Prudential given Dubai license

11 January 2007

Financial services firm Prudential has announced that it will begin operating in Dubai, having received a license from the Dubai Financial Services Authority (DFSA).

As an authorized firm of the Dubai International Financial Centre (DIFC), Prudential said that it would initially target the growing and "largely untapped" wealth management opportunities that exist within the United Arab Emirates.

It would provide investors in the region with access to its existing international fund range, the firm said, as well as launching new Shariah law-compliant funds available internationally.

Commenting on the new development, Prudential Asia's chief executive of fund management Ajay Srinivasan said that Dubai and the surrounding region was a potentially lucrative market for the company.

"The Middle East has great potential for wealth management and this base at the DIFC gives us the opportunity to leverage our successful fund management operation to both access new customers and also cater to the growing Islamic finance sector," he said.

"In due course, we plan to launch conventional and Shariah-compliant funds backed by regional assets."

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development