Algorithmics extends middle east presence with new office in Dubai International Financial Centre (DIFC)

to deliver risk management for the financial services industry in the Middle East

Algorithmics, the world's leading provider of risk management software solutions, announced today that it has extended its presence in the Middle East with the opening of an office in Dubai, United Arab Emirates, within the Dubai International Financial Center (DIFC). The new office brings Algorithmics' total number of offices around the world to 22.

The opening of the Dubai office is in response to the firm's rapidly expanding business in the Middle East market and will enable Algorithmics to enhance its service levels to new and existing regional clients who already include some of the region's leading financial institutions. Algorithmics will be offering its complete range of risk management solutions, services and content with full support from its global network and capabilities.

Welcoming Algorithmics to DIFC, Nasser Al Shaali, CEO of the DIFC Authority said: "In the current economic environment, when developed markets are going through financial stress, sound risk management solutions are critical for organisations to effectively identify, measure and manage risk. Algorithmics' vast experience in providing world-leading risk management software solutions makes it an important addition to the DIFC cluster. Their services will add value to the pool of expertise available in DIFC."

Michael Zerbs, President and COO of Algorithmics, said: "The expansion of our Middle East operations is an important step for Algorithmics and demonstrates the firm's commitment to our clients in the region. Having a local presence allows us to be closer to our clients whose specific needs, in areas such as Islamic finance, we have been satisfying for a number of years. Algorithmics has carried out many successful assignments for financial institutions in the Middle East and we look forward to forging ever stronger relationships with the financial services community. Given current financial market events, this investment represents a long term commitment by Algorithmics to support risk management practices in the region."

Neil McClurg, Senior Director, Sales MEA, added: "We are experiencing sustained and strong demand for our solutions across the region. We believe local financial institutions should have cost effective access to Algorithmics' market leading risk solutions which are becoming increasingly relevant to addressing the business challenges of the regional financial community. We look forward to welcoming many more clients into the regional and global Algorithmics risk community."

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