Dr Omar Bin Sulaiman, and Mr Martin G. McGuinn, chairman and chief executive officer of Mellon Financial Corporation discussed future plans and strategies for the DIFC and the Mellon group.

The Dubai International Financial Centre (DIFC) has been established as part of the goal to position Dubai as a universally recognised hub for institutional finance and as the regional gateway for capital and investment to the Middle East.

The DIFC Authority is the core body established by the Dubai Decree that issues all the laws and regulations for all the non-financial entities who will operate in the DIFC, and houses the Companies and Security Registries. The DIFCA is also the marketing arm of the DIFC and has the mandate to attract financial and non-financial entities to set up in the DIFC.

The Dubai Financial Services Authority (DFSA) is the independent regulator of all financial and related ancillary services conducted in or from the Dubai International Financial Centre (DIFC) - for example, asset management, banking, securities trading, Islamic finance, re-insurance, and an international financial exchange. The DFSA has been created using principle-based primary legislation modelled closely on that used in London and New York, and the DIFC regulatory regime operates to standards that meet or exceed those applying in the world's major financial centres.

The laws, enacted by His Highness Sheikh Maktoum bin Rashid Al Maktoum provide for a new court system designed especially for the DIFC and the sophisticated transactions that will be conducted within it.

solutions and investor services, and treasury services. Mellon has approximately $4.5 trillion in assets under management, administration or custody, including $766 billion under management. Its asset management companies include The Dreyfus Corporation and U.K.-based Newton Investment Management Limited. News and other information about Mellon is available at www.mellon.com.

Any opinions, advice, statements, offers or other information expressed in this section of the AME Info Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC. AME Info FZ LLC is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AME Info Web site.

This is cache, read story here