Dubai International Financial Centre (DIFC), which has recently amended its regulations to allow firms based in the centre to serve retail clients, is upbeat the retail sector would provide bigger business opportunities.
The retail insurance for one is expected to benefit from the centre's broader infrastructure. "Market penetration is increasing as customer awareness of both conventional and Islamic insurance products develop. The broader infrastructure will only encourage clients in this exciting sector of the retail financial services industry," Peter Hodgins, partner at Clyde & Co LLP said.
Hari Bhambra, a senior partner at Praesidium said there has been a lot of limitation on wealth management business when DIFC was solely a wholesale financial services environment. With the new setup, fund managers can now consider funds in the Dubai International Financial Centre to have greater access to retail investors.
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