HRH Prince Saud bin Mansour Al Saud Opens His Family Office in the DIFCPress Release 10 Feb 2009 01:27 pm
Novaar Limited to be Dedicated Investment Management and Advisory Platform for HRH Prince Saud bin Mansour
Novaar Limited, a Gulf-based family office platform, today announced its formation as a proprietary investment office within the Dubai International Financial Centre (DIFC).
Novaar will serve as a turnkey investment management and advisory platform for His Royal Highness Prince Saud bin Mansour bin Faisal bin Saud bin Abdul Aziz Al Saud and participating members of his family.
His Royal Highness Prince Saud bin Mansour was advised in the formation of Novaar by Novati Group International SPC and Harald Quandt Holding.
Speaking on the formation of Novaar, His Royal Highness Prince Saud bin Mansour commented: "I am very pleased to expand the initiatives of my private investment office to DIFC. I firmly believe that those committed to the continued growth and economic stability of the Gulf region are well served by a strong point of connectivity with Dubai. Furthermore, DIFC continues to attract world-class legal, financial and management professionals, which in my opinion, should only serve to advance the opportunities available to those who choose to affiliate their interests with this dynamic global centre."
Welcoming Novaar, HE Dr. Omar Bin Sulaiman, Governor of the Dubai International Financial Centre said: "DIFC is committed to creating a supportive environment for single family offices like Novaar to grow and develop. We have created regulations that specifically address the needs of family-run institutions and offer a platform for family businesses to set up companies in DIFC to manage private family wealth and family structures. Family-owned businesses are key players in the region's emergence as a powerful global player and we see them enhancing their economic role in the coming years. We welcome Novaar to the financial business community in DIFC and look forward to supporting them in their effort to build their operations."
Novaar, now operational within the DIFC, intends to formally open its office at the DIFC within the next month.