Dr Bin Sulaiman's comments were made as Mellon, one of the world’s leading providers of financial services with a total of $4.5 trillion in assets under management, administration or custody, discussed its future plans and strategies for the region with senior figures of the DIFC Authority.

"Mellon was among the first member companies to receive its licence to operate here," stated Dr Bin Sulaiman.

"Mellon is a global company, with a great heritage and operations around the world. The fact that they are investing in Dubai and the region is testament to the rich opportunities that exist here," he observed.

Established in September 2004, the DIFC offers firms 100% foreign ownership, no taxes on income or profits, no foreign exchange controls and no restrictions on the repatriation of capital or profits. According to Dr Bin Sulaiman, one of the principal goals of the DIFC is to drive economic growth not only in the United Arab Emirates, but also throughout the region.

"This region holds great potential for financial institutions, as we are seeing with over 80 companies now registered at DIFC," he explained.

"Mellon is committed to growing its business in the Middle East," commented Mr Martin G. McGuinn, chairman and chief executive officer of Mellon Financial Corporation.

"I have watched with interest how our business here in Dubai has developed since receiving our licence and I am confident of a positive future," he added.

Mellon was licenced by the Dubai Financial Services Authority (DFSA) in December 2004, and is one of the world's largest financial services firms, with 766 billion of assets under management.