Crédit Agricole Cheuvreux Joins The DIFC

by Philip Morton, Investors Offshore.com

31 March 2008

Crédit Agricole Cheuvreux has been granted a license from the DFSA to operate from its newly established branch in the Dubai International Financial Centre (DIFC), it emerged last week.

This enables CA Cheuvreux Middle East to formally launch its equity research, sales and execution arranging services from the DIFC.

The Middle East equities research team, based at the DIFC, will initially cover about 50 regional stocks in the banking, telecommunications, transportation, real estate and industry sectors of the GCC (Gulf Cooperation Council) region.

The sales team will sell GCC equities to regional and global institutional clients, as well as European equities to regional institutions, historically active in the Euro-zone.

Heading up the regional team will be Shehzad Janab, who previously spearheaded HSBC's Middle East equities business before joining CA Cheuvreux.

Francois Simon, CEO of CA Cheuvreux, observed that:

"International investors have an increasing interest for the GCC markets, based on strong macro picture, high corporate profitability and excellent growth prospects. Our new DIFC team will offer our clients the same standards of independence and quality that underpin CA Cheuvreux's reputation globally, to bring them the very best investment services on these exciting markets."

Nasser Al Shaali, CEO of the DIFC Authority added:

"As the world's fastest growing financial centre the DIFC has enjoyed phenomenal expansion and development in a short space of time. This growth has been fuelled by the number of regional and international companies who have decided to take advantage of the ideal location, the state of the art facilities and the world-class regulatory environment that the DIFC has to offer."

"As one of the world's leading financial institutions, we are delighted to welcome Crédit Agricole Cheuvreux to the DIFC and we are confident that their services will prove to be highly beneficial to the region's investor community."

A key launch event will be held by CA Cheuvreux in Dubai in mid-April, in which analysts will present their views both from a regional and sector perspective.

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