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Kuwait's KAMCO Investment Company announced on July 11, 2016, the opening of its first international office in the Dubai International Financial Centre (DIFC).
A subsidiary of United Gulf Bank BSC (UGB) Bahrain, KAMCO obtained a Category 4 license from the Dubai Financial Services Authority (DFSA). Servicing its international client base, KAMCO's DIFC operations will advise on financial products and credit.
Faisal Sarkhou, Chief Executive Officer of KAMCO, noted that the company currently has over USD11bn of client assets under management and has successfully completed investment banking transactions worth over USD12.5bn as of March 31, 2016.
The DIFC, a free trade zone, offers a number of perks to firms, including zero percent income tax guaranteed for 50 years. It allows 100 percent foreign ownership and has no exchange controls.
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