Dubai International Financial Centre Welcomes KAMCO, One of Region’s Largest Private Sector AUMsPress Release11 Jul 2016 01:26 pm
Dubai - UAE: 11 July 2016: Kuwait’s KAMCO Investment Company, a leading investment company with one of the largest private sector Assets under Management (AUMs) in the region, today announced the opening of its first international office in DIFC.
A subsidiary of United Gulf Bank BSC (UGB) Bahrain, KAMCO obtained a Category 4 license from the Dubai Financial Services Authority (DFSA). Servicing its broad international client base, KAMCO’s DIFC operations will advise on financial products and credit along with arranging for credit or deals in investments.
Mr Faisal Sarkhou, Chief Executive Officer of KAMCO, said: “After years of operating in Kuwait’s dynamic investment industry, KAMCO has successfully established a robust reputation for solidity through its conservative investment philosophy, level of transparency, as well as innovative products and services. This is why we believe that the DIFC’s solid growth and stable platform make it the ideal hub for KAMCO to access emerging markets in the Middle East, Africa and South Asia (MEASA). With its existing operations in the United Arab Emirates, KAMCO’s DIFC office will strengthen the firm’s presence in the area while granting access to a larger base of potential regional and international clients.
“We look forward to expanding our operations within the region as part of our strategic outlook, focusing on meeting the needs of our existing and potential clients. KAMCO will bring almost two decades worth of accumulated knowledge and investment experience to the DIFC. We currently hold over USD 11 billion of client AUM and have successfully completed investment banking transactions worth over USD 12.5 billion (As of 31 March 2016). To expand KAMCO’s reach within the regional and international markets, we believe that opening an office in the DIFC will help move the firm to the next level by providing new opportunities for development and growth,” he added.
The DIFC’s internationally recognized and independent regulation, common law framework, tax-friendly regime and enabling environment make the ideal hub to access the region’s rapidly growing demand for financial and business services. DIFC fills the time-zone gap between the leading financial centres of London and New York in the West and Hong Kong and Tokyo in the East.
Arif Amiri, Chief Executive Officer of DIFC Authority, said: “We are pleased to welcome KAMCO to DIFC’s business community. The inauguration of KAMCO’s first international office marks another step in our 2024 strategy to grow and diversify DIFC’s dynamic client portfolio in addition to increasing overall AUMs in the Centre to $250 billion by 2024. Providing a geographically attractive platform, underpinned by an internationally benchmarked regulatory and legal system, DIFC enables investors to tap into key emerging markets across the MEASA region while having the certainty of an established framework.”
Guided by its core values of integrity, transparency and efficiency, the Centre continues to play a pivotal role in meeting the growing financial needs of the region and serves as an ideal destination for international business hubs across the region.