Babcock & Brown First Australian company to establish office in the DIFCPress Release06 Mar 2006 10:50 am
International investment and advisory firm Babcock & Brown Limited (ASX: BNB) has been granted a license by the Dubai Financial Services Authority (DFSA) to operate as an authorised firm in the Dubai International Financial Centre (DIFC). Babcock & Brown has established a subsidiary within the DIFC for its investment activity in the region.
It is t he first Australian entity to be awarded a license to operate from the DIFC.
Dr Omar Bin Sulaiman, Director General of DIFC Authority, welcoming Babcock & Brown, commented:
“We are pleased to welcome Babcock & Brown as our partners in growth. They bring with them their expertise as leading advisors in investment related activities. We wish them all the success. The DIFC is the gateway to the region of over 2.1 billion people with the combined GDP of US $ 1.9 trillion.”
Martin Rey Executive Director of Babcock & Brown said:
“We are very pleased to have been granted this licence and thank the DIFC and the DFSA for supporting our application. Babcock & Brown is excited by the many opportunities available in the United Arab Emirates and Gulf Cooperation Council states as well as in the wider Middle East. We believe the robust financial services regulatory environment and the rapid growth in the region is attractive and fits our investment profile.”
Phil Coppeard, Director of the newly established DIFC subsidiary and based in Dubai said :
“The primary focus of our activities in the region will be advisory and principal investment in aviation, real estate and project finance and infrastructure. We believe that the opportunity exists to leverage our knowledge and experience in these areas to generate strong returns for investors over time. ”