25 International Financial Services Firms Already Signed Up At DIFC

by Carla Johnson, Investors Offshore.com

26 September 2002

It has emerged that more than 25 leading financial service providers have confirmed that they want to establish a presence in the Dubai International Financial Centre when it launches, despite the fact that the legal framework for the venture has not yet been finalised, and registration does not officially begin until January 2003.

The Gulf News Online reported on Wednesday that of the companies which have booked their place with the DIFC, almost 70% are from Westerm Europe and the United States, with the remainder made up of financial service providers from the Far East.

The news service also reported that although asset management firms currently top the list, other interested parties include banks, investment banks, and insurance companies.

One provider which has expressed a keen interest from early in the project is Julius Baer, Switzerland's largest independent traditional Swiss bank. Speaking with regard to the Swiss institution's decision to locate in the region, COO of the Dubai International Financial Centre, Hussain Al Qemzi announced that:

'We are delighted to have attracted such a well respected financial institution...Their decision to set up here is a vote of confidence for the DIFC, but more importantly, it is a vote of confidence for the potential in the region.'

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