30 December 2005
EFG-Hermes Joins Ranks of DIFC
Leading regional investment bank EFG-Hermes has been granted a license to conduct Asset Management and Investment Banking activities from the Dubai International Financial Centre (DIFC).
Welcoming EFG-Hermes on board, Dr Omar Bin Sulaiman, Director General of the Dubai International Financial Centre Authority, said, “EFG-Hermes’ membership marks another significant milestone in the development of the DIFC. EFG-Hermes’ approach reflects the high standards of execution and internal regulatory standards of the DIFC, and its track record as a seasoned regional player will surely prove invaluable to us. Investment banking and asset management has witnessed tremendous growth in the last few years, especially within the region. The DIFC is focused upon creating highly attractive opportunities in the region and internationally, across a full range of financial services, generating increased demand for products and services for firms such as EFG-Hermes. ”
Mustafa Abdel-Wadood, CEO of EFG-Hermes UAE, commented, “As part of a small handful of high quality regional players with global recognition, EFG-Hermes looks forward to strengthening the DIFC’s position as a catalyst for regional economic growth, development and diversification.”
He added, “Given the amount of effort and international expertise that have come into play while developing such a well regulated platform, a precedent for the industry across the region has inevitably been created by raising the bar of regulatory standards and forcing other regulators to follow suit.”
Outlining the significance of the DIFC license on the development of the firm’s Asset Management business, Hashem Montasser, Regional Head of Asset Management at EFG-Hermes said, " The DIFC is set to bring a number of advantages to the region. We are already seeing a number of companies from outside the region being attracted to the DIFC as a vehicle for either a primary or secondary listing. This will generate a market with more depth and sophistication and will allow for the introduction of more products and increased opportunities. Of course, this is very exciting for us, as we will no longer be only working in a domestic or even regional market, but to some extent an international market.”
In little over a year the Dubai International Financial Centre has licensed over 100 companies to operate from the centre; these include Merrill Lynch, Credit Suisse, Barclays Capital, and Standard Chartered.
EFG–Hermes also intends to become a member of the Dubai International Financial Exchange (DIFX) in the near future.