Barclays Capital receives license to operate from the Dubai International Financial Centre (DIFC)Press Release05 Jul 2005 12:47 pm
Barclays Capital, the investment banking arm of Barclays Bank PLC and one of the most prominent investment banks in the Middle East, has received a license to operate from the Dubai International Financial Centre (DIFC). Barclays Capital opened its office in the landmark Gate Building on 3 July 2005.
Since spring 2004, Barclays Capital has significantly expanded the resources it has devoted to the Middle East, bringing the firm’s expertise in debt financing and risk management to the region. Nicholas Hegarty, Managing Director and Head of Middle East and North Africa Investment Banking at Barclays Capital, commented on the move,
“The DIFC will provide Barclays Capital with an ideal base from which to further develop our already substantial regional business. Its familiar legal and regulatory environment combined with its state of the art infrastructure provides us with an obvious venue for our regional hub, from which we can continue to service the Gulf region.”
Dr Omar Bin Sulaiman, Director General of the Dubai International Financial Centre Authority, said,
“The licensing of Barclays Capital is a major milestone for the Dubai International Financial Centre. There are few firms in the world of the calibre of Barclays Capital which has an outstanding record in investment banking. A key factor for DIFC is that Barclays Capital has already enjoyed significant success in the Middle East and yet has identified the DIFC as a venue appropriate for it to further develop its business here.”
”This announcement adds to the momentum we are generating with the licensing of many number of blue chip firms. As we approach the launch of the Dubai International Financial Exchange (DIFX) in September, we are witnessing the world’s newest financial centre become a reality. As a tier one investment bank, Barclays Capital joins the private banks, the fund managers, insurance firms and other financial institutions that together are creating the world’s next great capital market. On behalf of everyone here I welcome Nicholas and his team to the DIFC.”