Dr. Omar Bin Sulaiman, governor of Dubai International Financial Center (DIFC), yesterday welcomed OH Se-hoon, mayor of Seoul, South Korea, to the center and discussed economic and trade relations between the two countries. Bilateral trade relations between UAE and South Korea witnessed significant progress last year, reflected by the increase in the volume of trade, which stood at $13.1 billion during the period from January to October 2006, as well as by the visits made by public- and private-sector leaders and high-ranking officials from the two countries. The UAE and Korea have also signed important bilateral agreements and memoranda of understanding, as well as agreeing on the completion of other key agreements in the near future. Sulaiman visited Seoul in November 2006 when he spoke at the Seoul International Business Advisory Council.

DIFX

Dubai International Financial Exchange (DIFX) is the region’s first international financial exchange for equities, bonds, Islamic products, funds, index products and (subject to regulatory approval) derivatives. The target areas of the DIFX for seeking issuers include the Middle East and North Africa, as well as South Africa, Turkey and the Indian sub-continent. The regulator of the DIFX is the Dubai Financial Services Authority. The DIFX is located in the DIFC and its owner is the DIFC Authority.

HAWKAMAH

Hawkamah — the first institute for corporate governance in the region — has been established in partnership with a group of international institutions, including the Dubai International Financial Center (DIFC), Organization for Economic Cooperation and Development (OECD), UAE Ministry of Finance and Industry, Center for International Private Enterprise (CIPE), International Finance Corporation (IFC), the Union of Arab Banks (UAB), Dubai School of Government (DSG), Young Arab Leaders (YAL), and the Institute of Management Development (IMD). Meanwhile, the creation of DIFC Investments will result in the allocation to it of all non-public administration activities previously carried out by DIFC Authority. This will include, among other things, all commercial and other activities such as the operation and management of any current and future subsidiaries, the development of the center’s investment strategy and relevant policies and any other strategic investments or alliances which will further the goals and objectives of the center and contribute to the fulfillment of the center’s vision.

GM

Omar A. Balubaid has opened a new GM quickservice in Jeddah, bringing the total number of such centers in the Kingdom to eight. The new GM quickservice consists of five service bays which allows for more vehicles to be serviced at the same time and ensures high standards of customer service. “The new GM quickservice sets new standards for quick, high-quality servicing of GM vehicles,” said Joe Elenz, General Motors’ aftersales director in the Middle East. “Providing a lube, oil and filter change at a competitive price in 29 minutes or the next one is free — a totally new concept here in the region.” The centers are manned by qualified technicians who have been trained to provide customers with top quality service within the shortest time possible. Lube, oil and filter replacement — plus a free 15-point inspection is offered at SR85 for most GM vehicles. Once a vehicle is logged into the system, the receptionist presents the customer with a 29-minute countdown timer to monitor the progress of the service on the vehicle.