Barclays Capital, investment banking operation of Barclays Bank, submits application to locate in DIFCPress Release18 Apr 2005 12:08 pm
DIFC welcomes interest from another major company and potential new services to be offered
The Dubai International Financial Centre today announced that it has received an application from another major financial institution, Barclays Capital, to locate in the Centre. With its strength and leadership in debt financing and risk management, Barclays Capital will reinforce the capability of the Centre to offer highly sophisticated financial services to companies and governments in the region.
Dr Omar Bin Sulaiman, Director General of the DIFCA , said,
“We are delighted that Barclays Capital has applied to the Dubai Financial Services Authority for a licence to operate from the DIFC. Barclays Capital is one of a rapidly increasing number of international institutions identifying Dubai as a base for growth. The number of major companies committed to locating here is increasing by the week and with each new applicant the critical mass of the DIFC builds.
The diversity of financial products and services that we can see will be available through the Centre is already remarkably high, considering that we only opened for business in September last year. We are confident that interest in the Centre will grow even faster as the benefits to new business from being here begin to be realised”
Nicholas Hegarty, Managing Director and Head of Middle East and North Africa Investment Banking at Barclays Capital, said,
“Barclays Capital has significantly enhanced its resources committed to the Middle East. We believe this region has great potential for Barclays Capital across a broad range of products on both the asset and liability side. The Dubai International Financial Centre provides a platform comparable to the world’s top financial centres and offers Barclays Capital many tangible and intangible benefits, the most important of which is the regulatory environment. This affords the benefit and protection of international law, enforceable within the UAE, with listing and disclosure requirements one would expect in Europe, adding much needed impetus to the regional capital markets.
Through its regional hub at the DIFC, Barclays Capital expects to leverage its excellent reputation and capabilities to deliver innovative financing solutions and risk intermediation strategies for its increasingly sophisticated client base in an ever expanding and dynamic market.”