DUBAI'S PLANS FOR the development of its financial sector have
taken a new step forward with the appointment of Ian Hay Davison to
head the regulatory council of a proposed international financial
centre.
The grandeur of the design, which envisages a capital market as
well as insurance, offshore banking and Islamic banking centres, is
typical of the approach Dubai has adopted in efforts at modernizing
and diversifying its economy. While other Gulf states anguished
over the need to provide investable opportunities for local and
international money, Dubai has moved characteristically rapidly
since the announcement of the project last November.
As well as the appointment of Hay Davison, a former chief
executive of the Lloyd's of London insurance market and sometime
managing partner at Arthur Andersen, a shortlist of three has been
drawn up for the post of chief commissioner responsible for
regulation and enforcement. An appointment is expected in a couple
of months. ...
