The board of the Dubai International Financial Centre (DIFC) has been reshuffled, with the emirate’s ruler Sheikh Mohammed bin Rashid al-Maktoum, appointing his son Sheikh Maktoum, as chairman.

Abdul Aziz al-Ghurair, chief executive of Mashreqbank, has also been appointed deputy chairman of the DIFC.

The latest appointments mean the removal of Ahmed Humaid al-Tayer, who in late June was also replaced as chairman of Emirates NBD, the region’s largest bank by assets. He was replaced by Sheikh Ahmed bin Saeed al-Maktoum, who also took over as chairman of Dubai World in late 2010, and is chief executive and chairman of the Emirates Group. He is also chairman of the Dubai Shopping Festival and Dubai Summer Surprises.