CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. GMG Targets Family Businesses And HNWIs In Middle East

GMG Targets Family Businesses And HNWIs In Middle East

by Phillip Morton, Investors Offshore.com

07 December 2006


Gulf Merchant Group Limited (GMG), a new investment banking and asset management firm to the region, has been licensed by the Dubai Financial Services Authority (DFSA) to operate as an authorised firm within the Dubai International Financial Centre (DIFC).

The DIFC said Tuesday that the group will provide international standard investment banking services that target family-held business groups and High Net Worth Individuals (HNWIs) within the MENA region.

Offering international expertise and experience with local know-how, GMG will help private and family held groups manage their growth and to help diversify their investments, both in the region and internationally. It is thought that the group will also help to direct Foreign Direct Investment (FDI) towards this market segment by providing investment banking services to international companies aiming to invest in the region.

Gulf Merchant Group Limited is a subsidiary of Gulf Merchant Group LLP, which is regulated by the UK’s Financial Services Authority (FSA).

Commenting, Nabil Maaloul, CEO of GMG announced that: “We are delighted to establish operations in the DIFC. This financial hub will undoubtedly provide us with an excellent environment to deliver our unique proposition to our target segments – the family-held business and HNWIs.”

In the Middle East region, the family business plays a vital role in the economy, making up more than 95% of businesses, and privately-held wealth is estimated to be in the region of $2 trillion. Meanwhile the in-flow of FDI in the region is escalating, driven by the deregulation of key sectors in regional economies.

Nasser Mohammed bin Hussein Alshaali, Chief Executive Officer of the DIFC Authority, commented: “We welcome GMG to the DIFC and we look forward to the valuable contribution they will make to the Centre with their particular focus and expertise. Private and family held enterprises form an integral part of the local business culture and represent 85% of companies across the region. The Group’s carefully targeted approach to providing international standard investment banking services will benefit these companies, the DIFC and the local economy.”

Deloitte has been engaged to provide accounting and business advisory services to GMG, which is embarking on a road show around the Gulf countries in the coming weeks.


To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »