Goldman Sachs International is pleased to announce that it has been granted a license by the Dubai Financial Services Authority to operate as an authorised firm in the Dubai International Finance Centre (“DIFC”).
Wasim Younan, Managing Director and CEO of Goldman Sachs in the Middle East and North Africa said: “We are delighted to have received our license from the Dubai Financial Services Authority and intend to expand our business in the region immediately. This step is further evidence of our continued commitment to support the growth and expansion of our clients' interests in the Middle East”.
HE Dr. Omar Bin Sulaiman, Governor, DIFC, said: “Goldman Sachs’ renowned expertise in the provision of wholesale banking products and services will bring significant value to public and private sector entities in the region. We look forward to seeing its contribution to the regional corporate sector and financial markets in the years to come”.
Goldman Sachs intends to offer a comprehensive range of services to its clients in the region.
Goldman Sachs
Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of services worldwide to a substantial and diversified client base that includes corporations, financial institutions, governments and high net worth individuals. Founded in 1869, it is one of the oldest and largest investment banking firms. The firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centres around the world.
The Dubai International Financial Centre (DIFC)
The DIFC is an onshore hub for global finance with world-class regulations and standards. It bridges the time gap between the financial centres of Hong Kong and London and services a region with the largest untapped emerging market for financial services.
The DIFC offers its member institutions incentives such as 100 per cent foreign ownership, zero tax on income and profits and no restrictions on foreign exchange. Members benefit from modern infrastructure, operational support and business continuity facilities of uncompromisingly high standards.
The DIFC is made up of the following core bodies:
The DIFC Authority (DIFCA) - Responsible for the Companies and Security Registries and attracting financial and non-financial institutions to the DIFC. (www.difc.ae)
The Dubai Financial Services Authority (DFSA) - An independent, unitary regulatory authority, responsible for the regulation of all DIFC operations. Its principle-based primary legislation is modelled on that used in London and New York and its regulatory regime operates to standards that meet or exceed those in major financial centres. (www.dfsa.ae)
The Dubai International Financial Exchange (DIFX) – A liquid and transparent electronic market trading securities, bonds and derivatives. The DIFX provides access to regional and international capital and investment opportunities. (www.difx.ae )
The DIFC Courts - An independent court system that upholds the provisions of DIFC laws and regulations, the courts provide comprehensive legal redress in civil and commercial matters within the DIFC.
( www.difccourts.ae )
