IFLR sat down with the chief executive of the Dubai Financial Services Authority (DFSA), Paul Koster, at an interesting time in the Dubai International Financial Centre (DIFC)'s development.
The centre was a key hub during the boom years, but suffered from a downturn in the real estate market that was its very foundation. More recently, political unrest and a u-turn by Qatar on the shariah compliance of international banks offering Islamic banking has cast a shadow over Dubai that is hard to avoid.
The fates of property developer Dubai World are inexorably linked with the DIFC. As the company emerges from its insolvency proceedings, the DIFC is attempting to reassert itself as a regulatory leader in the UAE and around the region. As the regulatory cliché goes: never waste a good crisis.
Here, Koster lays out his priorities and names his challenges, and gives his position on the future...