Permal Group sign letter of intent to seek DIFC license

Permal Group, one of the top three multi manager hedge fund groups in the world, today confirmed that it has signed a Letter of Intent, confirming it plans to seek a license to operate in the Dubai International Financial Centre (DIFC).

Naser Nabulsi, Chief Executive Officer of DIFC, said,

“We are thrilled to receive this letter of intent from Permal. It thoroughly underlines the opportunity the DIFC presents to leading Investment Managers in opening up a gateway to the phenomenal wealth of the region.”

He continues, “HH Sheikh Mohammed’s vision is to create a financial centre to rival those of London, New York and Hong Kong. With businesses such as Permal joining us, we are moving closer to this bold future for Dubai all the time.”

Sandy Shipton, DIFC Head-Financial Institutions, added,

“We continue to see strong interest from leading financial institutions such as Permal and we look forward to welcoming them to the DIFC.”

Ahmed Nashaat, Vice President of Permal, said,

”Already 20% of our managed assets come from the Middle East and developing our business in the region is a key objective for Permal. The DIFC represents an unparalleled opportunity for us to build on our success in the region and benefit from the ambition, vision and track record of Dubai.” He continues.

“The DIFC is an obvious home for Permal. It fills the gap in the world’s financial markets and will allow us to continue to gather and manage assets as well as support and manage relationships with our investors.”