Investec has opened an office in the Dubai International Financial Centre (DIFC), it said on Wednesday, 25 September 2024, in a bid to access deep pools of wealth from wealthy families and individuals in the region.
Source: X/@DXBMediaOffice #Dubai International Financial Centre celebrates its 15th anniversary & unveils the @DIFC Hot Air Balloon, which symbolises the centre’s growth journey since its inception in 2004.
The DIFC has been luring global banks, asset and wealth managers as well as hedge funds, and it is now seeing rising interest from South African entities as investors look for safe havens, a neutral political stance and favourable policies.
Investec will offer its clients advisory and arranging services in private banking, wealth and investment management, and corporate and investment banking, Cumesh Moodliar, chief executive officer of Investec Bank Limited said in a statement.
"We see a sustained emergence of high-net-worth individuals in Dubai and the Gulf as the region offers connectivity, quality services and growth opportunities for domestic and international companies," Moodliar said.
By setting itself up in DIFC, Investec can use Dubai as a gateway to more than $3tn of private wealth within an hour’s flight, Salmaan Jaffery, chief business development officer of DIFC Authority said.
The Investec group operates in two anchor geographies, South Africa and the United Kingdom, as well as the United States, Ireland, the Channel Islands, Mauritius, India and Continental Europe.
Darryn Solomon, senior executive officer of the Investec DIFC office, noted the office is currently home to two team members, and as the business in the region grows staffing will expand.
