Morgan Stanley licensed to establish first Middle East office at Dubai International Financial CentrePress Release05 Mar 2006 10:49 am
Morgan Stanley, a global financial services firm and a market leader in securities, investment management and credit services, has received a license from the DFSA (Dubai Financial Services Authority) to operate as an authorised firm in the DIFC.
Dr Georges Makhoul, Morgan Stanley’s regional head for the Middle East and North Africa, commented: “We are delighted to have received this license from the Dubai Financial Services Authority - it is a true demonstration of our commitment to the growth and development of this region. The DFSA’s effective regulatory framework, combined with the DIFC’s robust infrastructure, provides us with an excellent environment in which to expand our offering to clients. We are operational in the DIFC now and look forward to the official opening of this important regional office later next month.”
Dr Omar Bin Sulaiman, Director General of the DIFC Authority, welcoming Morgan Stanley, commented: “This is a testimony to our status as an international financial centre of repute. Morgan Stanley is a highly reputed organization and to have them here at the DIFC is a vindication of our strategy to create a world-class financial hub for the region. The opportunity available within the region, along with the state-of-the-art infrastructure and the international regulatory framework of the DIFC, provides the ideal platform for institutions such as Morgan Stanley to grow their business. We welcome and wish them all the success.”
Morgan Stanley has been active with clients in the Middle East region since the 1970s and, through its office in the DIFC, the firm intends to offer a comprehensive range of services, including investment banking, capital markets, sales and trading, commodities, investment management and private wealth management. Morgan Stanley currently has over 600 offices in around 28 countries.