Dubai Financial Services Authority chief executive David Knott is to retire from full time employment at the end of 2008 when he reaches 60, but will continue as a DFSA board member.

DFSA chairman, Mr Abdullah Saleh, said: "David Knott has been an outstanding chief executive who has brought widespread leadership and regulatory experience to the DFSA since his appointment in early 2005. The international recognition and high reputation gained by the DFSA during David’s term of almost four years reflect the success of his achievements."

The board has said it is committed to selecting a successor who will continue to command respect and confidence as chief executive of the DFSA.