The physical infrastructure of the Dubai International Financial Centre - the Gate building, its location at the centre of Dubai business district - may be the lure for many firms thinking of location options in the region.
But the DIFC's "soft" infrastructure is often the clincher. No other financial centre in the Middle East can offer its mix of regulatory, legal and arbitration facilities.
At the heart of this "soft" infrastructure are two organisations set up at the very beginning of the DIFC project: the DIFC court system, and the Dubai Financial Services Authority (DFSA).
Both were designed to give firms operating in the emirate access to standards of "international best practice" in regulatory supervision and dispute resolution.
The DFSA exists to ensure that DIFC member firms comply with recognised standards with regards to potential market manipulation, insider trading, money laundering and a host of other activities proscribed by its rule book.
Developing those principles was the job of the first two DFSA bosses, David Knott and Paul Koster.
Ian Johnston, the tough Scot who has been the DFSA chief executive since last summer, is putting more emphasis on action.
"I tend to put more emphasis on enforcement," he says. "I think it's in the interests of the financial services industry to have a regulator who's a strong enforcer."
The DFSA has been ready to "name and shame" organisations and individuals that have infringed its regulations, with big-name scalps such as Barclays, Damas and Shuaa Capital all receiving hefty fines.
It has also been in the front line against crimes such as money laundering and terrorism funding.
"The regulator's role here is to detect where possible breaches have taken place and report it to federal UAE authorities," adds Mr Johnston. "The same applies to sanctions against Iran, which we treat very seriously. But I'm convinced that any serious money launderer would not try to do it via the DIFC."
The DIFC Courts were set up to reassure firms and investors that disputes would be judged according to international standards.
They are led by the Singaporean chief justice Michael Wang, a leading light in international business arbitration, with a team of highly qualified and experienced judges, including the first female judge in the UAE and several Emirati judges.
The Courts were entrusted with resolving perhaps the most critical event in Dubai's business history: the resolution of disputes arising from the US$25bn restructuring of Dubai World in 2010. It has also judged hundreds of minor disputes via its small-claims procedures.
fkane@thenational.ae
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
T20 World Cup Qualifier, Muscat
UAE FIXTURES
Friday February 18: v Ireland
Saturday February 19: v Germany
Monday February 21: v Philippines
Tuesday February 22: semi-finals
Thursday February 24: final
More from Neighbourhood Watch:
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
Six large-scale objects on show
- Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
- The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
- A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
- Frank Lloyd Wright’s 1930s Kaufmann Office
- A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
- Torrijos Palace dome
The winners
Fiction
- ‘Amreekiya’ by Lena Mahmoud
- ‘As Good As True’ by Cheryl Reid
The Evelyn Shakir Non-Fiction Award
- ‘Syrian and Lebanese Patricios in Sao Paulo’ by Oswaldo Truzzi; translated by Ramon J Stern
- ‘The Sound of Listening’ by Philip Metres
The George Ellenbogen Poetry Award
- ‘Footnotes in the Order of Disappearance’ by Fady Joudah
Children/Young Adult
- ‘I’ve Loved You Since Forever’ by Hoda Kotb
THREE POSSIBLE REPLACEMENTS
Khalfan Mubarak
The Al Jazira playmaker has for some time been tipped for stardom within UAE football, with Quique Sanchez Flores, his former manager at Al Ahli, once labelling him a “genius”. He was only 17. Now 23, Mubarak has developed into a crafty supplier of chances, evidenced by his seven assists in six league matches this season. Still to display his class at international level, though.
Rayan Yaslam
The Al Ain attacking midfielder has become a regular starter for his club in the past 15 months. Yaslam, 23, is a tidy and intelligent player, technically proficient with an eye for opening up defences. Developed while alongside Abdulrahman in the Al Ain first-team and has progressed well since manager Zoran Mamic’s arrival. However, made his UAE debut only last December.
Ismail Matar
The Al Wahda forward is revered by teammates and a key contributor to the squad. At 35, his best days are behind him, but Matar is incredibly experienced and an example to his colleagues. His ability to cope with tournament football is a concern, though, despite Matar beginning the season well. Not a like-for-like replacement, although the system could be adjusted to suit.
Zimbabwe v UAE, ODI series
All matches at the Harare Sports Club
- 1st ODI, Wednesday, April 10
- 2nd ODI, Friday, April 12
- 3rd ODI, Sunday, April 14
- 4th ODI, Sunday, April 16
Squads:
- UAE: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Mohammed Usman, CP Rizwan, Chirag Suri, Mohammed Boota, Ghulam Shabber, Sultan Ahmed, Imran Haider, Amir Hayat, Zahoor Khan, Qadeer Ahmed
- Zimbabwe: Peter Moor (captain), Solomon Mire, Brian Chari, Regis Chakabva, Sean Williams, Timycen Maruma, Sikandar Raza, Donald Tiripano, Kyle Jarvis, Tendai Chatara, Chris Mpofu, Craig Ervine, Brandon Mavuta, Ainsley Ndlovu, Tony Munyonga, Elton Chigumbura
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Killing of Qassem Suleimani
'Outclassed in Kuwait'
Taleb Alrefai,
HBKU Press
