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Wednesday, November 25 - 2009

Rasmala Investments joins Dubai International Financial Centre

  • United Arab Emirates: Wednesday, December 14 - 2005 at 10:10
  • PRESS RELEASE

The Dubai Financial Service Authority (DFSA) today announced that it has licensed Rasmala Investments Ltd as an authorised firm in the Dubai International Financial Centre (DIFC).

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  • Dr. Omar Bin Sulaiman, Director General of Dubai International Financial Centre Authority (Right), Mr. Ali Al Shihabi CEO and Founder of Rasmala Investments (Left).
    Dr. Omar Bin Sulaiman, Director General of Dubai International Financial Centre Authority (Right), Mr. Ali Al Shihabi CEO and Founder of Rasmala Investments (Left).
Rasmala Investments, an Investment Banking and Asset Management firm, had recently moved its Holding company from Bermuda to the Dubai International Financial Centre (DIFC) and had applied to the DFSA for authority to operate a regulated subsidiary.

Rasmala Holdings also owns regulated subsidiaries in London (UK) and Amman (Jordan)

Mr. Ali al Shihabi, CEO and Founder of Rasmala Investments said:

"Rasmala is very pleased to be licensed by the DFSA. We have always sought regulation as it gives us substantial credibility globally with international financial institutions as well as regionally with local regulators. Rasmala had previously acquired a license from the UK Financial Services Authority (FSA) and was keen to be among the first regional firms to meet the DFSA's rigorous and globally best practice regulatory standards".


Mr. al Shihabi explained that after the approval of the DFSA, Rasmala plans to grow significantly its Investment Banking/Corporate Finance business. "Rasmala aims to serve the needs of its clients, whether governmental bodies, banks, corporates or private clients, by offering the highest international professional standards accompanied by our intimate understanding of the local and regional business environment" he added.

Mr. al Shihabi commended the DIFC for its exceptional initiatives to reinforce the region's banking and financial services capabilities. He said that "It became quickly apparent to us at Rasmala that Dubai, with the establishment of the DIFC, was going to secure its place as the region's premier financial centre. The DIFC's financial free zone structure accompanied by a global best practice regulatory regime and an independent legal system that met global business requirements is a unique and extremely attractive domicile for financial institutions to operate from. From our regulatory experience with the UK's FSA we could easily recognise the value that the DFSA brought to the region".

Dr Omar Bin Sulaiman, Director General of Dubai International Financial Centre Authority, commented: "It is our primary objective to attract the world's most respected financial institutions to operate from the DIFC. Our strategic aim is to bring regional investment companies back into the regional fold. We are pleased to welcome Rasmala. The fact that Rasmala chose the DIFC as the ideal domicile for its activities shows vision. Its decision to locate in Dubai illustrates that it recognises the potential of the US $ 1.8 trillion regional market as well as the attractions of the DIFC."
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Notes and media contacts

Rasmala's track record includes the delisting of Aramex from NASDAQ, and the divestment of major oversees holdings of Arab Banking Corporation in co-operation with Deutsche Bank.

About Rasmala Investments:
Rasmala is an Investment Company, focused on Asset Management and Investment Banking. Rasmala's clients include Governmental Bodies, Banks, Insurance Companies, Corporations, Family Offices and Private Clients.

Rasmala's Asset Management team manages portfolios and sources investment opportunities in global financial markets. It works closely with major financial institutions, boutique fund managers and manager due diligence consultants to identify best-in-class fund managers.

Rasmala covers a wide range of asset classes including Global and Regional Equities and Fixed Income, Hedge Funds, Private Equity and Real Estate.

Rasmala's Investment Banking team sources and structures regional investment opportunities in private equity and real estate. It also advises on mergers, acquisitions and IPO's in the Middle East region. Rasmala's management team has extensive deal sourcing capabilities that it has utilized to bring innovative regional investment opportunities to its clients.

To-date, Rasmala has offered its clients regional opportunities in portfolio management, fixed income, private equity and real estate. Rasmala has also advised major regional firms on corporate divestments and acquisitions.

With offices in Dubai, London and Amman, Rasmala is able to provide Middle Eastern clients with a high level of client understanding and service.

About Tonic PR:
Tonic PR is part of the Tonic Communications Group of Companies, a group of marketing communication organizations whose fresh strategic approach and innovative solutions are turning the industry on its head. Tonic Communications is the agency that recently won golden advertising awards at both the Cannes Lions, which has a 52 year history, and the One Show in New York, which has a 30 year history. It is the first agency in the Middle East to ever win these awards. The Tonic Group of Companies consists of: Tonic Communications, Tonic Design, Tonic Research, Tonic Media and Tonic PR.

About the DIFC:
The Dubai International Financial Centre (DIFC) is an onshore hub for global finance. It bridges the time gap between the financial centres of Hong Kong and London and services a region with the largest untapped emerging market for financial services.

In just over one year, more than a hundred top international institutions have joined the DIFC as members. They operate in an open environment complemented with world-class regulations and standards. The DIFC offers its member institutions incentives such as 100 per cent foreign ownership, zero tax on income and profits and no restrictions on foreign exchange. In addition their business benefits from modern infrastructure, operational support and business continuity facilities of uncompromisingly high standards.

The DIFC is made up of the following core bodies:
1. The DIFC Authority (DIFCA) - Responsible for the Companies and Security Registries and attracting financial as well as non-financial institutions to set up in the DIFC. (www.difc.ae)

2. The Dubai Financial Services Authority (DFSA) - An independent, unitary regulatory authority, responsible for the regulation of all DIFC operations. Its principle-based primary legislation is modelled on that used in London and New York, and its regulatory regime operates to standards that meet or exceed those in major financial centres. (www.dfsa.ae)

3. The Dubai International Financial Exchange (DIFX) - A liquid and transparent electronic market trading securities, bonds and derivatives, launched in September 2005, the DIFX eases access to regional and international investment opportunities and funds. (www.difx.ae )

4. The DIFC Courts - An independent court system set up to uphold the provisions of DIFC laws and regulations, the courts provide comprehensive legal redress in civil and commercial matters within the DIFC. The laws, enacted by His Highness Sheikh Maktoum bin Rashid Al Maktoum provide for a new court system designed especially for the DIFC and the sophisticated transactions that will be conducted within it.

• The law establishing the Judicial Authority at the DIFC creates and sets out the jurisdiction of the court and provides for a dispute resolution services, including arbitration and mediation, thus allowing for the independent administration of justice in the DIFC; and

• The DIFC Courts Law sets out the jurisdiction, powers, procedures, functions and administration of the court. ( www.difccourts.ae )

For further information contact:

Amira Abdulla
PR Manager, DIFC
Tel: +971 4 362 2433

Tim Harrison/Lavina Chatterjee
Asda'a Financial Practice
Tel: + 9714 3355969
Mob: 050-5097631; 050-4506911

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