enhancing the centre’s position as a financial hub and developing its business offerings,” he added.