Global investor services group IQ-EQ has created an operation in Dubai, United Arab Emirates (UAE), which is the firm’s first physical presence in the Middle East.
This comes after it received a licence from the Dubai Financial Services Authority (DFSA) to offer a range of services to clients ranging from corporate businesses to ultra-high net worth individuals and family offices.
The office, located in the Dubai International Financial Centre (DIFC), raises IQ-EQ’s location count to 25 jurisdictions worldwide.
Heading up IQ-EQ UAE in Dubai is Tariq Nakhooda, senior executive officer, who joined IQ-EQ in 2022 to establish, build and lead the operation.
In building IQ-EQ’s UAE business, Tariq is working closely with Sridhar Nagarajan, IQ-EQ’s Regional Managing Director for Africa, India and the Middle East, and Rehma Imrith, Chief Commercial Officer for Africa, India and the Middle East.
Mark Pesco, group chief executive of IQ-EQ, said: “The extension of IQ-EQ’s global reach to the DIFC, a leading financial hub in the Middle East, aligns with our ambition to have a local presence in all of the world’s leading IFCs and will enhance the Group’s already-strong global positioning.
“It is significant that the DIFC is evolving as a connecting IFC jurisdiction between Africa, India and the Middle East economies, and given IQ-EQ’s extensive network and client base in the region, we are confident this venture will be a great success.”
Demand for the DIFC
This comes at a time where many financial services groups are looking to set up in the DIFC.
International Adviser reported that financial services giant Edmond de Rothschild Group and Holborn Assets received DFSA approval to open an advisory office in the DIFC. In March 2023, IA also exclusively revealed that St James’s Place has been given in-principle approval for an DFSA licence.
The number of DFSA-regulated financial entities grew to 590 with 89 financial service firms authorised in 2022. This is up from 51 authorised in 2021.
Some firms which joined the DIFC in 2022 included Nomura, Octogone Group, Continental Group International, Habib Bank, Alpadis Group and Finsbury Wealth.
