The head of the Dubai International Financial Centre (DIFC) has been replaced in what is being described as a strategic re-positioning related to continuing financial issues in the emirate. , who has been governor of the centre since it opened its doors five years ago, has been succeeded by Ahmad Humaid Al Tayer, according to press reports. Tayer is a former finance minister, chairman of Emirates NBD, the Dubai bank and vice chairman of the Dubai Aluminum Company, among other posts.

Sheikh Mohammed Bin Rashid Al Maktoum, Dubai’s prime minister and ruler, was said to be behind the change, which was accompanied by the removal of three other people from the board of the Investment Corporation of Dubai, a government holding company, reports said. Officials from the DIFC did not immediately reply to phone calls or emails seeking comment. A leading figure Bin Sulaiman was described as one of the leading figures behind the transformation of Dubai into a globally-ranked financial centre. Sources familiar with the situation said the changes reflected a move away from the “newer faces” – like Bin Sulaiman’s – which became more prominent during Dubai’s recent boom, back to those of the emirate’s old and established families, of which Al Tayer’s is said to be one. In making the changes, Sheikh Mohammed was said to be seeking to boost investor confidence in the emirate’s management ahead of a major bond issue.