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Kuwait City, Kuwait - KAMCO Investment Company, a leading investment company with one of the largest private sector Assets under Management (AUMs) in the region, today announced the opening of its first international office in DIFC.
A subsidiary of United Gulf Bank BSC (UGB) Bahrain, KAMCO obtained a Category 4 license from the Dubai Financial Services Authority (DFSA). Servicing its broad international client base, KAMCO's DIFC operations will advise on financial products and credit along with arranging for credit or deals in investments.
Mr Faisal Sarkhou, Chief Executive Officer of KAMCO, said: "After years of operating in Kuwait's dynamic investment industry, KAMCO has successfully established a robust reputation for solidity through its conservative investment philosophy, level of transparency, as well as innovative products and services. This is why we believe that the DIFC's solid growth and stable platform make it the ideal hub for KAMCO to access emerging markets in the Middle East, Africa and South Asia (MEASA). With its existing operations in the United Arab Emirates, KAMCO's DIFC office will strengthen the firm's presence in the area while granting access to a larger base of potential regional and international clients."
"We look forward to expanding our operations within the region as part of our strategic outlook, focusing on meeting the needs of our existing and potential clients. KAMCO will bring almost two decades worth of accumulated knowledge and investment experience to the DIFC. We currently hold over USD 11 billion of client AUM and have successfully completed investment banking transactions worth over USD 12.5 billion as of March 31st, 2016. To expand KAMCO's reach within the regional and international markets, we believe that opening an office in the DIFC will help move the firm to the next level by providing new opportunities for development and growth," he added.
The DIFC's internationally recognized and independent regulation, common law framework, tax-friendly regime, and enabling environment make the ideal hub to access the region's rapidly growing demand for financial and business services. DIFC fills the time-zone gap between the leading financial centres of London and New York in the West and Hong Kong and Tokyo in the East.
Arif Amiri, Chief Executive Officer of DIFC Authority, said: "We are pleased to welcome KAMCO to DIFC's business community. The inauguration of KAMCO's first international office marks another step in our 2024 strategy to grow and diversify DIFC's dynamic client portfolio in addition to increasing overall AUMs in the Centre to $250 billion by 2024. Providing a geographically attractive platform, underpinned by an internationally benchmarked regulatory and legal system, DIFC enables investors to tap into key emerging markets across the MEASA region while having the certainty of an established framework."
Guided by its core values of integrity, transparency and efficiency, the Centre continues to play a pivotal role in meeting the growing financial needs of the region and serves as an ideal destination for international business hubs across the region.
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About KAMCO
KAMCO Investment Company is a premier investment company based in Kuwait and is regulated by the Capital Markets Authority with one of the largest private sector AUMs in the region.
Established in 1998 and listed on the Kuwait Stock Exchange (KSE) in 2003, KAMCO is a subsidiary of United Gulf Bank (UGB) and is the asset management and investment banking arm of Kuwait Projects Holding Company (KIPCO).
It has become a leading regional company within its sector offering innovative products and services to its clients, holding over USD 11.2 billion of client AUM and has successfully completed 85 investment banking transactions worth over USD 12 billion as of 31 December 2015.
With almost two decades of experience in conducting business in Kuwait's dynamic investment industry, KAMCO has successfully established a robust reputation for solidity, characterized by its prudent, conservative investment philosophy and spirit of transparency, which has consistently commanded the goodwill of a wide patron-base.
The company will further aggressively build upon its core competencies to offer MENA-wide investment management consultancy and services, backed by its proven track record in stringent risk mitigation, investment product innovation, and a cautious investment approach towards local, regional and international capital markets.
About Dubai International Financial Centre
The Dubai International Financial Centre (DIFC) is the financial hub for the Middle East, Africa and South Asia, providing a world-class platform connecting the region's markets with the economies of Europe, Asia and the Americas. It also facilitates the growth in South-South trade and investment. An onshore, international financial centre, DIFC provides a stable, mature and secure base for financial institutions to develop their wholesale businesses.
The Centre offers all the elements found in the world's most successful financial industry ecosystems, including an independent regulator, an independent judicial system with a common-law framework, a global financial exchange, inspiring architecture, powerful, enabling support services and a vibrant business community. The infrastructure within the district features ultra-modern office space, retail outlets, cafes and restaurants, art galleries, residential apartments, public green areas and hotels.
Located midway between the global financial centres of New York, London in the West and Singapore, Hong Kong in the East, DIFC (GMT +4) fills a vital time-zone gap with a workday that bridges the market and business hours of financial centres in both Asia and North America.
In 2015, DIFC launched its 2024 growth strategy, a blueprint for the next decade of growth of the financial hub. The growth strategy aims to stimulate trade and investment flows along the South-South economic corridor encompassing Africa, Southern Asia and Latin America.
Currently, 1,445 active registered companies operate from the Centre, with a combined workforce of 19,808 professionals.
DIFC continues to pursue expansion into new services and sectors within the Middle East, Africa and South Asia region, an area comprising over 72 countries with an approximate population of 3.0 billion and nominal GDP of US$7.8 trillion.
For further information, please visit our website: www.difc.ae, or follow us on Twitter @DIFC.
For any additional information, please contact:
KAMCO Marketing Department
marketing@kamconline.com
Tel: +965 185 26 26 Ext: 1360, 1337
For media enquiries, please contact:
Hajar Al Ketbi
Dubai International Financial Centre
Vice President - Public Relations & Corporate Communications
Tel: +971 4 362 2440
Email: Hajar.Alketbi@difc.ae
Claire Lawson
APCO Worldwide
Senior Account Director
Mobile: +971 55 400 3235
Email: clawson@apcoworldwide.com
© Press Release 2016
