First Saudi financial services company opens regulated branch in DIFC
DUBAI- AlKhair Capital Saudi Arabia, the leading Saudi-based investments institution, has opened its branch at the Dubai International Financial Centre (DIFC) during a Gala Dinner held at Jumeirah Emirates Towers.
The event, which was attended by dignitaries and top officials, celebrated the opening of the new branch which followed the official approval and license from the Dubai Financial Services Authority [DFSA] allowing AlKhair Capital to operate as an authorized entity in DIFC. This step reflects AlKhair Capital’s commitment to offering the best services and experiences to its customers within the investment sectors in the region.
The Dubai entity, AlKhair Capital [Dubai] Limited, became the first Saudi investment company registered and regulated by the Capital Market Authority in Saudi Arabia to receive a DFSA license to operate in DIFC.
The evening included a keynote speech from Yousef Al- Shelash in which he said: “The approval from the Dubai Financial Services Authority and our new branch at DIFC is a major step forward in our growth strategy across the region, and we are extremely delighted to extend our capabilities in financial and investments services to clients in the UAE. Over the years, we have differentiated our service offerings and we are glad to bring our expertise and industry knowledge to DIFC, in line with our envisioned future.”
Al Shelash added: “As a company, we have analyzed the market needs and evolution of Dubai as a hub for Islamic finance, which is our forte. The burgeoning demand for Sukuk instruments is an encouraging sign of the market demand and potential in the coming years. We are confident that AlKhair will be able to add value to the industry as a whole with our presence in Dubai.”
Al Shelash emphasized the importance of the support that they received from all of the leaders in Saudi Arabia and the United Arab Emirates for the development of intra-regional trade under the umbrella of the Gulf Cooperation Council (GCC).
AlKhair Capital Saudi Arabia, which commenced operations in the KSA in 2009, seeks to provide the market with an integrated and comprehensive range of Sharia-compliant investment products and services, with an emphasis on delivering exceptional value and tailored solutions to clients and shareholders
The new branch will help to expand AlKhair existing services to corporate and institutions offering a unique set of advisory and execution services to its clients. “We are delighted to be basing ourselves at DIFC to launch our operations in the UAE and beyond regionally, and we look forward to delivering our clients a full range of investment banking services and advisory services,” commented Mr. Yousef Al-Shelash, Chairman of AlKhair Capital Saudi. “Bank AlKhair has been operating for more than 10 years and we intend to strengthen our presence and capabilities to best serve our clients with an expanded range of products and services.”
The Chief Executive Officer of AlKhair Capital Saudi added: “This step is taken after a detailed study of the market needs and the position of Dubai as a regional Islamic finance hub; in addition to the current projects in the pipeline that will have a significant demand on the Sukuk market. AlKhair Bank Group has differentiated itself in the market by issuing many Sukuk programsas well as other debt capital market instruments during the past years; as a result, the presence of AlKhair Capital in Dubai will certainly add value in this field.”