Thursday 23 April 2009

Family-owned businesses head for DIFC

The Dubai International Financial Centre (DIFC) is targeting family-owned investment firms worldwide as the region’s leading financial free zone seeks to reposition itself.
“During this difficult time, a lot of families have started getting together and creating family offices,” Omar bin Sulaiman, the governor of DIFC, told the British Business Group in Dubai Wednesday.

The centre’s broadening of target clients has been triggered by recent layoffs of financial experts in the region, many of whom come from wealthy families. With few other finance jobs on the horizon, Dr Sulaiman said these professionals had gone into managing the family wealth and were opening up shop in the DIFC.

“A lot of people who got laid off or left some of the global financial firms have been hired by their families now to create organisations,” he said “Families from the region and from outside the region are establishing themselves at the DIFC right now. This will continue.”

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