Abraaj Group raises $375m for Africa investments
The Dubai-based Abraaj Group said it had raised $375m for a fund that will focus on North Africa.
Middle East
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Mashreq Capital welcomes Moody’s upgrade
Mashreq Capital, the asset management arm of UAE-bank Mashreq, said its strong investment performance and significant growth in assets under management was behind its recent upgrade by Moody’s Investors Service.
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Zurich appoints Walter Jopp to new Middle East role
Zurich Global Life has appointed Walter Jopp as head of market management for the Middle East and Africa following Paul Dawson’s move to the UK.
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Dubai regulator signs info sharing deal with Australia
The Dubai Financial Services Authority (DFSA) and the Australian Prudential Regulation Authority (APRA) have entered a memorandum of understanding to “share information and cooperate in the supervision of financial institutions”.
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US expats favour Dubai over London as workplace, Aetna finds
US citizens are becoming more diverse when searching for jobs abroad with Dubai leap-frogging London as the top destination, according to research by health benefits provider Aetna International.
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Quilter Cheviot targets Middle East with Dubai office
Discretionary fund manager Quilter Cheviot, which was acquired by Old Mutual Wealth in Q1 of this year, is to open a branch office in Dubai.
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Dubai Gov’t initiates crackdown on unlicensed legal firms
The Dubai Government has identified more than 60 law firms operating illegally in the jurisdiction as part of its new crackdown on unlicensed legal services providers.
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Saudi Arabian stock exchange opens to foreign investors
Saudi Arabia has today opened its $570bn Tadawul stock exchange to direct foreign investments for the first time, which is widely seen as a crucial stepping stone to the kingdom’s entry into the MSCI Emerging Markets index.
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Dubai’s DIFC aims to triple in size by 2024
The Dubai International Financial Centre has announced plans to triple the number of financial firms operating from the free zone over the next decade, and boost assets under management to $250bn in 2024 from $10.4bn last year.
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Sovereign funds extend move into infrastructure
The sharp slide in oil prices and low yields on traditional investments has seen sovereign wealth funds keep increasing their exposure to alternative investments like infrastructure and take on a more direct asset management role, according to a new survey.
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Islamic finance key to Asia and Middle East link, says MAS
Ties between the Middle East and Asia could improve by boosting the distribution of Islamic investments, according to the deputy director of the Monetary Authority of Singapore (MAS).
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Mondial Group rejects commission for new consultancy
Dubai-based financial advisory business Mondial Group has formally launched a new insurance consultancy which has salaried rather than commission remunerated staff.