Swicorp gets DIFC licence
Dubai, June 24, 2008
Swicorp KSA on Tuesday said that its wholly-owned subsidiary, Swicorp (UAE) Limited, has received authorisation from Dubai Financial Services Authority (DFSA) as a financial advisory firm to operate from the Dubai International Financial Centre (DIFC).
Swicorp KSA is a diversified financial services firm regulated by the Capital Market Authority (CMA) in Saudi Arabia.
Swicorp plans to expand further in the UAE based on this new granted license, said a company official.
Abdulla Al Awar, managing director of DIFC Authority said, “With the Middle East’s financial services market growing exponentially, this is the opportune time for leading firms like Swicorp to expand their presence in the region."
He pointed out that the company’s Dubai presence gave it a strategic base to tap new opportunities in a market where economic growth was creating demand for new specialised financial services.
"The new license will provide Swicorp with the tools for reaching out to more customers and partners," he added.
Kamel Lazaar, chairman and chief executive officer of Swicorp KSA said the company was looking forward to bringing its expertise to the UAE market.
"We are already well positioned with 23 team members stationed in Dubai. This license granted by the DFSA is a positive step for Swicorp to establish a strong presence in the UAE. The Swicorp team has a strong track record in KSA and this experience will bring solid contribution to the financial services industry in the UAE," he added.
Kamel Lazaar said: “Although Swicorp is headquartered in Saudi Arabia, this new license and extra layer of regulation can only serve to strengthen our offering regionally.”
Nabil Triki has been appointed as senior executive Officer for Dubai. At Swicorp, Triki is also managing director and head of private equity division, which has raised nearly $1.4 billion in private equity funds to date.
"Dubai is a key financial market, we believe in the future of this region and are proud to be participating in the significant changes sweeping through it, namely the expanding financial services landscape. Today’s announcement strengthens our company, which will ultimately build investors’ confidence," he added.
Swicorp has an extensive track record of pioneering transactions across the Mena region over the last 20 years.-TradeArabia News Service