July 25 (Bloomberg) -- Abdullah Mohamed Saleh, the chairman of the Dubai Financial Services Authority, was named governor of the Dubai International Financial Centre tax-free business park, replacing Ahmed bin Humaid al Tayer.
The change is effective immediately, according to a statement posted on the website of Dubai’s ruler, Sheikh Mohammed Bin Rashid Al Maktoum.
The Dubai Financial Service Authority is the regulator of the DIFC, the Persian Gulf’s biggest financial center and home to the regional offices of banks including Goldman Sachs Group Inc., Citigroup Inc. and Standard Chartered Plc. Dubai set up DIFC in 2004 with its own regulations and an international stock market to attract foreign banks, asset managers and insurers to help diversify the economy.
Al Saleh became chairman of the DFSA in May 2007. He was chairman of National Bank of Dubai PJSC, which until March that year was the United Arab Emirates’ fourth-biggest bank by assets before its merger with Emirates Bank International PJSC. The combination of the two banks that year created Emirates NBD PJSC, the U.A.E.’s biggest bank.
Al Tayer, a former chairman of Emirates NBD and a U.A.E. minister of state for finance and industry, was appointed governor of the DIFC in November 2009. He was replaced as the chairman of Emirates NBD in June.
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