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Mellon Financial Corp Discusses Middle Eastern Strategy In Dubai,
by Lorys Charalambous, Tax-News.com, Cyprus
Friday, November 11, 2005
According to Dr Omar Bin Sulaiman, Director General of the Dubai International
Financial Centre Authority, Mellon Financial Corporation's decision to operate
out of the DIFC represents a "clear endorsement of their belief in a strong
future in the region".
Dr Bin Sulaiman's comments were made as Mellon, one of the world’s leading
providers of financial services with a total of $4.5 trillion in assets under
management, administration or custody, discussed its future plans and strategies
for the region with senior figures of the DIFC Authority.
"Mellon was among the first member companies to receive its licence to
operate here," stated Dr Bin Sulaiman.
"Mellon is a global company, with a great heritage and operations around
the world. The fact that they are investing in Dubai and the region is testament
to the rich opportunities that exist here," he observed.
Established in September 2004, the DIFC offers firms 100% foreign ownership,
no taxes on income or profits, no foreign exchange controls and no restrictions
on the repatriation of capital or profits. According to Dr Bin Sulaiman, one
of the principal goals of the DIFC is to drive economic growth not only in the
United Arab Emirates, but also throughout the region.
"This region holds great potential for financial institutions, as we are
seeing with over 80 companies now registered at DIFC," he explained.
"Mellon is committed to growing its business in the Middle East,"
commented Mr Martin G. McGuinn, chairman and chief executive officer of Mellon
Financial Corporation.
"I have watched with interest how our business here in Dubai has developed
since receiving our licence and I am confident of a positive future," he
added.
Mellon was licenced by the Dubai Financial Services Authority (DFSA) in December
2004, and is one of the world's largest financial services firms, with 766 billion
of assets under management.
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