STATEMENT OF THE DFSA REGULATORY COUNCIL

The Regulatory Council of the Dubai Financial Services Authority (DFSA) met recently to discuss a number of important issues relating to the DFSA. Following the meeting, the Council issued the following statement.'The Council strongly welcomed the news that His Highness the President of the United Arab Emirates has issued the Federal Decree (No.35 of 2004) establishing the Dubai International Financial Centre (DIFC). This Decree and accompanying Cabinet Resolutions complete the federal legislative process that is necessary to formally establish the DIFC.

The Council met with His Highness Sheikh Mohammed in London on 29 June and was pleased to receive from him his strong affirmation of the independence of the DFSA as the regulator of financial and ancillary services in the DIFC. His Highness made it clear that this independence includes all decision-making relating to regulatory matters and to executive appointments in the DFSA; and accountability directly and only to the office of His Highness.

His Highness also assured the Council that this independent status takes immediate effect and will be enshrined in the forthcoming Dubai Law relating to the DIFC. This Law will complete the legislative process that enables the DIFC to commence operations.

His Highness Sheikh Mohammed also expressed to the Council his strong commitment to the highest standards of transparency and good governance throughout the DIFC, and stressed the importance of those standards in the development of the Centre.

The Council expressed to His Highness their strong and unanimous support for Dr Habib Al Mulla as the new Chairman of the Regulatory Council, and for David King, the new Acting Chief Executive Officer of the DFSA.

'The Council and I are delighted to have received the support of His Highness in this period. We are confident that it will now be possible for us to move forward on a secure basis', Chairman of the Regulatory Council, Dr Habib Al Mulla said

TRAINING & SIMULATION PAVILION TARGETED FOR DUBAI 2005 FEASIBILITY STUDY UNDER WAY

A feasibility study is now under way into the possibility of mounting a specialised pavilion devoted to training and simulation at Dubai 2005, the ninth international aerospace exhibition being held in Dubai, United Arab Emirates in November next year.

Dubai 2005 organiser, Fairs & Exhibitions (F&E), is currently working with industry experts on establishing the viability of the pavilion.

"With the Middle East hosting some of the world's youngest airlines and fleets; and modern land, sea and air forces, demand for training and simulation is exceptionally high," explained Clive Richardson, Chief Executive, Aerospace Group, F&E.

"At the last Dubai air show, a clear commitment to intensify training was given by His Highness Lt. General Sheikh Mohammed Bin Zayed Al Nahyan, Deputy Crown Prince of Abu Dhabi and Chief of Staff of the UAE Armed Forces, as he toured the exhibition."

During his tour of Dubai 2003, HH Sheikh Mohammed bin Zayed spoke of how the UAE Armed Forces would invest heavily in training. "In the UAE our main resource is our people and we will continue to invest in them," he said.Demand for training and simulation is also forecast from the private sector with no less than seven new airlines being announced in the Middle East over the past year and major aircraft manufacturer, Boeing, predicting high passenger traffic and fleet investment.

Boeing recently forecast the Middle East would record annual passenger traffic of around 5.5% in the coming years yielding demand for 790 aircraft, worth some US $81 billion, over the next two decades.

"The Middle East's aviation industry has proved to be the most resilient in the world in recent years and combined with the move throughout the region towards the employment of indigenous nationals, training will be high on most airlines' agendas," said Richardson. The Training & Simulation pavilion would be the third specialised arena to be introduced into the Dubai air show. In 2003, a dedicated helicopter pavilion debuted and met with immediate success while a pavilion focused on the unmanned aerial vehicles sector is slated for 2005.

"Vertical pavilions are a significant way ahead in the development of the show," said Richardson. "They enable exhibitors from a specialist sector to present themselves as one cohesive body, while visitors can more quickly reach the participants they most wish to see making their stay at the show more focused and productive."Dubai 2005, which will be held at Airport Expo Dubai from November 20-24, is being organised by F&E in conjunction with the Department of Civil Aviation, Government of Dubai and in co-operation with the UAE Armed Forces.

DIPLOMAT RADISSON SAS BAHRAIN OPENS NEW RESTAURANTS
State-of-the-art kitchen in prime focus

Bahrain, More than 500 guests have attended the grand opening party of The Diplomat Radisson SAS , Bahrain's new state of the art kitchen built by the Italian company Angelo - Poe. The kitchen will serve two new restaurants; Mondo and Kontiki.

"We are proud to be able to showcase the new additions and facilities offered at The Diplomat." said Radek Cais, General Manager of the Diplomat Radisson SAS Hotel.

Mondo lounge, bar and restaurant is set to be Bahrain's top location for an easy going, flamboyant and vibrant evening and Kontiki the unique Polynesian restaurant, offering relaxed tranquil settings and a taste of Asia.

Guests, including corporate business executives, travel partners, ambassadors and the media, had the opportunity to visit the kitchen and see dishes from across the world being prepared, presented and served in all four corners of the impressive new facility. Entertainment included an ice carving exhibition and live music.

Radek said, "We aim to provide the best for all our customers and feel that these facilities will achieve this. On behalf of the National Hotels Company and Radisson SAS Hotels and Resorts we look forward to welcoming all customers to experience the flavour of the new Diplomat Radisson SAS."

Situated in the heart of Manama's prestigious Diplomatic area, The Diplomat Radisson SAS Hotel is the closest 5 star hotel to Bahrain International Airport and is in close proximity to main tourist attractions and shopping areas.

With 244 renovated spacious Classic, Italian and Maritime room styles and Royal Club rooms, the hotel provides high-speed internet access, one touch service and 24 hour room service.