Corporate Magnet Dubai – These Are the New Guys
The United Arab Emirates (UAE) with Dubai and Abu Dhabi, continue to exert a strong pull on corporations. Several global players have recently established a presence there to capitalize on the region’s economic upswing.
Written by Gérard Al-Fil, Dubai
US investment bank Lazard announced in the middle of April on its homepage in a media release, its strategic expansion into the UAE, «establishing Abu Dhabi as the financial advisory main office for the country, subject to regulatory approval.» Lazard has appointed Hussain Altajir as CEO of Lazard Financial Advisory in the UAE, who worked before at British lender HSBC in Dubai.
PayPal (Nasdaq: PYPL) picked the technology free zone Dubai Internet City, as the company’s first-ever regional headquarters in the Middle East and Africa. The firm, which became a household name, serves 430 million customers worldwide who prefer to pay and receive funds digitally over cash.
When Banks Rush to One Spot, IT Firms and Consultants Follow
The German investment firm Aquila Group announced earlier this month the opening of its Middle East Bureau in the UAE capital’s financial district, Abu Dhabi Global Market (ADGM). Aquila is a privately held company that mainly focuses on investments in property and renewable energy solutions.
When financial institutions rush to one spot, IT firms and consultants follow suit. Turkish software developer Bimser inaugurated its Dubai bureau to support asset managers across the MENA region in their digital transformation journeys. Bimser has 2,500 customers in over 30 countries, including the US.
London-headquartered Third Bridge, which also uses AI to provide consultancy and financial research to banks and family offices among others, opened in April a new office in Dubai, marking the firm’s 12th location worldwide. «Across its twelve offices in London, New York, Los Angeles, Dallas, Shanghai, Beijing, Hong Kong, Mumbai, Seoul, Tokyo, Munich, and Dubai, Third Bridge has a team of more than 1,300 professionals,» says the group on its website.
This goes in line with the banker’s bonmot which states with the economic rise of Asia, «it’s Dubai, Mumbai, Shanghai, or good-bye.»
