New initiatives, members announced at DIFC, DIFX

Amongst the initiatives announced was the launch of a subsidiary called DIFC Investments (Company) LLC (DIFC Investments). The subsidiary will be responsible for all non public administration activities previously carried out by DIFC Authority.

This will include amongst other things, all commercial and other activities such as the operation and management of any current and future subsidiaries, the development of the centre's investment strategy and relevant policies and any other strategic investments or alliances which will further the goals and objectives of the Dubai International Financial Centre.

DIFC Investments will contribute to the fulfillment of the centre's vision.

Following the launch of the DIFC Investments, the centre announced the acquisition of more than 1 per cent stake in Euronext, Europe's leading cross-border exchange.

The DIFC also officially launched the Family Office. One of the key objectives of the DIFC is to make available the infrastructure which is ideally suited to provide wealth management services in the fullest sense.

The Family Office at the DIFC will play a crucial role in the coming years. The DIFC has all the strategies in place to facilitate the Family Office. Family run businesses can look forward to the right organisations or individuals who will help them focus on issues such as anticipating the financial challenges ahead; identifying the right strategic advisors; supporting the development of a family "process"; serve as a communication conduit to keep family members informed; recognise and address family system dynamics that impede progress; and celebrate the success of the family through the transition.

New members who joined the DIFC include DBS Bank, the largest bank in Singapore and fifth largest banking group in Hong Kong; Injazat Capital, the pioneering Islamic Investment Bank in the Middle East and North Africa region; IXIS Corporate & Investment Bank, part of the Groupe Caisse d'Epargne of France and a leading player on the capital markets; and Lloyds TSB Offshore Limited, who will advise on financial products or credit, and arrange credit or deals in investments.

Meanwhile, Japan Bank for International Co-operation, a Japanese Government Institution which was established in 1999 following the merger of the Export-Import Bank of Japan (JEXIM) and the Overseas Economic Cooperation Fund (OECF), opened its 26th representative office in the DIFC.