Trio quit DIFC as Gulf boom hit by global bust

31 December 2008

Three financial services companies are to voluntarily leave the Dubai International Financial Centre (DIFC) as the global economic downturn hits the booming Gulf region, according to reports.

In a statement, the centre's oversight body, the Dubai Financial Services Authority (DFSA) said it had approved the companies' requests to give up their licences to operate in the DIFC free trade zone.

The companies involved include Jeffries International, a division of the US investment bank Jefferies, Wedge Alternatives and Alternative Investment Strategies Management.

According to Arabian Business, the Jefferies Group had previously said it would cut around 15 per cent of its worldwide workforce in the wake of heavy losses in 2008. In addition to is Dubai offices, the bank is also set to close it operations in Singapore and Tokyo.
Since its opening in September 2004, the DIFC has been the world's fastest-growing international finance centre.

Its business focuses on several financial sectors including banking services, capital markets, asset management, insurance, Islamic finance and professional services.

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