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DIFX broadens board of directors

The new directors are, Hussain Al Qemzi, chief executive, Sharjah Islamic Bank, Yassine Bouhara ,head of Global Equity Derivatives and head of Global Markets, Middle East and North Africa, Deutsche Bank, Sameh El-Torgoman - chairman, Mortgage and Finance Authority, Egypt, Mukhtar Hussain, chief executive, Corporate and Investment Banking and Markets, Middle East and North Africa, HSBC Bank Middle East.

The other directors are Essa Kazim, director-general, Dubai Financial Market (DFM) and Shadi Sadeek Sanbar, special adviser to Kingdom Holding Company.

The move significantly broadens the regional and international composition of the board by increasing the representation of regional financial services experts, as well as of executives of global investment banks.

The expansion of the board at this time will assist the development of the exchange as it moves rapidly from its project phase towards its planned opening on September 26 and the appointments are effective from September 1, this year.

Lynton Jones, chairman of the DIFX, said: “We are delighted to welcome such talented and experienced individuals to the DIFX board. Their skills and expertise, gained at organisations ranging from leading international banks to prominent Middle Eastern financial organisations, will complement those of existing directors."

With the arrival of the new directors, Sameer Al Ansari, Chief Executive Officer of Dubai International Capital (DIC), has stepped down from the board.

The target areas of the DIFX for seeking issuers include the Gulf Cooperation Council states and the rest of the Middle East and North Africa, as well as South Africa, Turkey, Central Asia and the Indian sub-continent.