Gulf Banker To Set Up Investment Bank In DIFC

By Editorial 14 November, 2013

Emad Mansour, an Arab banker, has announced that he intends to set up an investment bank in Dubai International Financial Center (DIFC), the emirate's tax-free financial zone.

Mansour, who has previously helmed the Qatar First Bank and Saudi Arabia-based Samba Financial Group, aims to launch the new investment bank in the first half of 2014. "I am currently talking to investors and expect to file an application in the next four to six weeks," he said.

In recent times regional bankers have sought to set up their own firms to reach customers who are no longer being served by the large international firms, which have been forced into retreat by capital restrictions.

Mansour's firm will focus on private equity transactions at first, before moving on to mergers and acquisitions, equity and debt capital markets advisory services and, eventually, asset management operations, he said.

DIFC offers businesses an exemption from income tax for 50 years, among other incentives.

Tags: Tax | Investment | Business | Private Equity | Saudi Arabia | Banking | Capital Markets | Qatar | Trade | Dubai | Free Trade Zone | Services | Expats |


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