Dubai's DIFC Authority names al-Ghurair chairman

Dubai International Financial Centre Authority (DIFCA), the governing body of the emirate's offshore financial district, has appointed Abdul Aziz al-Ghurair as its new chairman of the board, it said in a statement on Sunday.

Al-Ghurair, who is the chairman of Dubai lender Mashreq bank, is also the deputy chairman of the board of DIFC, which since 2004 has been a financial free zone for 800 firms, including 21 of the top 30 global banks, global asset managers, insurers and law firms.

As of 2011, al-Ghurair’s net worth was estimated by Forbes to be $2.7 billion, making him the 420th richest person in the world.

Dubai's Ruler Sheikh Mohammed bin Rashid al-Maktoum named a new board for DIFC in August last year.