Morgan Stanley, the global financial services firm and the largest investment bank in the United States, has received a license from the Dubai Financial Services Authority (DFSA) to operate as an authorised firm in the Dubai International Financial Centre.
According to Dr Georges Makhoul, Morgan Stanley’s regional head for the Middle East and North Africa, the acquisition of a licence from the DFSA represents a "true demonstration" of the company's commitment to growth in the Middle East.
"The DFSA’s effective regulatory framework, combined with the DIFC’s robust infrastructure, provides us with an excellent environment in which to expand our offering to clients," Dr Makhoul noted.
Already operational in the DIFC, Morgan Stanley will officially open its new regional office later next month.
A string of financial services firms have opened in the DIFC in recent months, and Dr Omar Bin Sulaiman, Director General of the DIFC Authority, commented that the presence of Morgan Stanley in the Centre is "testimony to our status as an international financial centre of repute."
"Morgan Stanley is a highly reputed organization and to have them here at the DIFC is a vindication of our strategy to create a world-class financial hub for the region. The opportunity available within the region, along with the state-of-the-art infrastructure and the international regulatory framework of the DIFC, provides the ideal platform for institutions such as Morgan Stanley to grow their business," he stated.
Morgan Stanley has been active with clients in the Middle East region since the 1970s and, through its office in the DIFC, the firm intends to offer a comprehensive range of services, including investment banking, capital markets, sales and trading, commodities, investment management and private wealth management.
In line with its stated strategy of expanding its presence in the Middle East and North Africa, the bank has said that it also intends to submit a licence application to the Qatar Financial Centre Regulatory Authority, with a view to establishing an office in the Qatar Financial Centre.
"Clients in the region are looking for sophisticated solutions to their increasingly complex financial needs," commented May Nasrallah, the firm's new head of Investment Banking Division in the region.
"To be involved in building and leading Morgan Stanley's investment banking business in the region is therefore a great opportunity, and one to which I am very much looking forward," added Nasrallah.
http://www.difc.ae/press_room/2006/240.html http://www.morganstanley.com/cgi-bin/morganstanley.com/pressroom.cgi?action=load&uid=475
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