IFA secures preliminary approval to establish financial services company in Syria

This company will provide management and finance advisory studies services, financial brokerage, managing investment funds, in addition to other investment activities.

International Financial Advisors has 32 year's experience in such fields, recording prolonged success in a variety of local and regional markets due to its strong footprint throughout the Middle East and a consistent raft of strategic plans aimed to expand its business based upon best international practice.

The new company is a result of partnership between IFA Kuwait, though their investment arm in Dubai - IFA Financial Brokerage - and Mowaffaq Al Qaddah Group of companies (MAG), which will own 15% of the company's capital. International Financial Advisors and IFA Financial Brokerage in Dubai will own the rest.

Vice President Chairman of International Financial Advisors, Saleh Al Salmi, expressed his happiness in receiving the preliminary approval, considered to be an introduction for the final approval in the near future. He said: "This achievement is clearly a fruit of all the efforts of the special people in IFA, in addition to the efforts of our partners in MAG. The work put in here is a good example of burgeoning strategic partnerships that Arab companies, and especially the Gulf companies, should have in order to compete better with foreign companies".

The present period is witnessing growing interest in the Syrian market due to the economic development policy the Syrian government had adopted, which has given a more active role to the private sector, alongside the economic plan which aims to diversify income sources by following an open economic policy which focuses - amongst other elements - on free commerce within the banking and insurance sector.