Dubai's ambition to be the region's leading financial hub received a major restructuring after the announcement on Tuesday that the Dubai International Financial Centre (DIFC) will be split into two. The DIFC Authority, a government body that runs the centre in downtown Dubai, will see its property portfolio managed by a new entity, the DIFC Properties. The business development and legislation arm will remain called the DIFC Authority, but with a new chief executive.
This is a welcome move. The growth of the DIFC is a vital part of growing the financial-services sector of the city's economy. The property portfolio of the DIFC has always been the most lucrative part of the business. This move will allow the new leadership at the DIFC Authority to concentrate on the financial markets.
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