AllianceBernstein (AB), a US-based leading global investment firm, has been granted a Category 4 License from the Dubai Financial Services Authority (DFSA), the independent regulator of financial services conducted in or from Dubai International Financial Centre (DIFC).
AB is the latest of an influx of global asset management firms to open regional offices in DIFC, the leading global financial center in the Middle East, Africa, and South Asia (MEASA) region.
The firm has appointed Mr. Jean-Paul Hobeika, Managing Director, of Middle East Institutions, as the Senior Executive Officer. The move is part of AB’s strategic plan to expand and strengthen its presence in the Middle East. Hobeika, who joined AB in August 2022, will work closely with Eduard van Nes, Head of Intermediary Sales in the Middle East & Africa, who recently relocated to Dubai.
The new premises will give investors across the region, including institutional clients, distribution partners and family offices, increased access to AB’s asset management services. The firm’s team of experienced professionals will work closely with clients to provide investment solutions that meet their unique financial needs.
“We are committed to our growth in the region, and this license allows us to launch into our next phase. The Middle East has been an important region for AB for a number of years. By opening an office in DIFC, we can move into our next phase, as it will allow us to improve our ability to serve clients through Mr. proximity as well as capturing important market opportunities.”
Mr. Hobeika said that “This marks a significant milestone for AB and we are thrilled to bring our extensive expertise and investment solutions to the region’s discerning investors. As we expand our global footprint, we remain steadfast in our commitment to delivering exceptional value to our clients. We are confident that with the opening of its new office in DIFC, AB is poised to become a leading player in the region’s financial industry. The firm’s focus on innovation, expertise and client-centric approach will help it stand out in a highly competitive market and will enable us to build long-lasting relationships with our esteemed clients, partners and the wider community.”
Mr. Arif Amiri, CEO of DIFC Authority,commented that “We welcome global industry giant AB to DIFC as we continue to attract top international financial institutions in line with Strategy 2030. AB’s commitment to the region is a testament to Dubai’s strategic position at the center of the world, providing the firm with access to USD8 trn of private wealth across the Middle East, Africa and South Asia. AB will also benefit from exponential growth opportunities through DIFC’s ecosystem of over 300 Wealth and Asset Management firms, an exceptional talent pool of over 36,000 people, combined with unparalleled market access under a robust regulatory framework.”
DIFC plays a critical role in leading and shaping the future of finance through innovation, sustainability, and inclusivity by creating an environment that fosters growth and development. With its strategic location and business-friendly policies, DIFC provides an ideal platform for AB to expand its operations and cater to a wide range of clients.
The 33rd edition of the Global Financial Centre Index classifies Dubai as one of 10 financial centers in the world ranked as a global leader with a broad and deep offering.