Orion Capital Joins the Dubai International Financial CentrePress Release 13 May 2008 01:46 pm
Dubai, United Arab Emirates, xx May 2008 - Orion Holding Overseas, a leading financial services firm in the Middle East and North Africa (MENA) region, announced today that its wholly-owned subsidiary, Orion Capital Limited, has received a license from the Dubai Financial Services Authority (DFSA) to operate as an authorised firm in the Dubai International Financial Centre (DIFC). The license enables Orion Capital to deal in investments as principal or agent, as well as arrange custody. The firm can now officially arrange credit or deals in investments and act as advisor on financial products or credit to regional and international financial institutions who seek to enter markets in the MENA region.
Welcoming Orion Capital to the DIFC community, Nasser Al Shaali, CEO DIFC Authority, said: "Joining the DIFC gives Orion Capital a productive platform to further exploit the growth potential for financial products and services in the regional market. Being part of the DIFC community will support Orion's efforts in reaching out to more partners and customers and expanding its business. We look forward to providing them the support necessary for developing their new business."
Mr. Mohamed Hafez Khalil, Chief Executive Officer of Orion Holding Overseas, said: "Regional and international financial institutions have a growing need for financial services that allow them to tap into the fast growing markets of the Arab world, with minimum trading risk and maximum market access. With this license win, and our top notch services, we hope to service this demand. Dubai is today a serious player in the global financial equation and we are thrilled with this accomplishment."
Mr Khalil added: "We plan to offer immediate Direct Market Access to UAE, KSA, Kuwait, Egypt and Jordan equity markets from one account to our clients. This is made possible through our strategic and exclusive clearing relationships with our SHUAA Securities partners as well as exchange memberships in the EUREX, DGCX and DME for our derivatives offering." Today's announcement follows Shuaa Capital's acquisition of a 20% stake in Orion Holding Overseas, in January this year, aimed at harnessing synergies between the two companies.
Orion Holding Overseas offers a wide range of financial solutions geared towards addressing the needs of large corporations, institutional investors and individual high net worth clients. Through its subsidiaries, the firm offers clients access to international and regional stock markets, derivative markets in foreign exchange, commodities and Contracts for Difference (CFDs).