Crédit Agricole Cheuvreux Joins the Dubai International Financial Centre

26 March 2008

Crédit Agricole Cheuvreux has been granted a license from the Dubai Financial Services Authority (DFSA) to operate from its newly established branch in the Dubai International Financial Centre (DIFC). This enables CA Cheuvreux Middle East to formally launch its equity research, sales and execution arranging services from the DIFC.

The Middle East equities research team, based at the DIFC, will initially cover about 50 regional stocks in the banking, telecommunications, transportation, real estate and industry sectors of the GCC region (Gulf Cooperation Council). The sales team will sell GCC equities to regional and global institutional clients, as well as European equities to regional institutions, historically active in the Euro-zone.

Heading up the regional team will be Mr Shehzad Janab, who previously spearheaded HSBC's Middle East equities business before joining CA Cheuvreux. The Dubai research and sales team currently consists of 4 analysts, 1 strategist / economist and 2 regional salespeople. This team will rapidly increase with the planned arrival of 1 salesperson in London, 1 salesperson in New York and 1 trader in Dubai.

Mr Francois Simon, CEO of CA Cheuvreux, said: "International investors have an increasing interest for the GCC markets, based on strong macro picture, high corporate profitability and excellent growth prospects. Our new DIFC team will offer our clients the same standards of independence and quality that underpin CA Cheuvreux's reputation globally, to bring them the very best investment services on these exciting markets."

Nasser Al Shaali, CEO of the DIFC Authority said: “As the world’s fastest growing financial centre the DIFC has enjoyed phenomenal expansion and development in a short space of time. This growth has been fuelled by the number of regional and international companies who have decided to take advantage of the ideal location, the state of the art facilities and the world-class regulatory environment that the DIFC has to offer. As one of the world’s leading financial institutions, we are delighted to welcome Crédit Agricole Cheuvreux to the DIFC and we are confident that their services will prove to be highly beneficial to the region’s investor community.”

A key launch event will be held by CA Cheuvreux in Dubai in mid-April in which analysts will be presenting their views both from a regional and sector perspective.

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