India's Top B2B Funds Platform Opens In DIFC
Monday, June 11, 2012
NJ Global Invest Limited, a part of NJ Group, the largest B2B funds platform
in India, has chosen the Dubai International Financial Centre (DIFC) for the
establishment of its first Representative Office in the Middle East, as part
of its plans for expansion in the region.
According to Kalpesh Mehta, Director, NJ Global Invest, the DIFC, a free zone
which guarantees freedom from corporate tax for 50 years, was an "obvious
choice" for the company when deciding to start an office in the Middle
East. "It provides the gateway to the entire Middle East and will help
us expand rapidly in this ever growing region," he said.
Neeraj Choksi, Joint Managing Director of NJ Group, added that the region
provides an "excellent opportunity in the funds platform space and we want
to tap the growth through our first office in this region".
"It demonstrates our commitment to these markets and our desire to build
on the many valued relationships that we have throughout the region," Choksi
commented. "We are delighted to have received the necessary approvals from
the authorities at DIFC and look forward to joining other International companies
in the major financial center of the Region."
Statistical data released by the DIFC last month demonstrates the substantial
demand witnessed since 2008 from financial services companies wishing to undertake
a broad range of activities from the Centre. As of March 2012, the DIFC community comprised of 861 active registered companies,
(322 regulated and 539 non-regulated companies), up 2% compared with March 2011.
The DIFC - which only became operational in 2004 - is now home to 21 of the
world’s top 30 global banks, eight of the top global money managers, six
of the 10 largest insurers and six of the top 10 law firms in the world. Meanwhile, assets under management at DIFC-based companies grew from USD7bn at the end
of 2011 to USD8.1bn at the end of Q1 2012.
Kevin Birkett, Managing Director, Business Development at the DIFC Authority,
said: “In a recent survey Dubai was voted one of the top 10 global business
destinations where its dynamic business environment and central position between
the East and West makes it the preferred location for international businesses
looking to expand in the region. In addition, Dubai remains a growth market
for global financial services companies in the region. NJ Global’s decision
to choose DIFC for their first presence in the Middle East is proof of our position
as the top financial centre in the region and among the best worldwide. DIFC
prides itself on its independent regulatory system, common-law framework, and
supportive infrastructure, which makes DIFC’s thriving community increasingly
attractive to financial institutions."