Moody’s Investors Service Establishes Dubai Office in DIFCPress Release 03 Apr 2007 04:21 pm
Moody's Investors Service today announced the official opening of Moody's Middle East Limited within the Dubai International Financial Centre (DIFC) in Dubai, United Arab Emirates. This office will play a key role in serving financial market participants in the Middle East. In connection with this opening, Moody’s is pleased to announce the appointments of Philipp Lotter, Vice President & Senior Credit Officer, and Peter Carvalho, Vice President & Senior Analyst, who will be based in Moody’s Dubai office and will serve as lead analysts for certain corporate issuers and financial institutions in the GCC region respectively.
“Middle Eastern capital market participants are increasingly accessing the global capital markets to address their financing requirements,” stated Raymond W. McDaniel, Jr., Chairman and Chief Executive Officer of Moody’s Corporation. “Dubai and the DIFC provide Moody’s with a good base from which to address the growing regional demand for in-depth, globally comparable credit analysis and ratings.”
His Excellency Dr. Omar Bin Sulaiman, Governor of the DIFC, said: “Sustained high growth rates in most of the Middle Eastern economies have positioned the region as the destination of choice for global investors, in turn highlighting the crucial need for credible financial information. We welcome highly-respected international financial services institutions such as Moody’s Investors Service. The presence of such global organizations will add significant value to the DIFC.”
“Moody’s has over 1,000 analysts and basing some of this resource in the DIFC further underscores our commitment to the region’s capital markets,” stated Frederic Drevon, Head of Moody’s Europe, Middle East & Africa. “These markets are characterized by very strong growth trends across a wide spectrum of sectors, including project and corporate finance, banking, insurance and structured finance, both in conventional and Islamic forms.”
Welcoming Moody’s Middle East to the DIFC, Nasser Al Shaali, Chief Executive Officer of Dubai International Financial Centre Authority (DIFC Authority) said: “The companies located in the DIFC provide an extensive range of financial services to local and regional companies, thereby enabling them to extend their range beyond the shores of the Gulf and Middle East. The DIFC is pleased to serve as a base for Moody’s Middle East Ltd.”