MENA Financial Group opens office at DIFCPress Release16 Jul 2007 08:48 am
MENA Financial Group announced today that it has been granted a licence by the Dubai Financial Service Authority (DFSA) to operate as an authorised firm in the Dubai International Financial Centre (DIFC). From their offices at the DIFC, the MENA Financial Group will provide a wide range of financial and investment services, including corporate finance, underwriting, stock broking and asset/fund management services to its clients throughout the region.
MENA Financial Group is a partnership between K&N Kenanga Holdings Berhad, a leading merchant and investment bank in Malaysia, and four shareholders based in the Middle East. The financial securities brokerage firm will focus on facilitating deal flows between the Middle East and North Africa region, and Asian markets.
Welcoming the MENA Financial Group to the DIFC, Nasser Al Shaali, Chief Executive Officer, DIFC Authority, said: “Operating from the DIFC will enable MENA Financial Group to offer a comprehensive suite of financial and investment services to clients in the region. The MENA Financial Group aims to actively promote transactions between the capital markets of the Middle East with those of Asia, mirroring the DIFC’s role itself as an institution that links global financial markets together.”
The DIFC continues to serve the investment banking sector as a gateway to the prosperous and growing Middle East region. By offering investment banks that set up offices in the Centre 100 per cent foreign ownership, zero per cent tax rate on income and profits, and a high regulatory standard to govern business, the DIFC has created for its clients a strong foundation from which to conduct business across the region.
Abdulrahman Fahd AlHarthi, Co-Founder and CEO of MENA Financial Group, said, “With the strong and steady growth of Islamic financial markets, we are determined to play an active role in linking the markets in the MENA region with those in Asia. By leveraging the market standing and ties of our partner, K&N Kenanga Holdings Berhad, we also aim to bring the two markets closer and offer value to our customers and investors.”
He added: “Being part of the DIFC will provide us with a sound logistical and regulatory platform from which we can implement our business plans. From its offices in the DIFC, MENA Financial Group can now offer to clients in Asia and the Middle East direct access to investment opportunities in both vibrant regions. We feel very excited and optimistic about the prospects of future business.”
Commenting on receiving the licence Dato’ Ramli Ismail, Managing Director of K&N Kenanga Holdings Berhad said: “We are delighted to have such partnership in the Middle East market. We look forward to realising the potential of cross border financial and capital market transactions between the Middle East and North African markets with the Indian sub continent and Asian markets.”