Berkshire Hathaway, State Street Global Advisors, and Maybank Islamic join DIFC community
Dubai International Financial Centre (DIFC), said three new major international firms Berkshire Hathaway, State Street Global Advisors, and Maybank Islamic have set up operations in the financial centre.
Maybank Islamic, the largest Islamic Bank in the Asia-Pacific region and part of the Maybank group of Malaysia has announced plans to open in DIFC by early 2019 and will operate under a full category four licence, reported Gulf News.
The bank join the sector’s powerful banking sector of 180 financial institutions, including 25 of the world’s top 30 banks.
Moreover, State Street Global Advisors (SSGA), the world’s third largest asset manager with $2.73 trillion under management has qualified for a full category four DIFC licence in support of their wealth management advisory business and marketing activities. Wealth and asset management is a rapidly expanding sector at DIFC with 195 companies.
Berkshire Hathaway Specialty Insurance (BHSI) is an insurance industry leader drawing on the strength of Berkshire Hathaway’s National Indemnity group of insurance companies which have $269.3 billion in total admitted assets, $156.6 billion in policyholder surplus.
Berkshire Hathaway Specialty Insurance (BHSI) Asia Middle East provides commercial property, energy, marine, construction, terrorism, casualty, executive and professional lines, surety and accident and health insurance, reported Gulf News.
Arif Amiri, CEO of DIFC Authority, said major international institutions continue to choose Dubai as a base for their regional operations due to the Emirate’s role as an essential component of the global financial system and for its commitment to building a sustainable economy.