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."