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Abdulla Al Awar, Managing Director of DIFC Authority said:
"With the Middle East's financial services market growing exponentially, this is the opportune time for leading firms like Swicorp to expand their presence in the region. The company's Dubai presence gives it a strategic base to tap new opportunities in a market where economic growth is creating demand for new specialised financial services. The new license will provide Swicorp with the tools for reaching out to more customers and partners."
Kamel Lazaar, Chairman and Chief Executive Officer of Swicorp KSA said: "Swicorp is looking forward to bringing its expertise to the UAE market. We are already well positioned with 23 team members stationed in Dubai. This license granted by the DFSA is a positive step for Swicorp to establish a strong presence in the UAE. The Swicorp team has a strong track record in KSA and this experience will bring solid contribution to the financial services industry in the UAE."
Kamel Lazaar continued: "Although Swicorp is headquartered in Saudi Arabia, this new license and extra layer of regulation can only serve to strengthen our offering regionally."
Nabil Triki has been appointed as Senior Executive Officer for Dubai.
At Swicorp Mr. Triki is also Managing Director and Head of Private Equity division, which has raised nearly $1.4bn in private equity funds to date.
He said: "Dubai is a key financial market, we believe in the future of this region and are proud to be participating in the significant changes sweeping through it, namely the expanding financial services landscape. Today's announcement strengthens our company, which will ultimately build investors' confidence."
Swicorp has an extensive track record of pioneering transactions across the MENA region over the last 20 years.
With the headquarters in Riyadh, and an extensive network of offices in Tunis, Dubai and Algiers, Swicorp provides in-depth local knowledge, plus its Geneva presence (offering financial advisory services) and proximity to major European financial centers provides access to international corporations and leading edge expertise.
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Posted by Eman Hassan
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