Global investment firm AllianceBernstein has been granted a Category 4 Licence from the Dubai Financial Services Authority (DFSA) to open an office in the Dubai International Financial Centre (DIFC).
The move is part of the firm’s strategic plan to expand and strengthen its presence in the Middle East.
The office will give investors across the region increased access to AB’s asset management services.
AB has appointed Jean-Paul Hobeika, who is currently managing director – Middle East institutions, as senior executive officer.
Hobeika, who joined the AB in August 2022, will work closely with Eduard van Nes, head of intermediary sales for Middle East and Africa, who recently relocated to Dubai.
Willem van Gijzen, head of Cemea institutions at AB, said: “We are committed to our growth in the region, and this license allows us to launch into our next phase. The Middle East has been an important region for AB for a number of years.
“By opening an office in DIFC, we can move into our next phase as it will allow us to improve our ability to serve clients through proximity as well as capturing important market opportunities.”
DIFC demand
The DIFC has attracted several notable financial giants recently and the total number of wealth and asset management companies in the financial centre has increased to over 300.
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.
Some firms which joined the DIFC in 2022 included Nomura, Octogone Group, Continental Group International, Habib Bank, Alpadis Group and Finsbury Wealth.
