DIFC Welcomes First Saudi Investment Firm
by Lorys Charalambous, Lowtax.net, Cyprus
22 April, 2014
Islamic investment management firm AlKhair Capital Saudi announced that it has opened an office at the Dubai International Financial Center (DIFC), a free zone in the United Arab Emirates (UAE). It is the first Saudi Investment Institution registered and licensed by the Capital Market Authority in Saudi Arabia to get a license to operate in the DIFC.
"We are delighted to be basing ourselves at DIFC to launch our operations in the UAE and beyond regionally, and we look forward to delivering our clients a full range of investment banking services and advisory services," commented Yousef Al-Shelash, Chairman of AlKhair Capital Saudi.
Welcoming AlKhair to the DIFC, governor of the free zone Essa Kazim pointed out that the DIFC seeks to establish Dubai as an Islamic economic hub and is committed to creating an environment that is friendly towards Islamic financial institutions.
The Chief Executive Officer of AlKhair Capital Saudi added: "This step is taken after a detailed study of the market needs and the position of Dubai as a regional Islamic finance hub, in addition to the current projects in the pipeline that will have a significant demand on the Sukuk market. AlKhair Bank Group has differentiated itself in the market by issuing many Sukuk programs as well as other debt capital market instruments during the past years."
AlKhair Capital Saudi Arabia began operations in the Kingdom of Saudi Arabia in August 2009. The company offers a range of Shari'ah compliant investment products and services with a focus on asset management, corporate finance and investment, banking and brokerage services.
DIFC is a financial free zone connecting markets in the Middle East and North Africa with the rest of the world. The benefits of doing business in the center include 100 percent foreign ownership, zero percent tax on income and profits for 50 years, and an international legal system based on English Common Law.
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