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Singapore-based Farro Ventures will set up its Middle East headquarters for wealth management and international mobility service in Dubai.
The expansion of Farro Capital, which will be based in DIFC and Farro & Co, which will be under the jurisdiction of the International Freezone Authority (IFZA), will capitalise on opportunities to bridge two of the world’s most prominent and fastest-growing family office hubs, Dubai and Singapore, the company said in a statement.
The DIFC office will offer wealth management solutions including investment management, philanthropy advisory, estate planning as well as family governance and succession.
The Farro & Co’s office under IFZA will provide immigration and mobility services to ultra-high net worth individuals (UNHWI), the company said.
Rajiv Garg, co-founder and managing director and Vincent Valadares, managing director, will lead Farro Capital’s Dubai operations.
The region’s family office market is estimated to be worth more than $1 trillion by 2026, Farro said in its statement.
DIFC CEO Arif Amiri said wealth management and multi-family offices are sectors that make up a huge proportion of DIFC’s clients and the overall contribution to Dubai’s economy.
“The move further reiterates DIFC’s position as a leading global hub for international expansion, wealth management, and multi-family offices, and marks another important DIFC Strategy 2030 growth milestone,” he said.
Established in October 2022, Farro Capital said it accumulated more than $1 billion in assets under management within the first four months of the firm’s launch. It employs 18 people and plans to continue expansion with a particular focus on the Middle East, the statement concluded.
(Reporting by Imogen Lillywhite; editing by Seban Scaria)
