Swiss bank Dukascopy has announced that the company is adding a new location to its already substantial physical presence around the globe. In addition to already having representative offices in Moscow, Hong Kong, Kiev, Kuala Lumpur and Tokyo, the company is now venturing into the Middle East.
The Geneva-headquartered Swiss bank, Dukascopy Bank, has acquired a license from the Dubai Financial Services Authority (DFSA) to open a representative office in Dubai. The brokerage picked the Dubai International Financial Centre (DIFC) as the location for its newest office.
The DIFC has its own independent, internationally regulated regulator and judicial system, a common law framework, global financial exchange and last but not least, a tax-friendly regime. A numbers f international financial institutions already have a presence with wealth management funds and private investors mixing with large multinationals.
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The Dubai office team will assist prospects and clients from Dubai and the Middle East in their dealings with the Geneva Headquarters.
The DIFC is widely popular with globally operating financial institutions that are willing to establish a bigger presence in the Middle East. The international financial center has been widely viewed as one of the leading hubs for the financial industry in the region.
As the European market is getting more and more saturated, brokers are expanding their services outside of the region to target new investors. The young and vast population in the Middle East and the relatively wealthy United Arab Emirates are a base for building a new type of business relationship between brokers and their clients.
The Middle Eastern market is very different to continental Europe and the efforts of brokerages that are starting their operations in the region are firstly built on trust. Having a physical location where clients can meet their broker’s representatives is a key aspect of building a brand in the region.