AB Capital opens office at DIFCPress Release06 May 2007 04:26 pm
AB Capital, the newly established investment banking arm of the Arab Bank Group, announced today that it has received a license from the Dubai Financial Services Authority (DFSA) to operate as an authorised firm in the Dubai International Financial Centre (DIFC).
Through its new regional headquarters at the DIFC, AB Capital will initially offer investment banking and advisory services throughout the Gulf region. The firm, which was established last year, has plans to introduce private equity and asset management services in the near future.
Ibrahim (“Abe”) Saad, Chief Executive Officer of AB Capital, said: “We are delighted to have received this license as it emphasises our commitment to operating within a transparent and efficient regulatory framework. The DIFC will provide AB Capital with a wealth of opportunities and a strong platform from which to reach a wider audience of clients and investors.”
Nasser Al Shaali, Chief Executive Officer of the DIFC Authority, said: “It is my pleasure to welcome AB Capital to the growing DIFC family, which now includes more than 350 firms from across the globe. Demand for investment banking and advisory services has never been greater in the region, and firms like AB Capital, backed by the heritage of the Arab Bank Group, are vital to meeting that demand. We look forward to working alongside AB Capital to ensure the long-term economic growth of the region.”