EastNets awarded license to establish an office in the Dubai International Financial Centre



Accreditation to enable EastNets to improve regional service by operating in close proximity to the region's leading financial institutions

EastNets, a leading global provider of payments and compliance solutions and services for financial institutions, corporations, and government agencies, has received a license from the Dubai International Financial Centre (DIFC), the world’s fastest-growing international financial centre, to operate out of the financial district and serve companies located within it.

The license will allow EastNets, which has its global headquarters in Dubai, to better serve the region's leading banking and financial institutions which are based within the financial district. EastNets has steadily built its presence in the Middle East over the last 25 years, becoming a market-leading provider of services and solutions. Today, over 850 financial institutions and corporations use its solutions and services.

Nasser Al Shaali, CEO of DIFC Authority said: “Technology is one of the key drivers of innovation and growth within the financial industry. As a leading provider of payments and compliance solutions and services in the region, EastNets will enrich the pool of world-class technology services that financial institutions can access from within DIFC. The presence of market leaders like EastNets in the financial district adds to the depth and diversity of technology resources available to the financial services community in DIFC.”

Hazem Mulhim, CEO, EastNets said: “We are delighted to have been awarded this license by DIFC, as it will allow us to strengthen our commitment to serving our clients throughout this region as well as further reach out to new customers seeking localized services and solutions to improve operations, cut costs and reduce risk exposure. The close proximity to the actual areas of transaction places us in a more strategic position to determine the specific needs of our clients in the region.”

EastNets held its Board of Directors meeting for 2009 on 23 February at the DIC in Dubai during which senior officials discussed refinements to its annual strategy. The company is poised to repeat its remarkable business growth achieved in 2008. In the past year, EastNets has received a capital infusion from Technology World Company (fully owned subsidiary of Al Aref Investments Group) to finance the enhancement of technology software development in the Middle East and introduced innovative services such as its UniRisX eInsurance Service in the UAE and en.FinmeX, a portal providing online solutions for the financial, corporate and government sectors.

More information about EastNets can be viewed at www.eastnets.com.

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