To deliver risk management for the financial services industry in the Middle East
Dubai, UAE, London, Toronto - 29th October, 2008 - Algorithmics, the world's leading provider of risk management software solutions, announced today that it has extended its presence in the Middle East with the opening of an office in Dubai, United Arab Emirates, within the Dubai International Financial Center (DIFC). The new office brings Algorithmics' total number of offices around the world to 22.
The opening of the Dubai office is in response to the firm's rapidly expanding business in the Middle East market and will enable Algorithmics to enhance its service levels to new and existing regional clients who already include some of the region's leading financial institutions. Algorithmics will be offering its complete range of risk management solutions, services and content with full support from its global network and capabilities.
Welcoming Algorithmics to DIFC, Nasser Al Shaali, CEO of the DIFC Authority, said: "In the current economic environment, when developed markets are going through financial stress, sound risk management solutions are critical for organisations to effectively identify, measure and manage risk. Algorithmics' vast experience in providing world-leading risk management software solutions makes it an important addition to the DIFC cluster. Their services will add value to the pool of expertise available in DIFC."
Michael Zerbs, President and COO of Algorithmics, said: "The expansion of our Middle East operations is an important step for Algorithmics and demonstrates the firm's commitment to our clients in the region. Having a local presence allows us to be closer to our clients whose specific needs, in areas such as Islamic finance, we have been satisfying for a number of years. Algorithmics has carried out many successful assignments for financial institutions in the Middle East and we look forward to forging ever stronger relationships with the financial services community. Given current financial market events, this investment represents a long term commitment by Algorithmics to support risk management practices in the region."
Neil McClurg, Senior Director, Sales MEA, added: "We are experiencing sustained and strong demand for our solutions across the region. We believe local financial institutions should have cost effective access to Algorithmics' market leading risk solutions which are becoming increasingly relevant to addressing the business challenges of the regional financial community. We look forward to welcoming many more clients into the regional and global Algorithmics risk community."
-Ends-
Algorithmics is the world's leading provider of enterprise-wide risk solutions. Financial organizations from around the world use Algorithmics' software, analytics and advisory services to help them make risk-aware business decisions, maximize shareholder value, and meet regulatory requirements. Supported by a global team of risk experts based in all major financial centers, Algorithmics offers proven, award-winning solutions for market, credit and operational risk, as well as collateral and capital management. Algorithmics is a member of the Fitch Group. www.algorithmics.com
Fitch Group is the parent company of Fitch Ratings, a global ratings agency committed to providing the world's markets with independent, timely and prospective credit opinions. With 49 offices worldwide, Fitch Ratings' global expertise spans across capital markets in over 150 countries. Fitch Ratings is headquartered in New York and London.
The Fitch Group also includes Fitch Solutions, a distribution channel for Fitch Ratings products and a provider of data, analytics and related services; and Algorithmics, the world's leading provider of enterprise risk solutions.
The Fitch Group is a majority-owned subsidiary of Fimalac, S.A., headquartered in Paris, France.
For additional information, please visit www.fitchratings.com www.algorithmics.com and www.fimalac.com
About DIFC
Website: www.difc.ae
The Dubai International Financial Centre (DIFC) is an onshore hub for global finance. It bridges the time gap between the financial centres of Hong Kong and London and services a region with the largest untapped emerging market for financial services.
In just three years, over 700 firms have registered at the DIFC. They operate in an open environment complemented with world-class regulations and standards. The DIFC offers its member institutions incentives such as 100 per cent foreign ownership, zero tax on income and profits and no restrictions on foreign exchange. In addition their business benefits from modern infrastructure, operational support and business continuity facilities of uncompromisingly high standards.
Algorithmics new office is located at:
DIFC, Gate Village 7, 1st Floor, Office 2
P.O.Box 506527 Dubai
United Arab Emirates
Regional Contact:
Valery Ollivier
Telephone: +971 (4) 4081811
Mobile: +971 (55) 9205270
For more information about the Middle East Headquarters Office Opening, please visit: http://www.algorithmics.com/EN/events/algo/166-event.cfm
For more information about Algorithmics' Risk Management solutions, please visit: http://www.algorithmics.com/EN/index.cfm
For further information please contact:
Heather Smith, Senior Communications Manager,
Algorithmics (UK) Ltd
Direct line +44 (0) 20 7392 5820
Mobile +44 (0) 7515 974223
E-mail Heather.smith@algorithmics.com
Photographs of Mr Zerbs and of the new office can be obtained by contacting Heather Smith as above.
© Press Release 2008
