WAM DUBAI, 24th April, 2014 (WAM) — Dubai Investment Development Agency, Dubai FDI, an agency of the Department of Economic Development (DED), has successfully collaborated with SMP Trustees Limited, part of the SMP Partners Group based on the Isle of Man, to open a Representative Office of the Trust company in Dubai.
The opening of the new office follows a partnership agreement signed between DED and the Isle of Man government in 2012 and a recent visit by a Dubai FDI delegation to the British Crown Dependency, known for its low-tax economy and offshore banking and financial services.
The Dubai office will enable SMP Trustees to build on its existing relations with Dubai-based financial and professional firms and evaluate potential for a formal presence in future region-wide expansion.
"Services have emerged into a strong component of Dubai economy and the trend is here to stay with the emirate’s diversification strategy. The key sectors promoted by Dubai as drivers of sustainable economic development and the arrival of Expo 2020 will create stronger demand for globally trusted financial services," commented Fahad Al Gergawi, Chief Executive Officer of Dubai FDI.
"We consider it a major milestone that SMP Partners Group chose Dubai to grow further. It goes a long way in bringing world-class resources to Dubai and offers SMP Partners with the best links to a consumer market of over 2.2 billion spread across the Middle East, North and East Africa and South Asia," added Al Gergawi.
Steve McGowan, Chairman, SMP Group, called the Middle East one of the major staging posts for his company in further relationship expansion and said that SMP looked forward to working with the local government and the business community to develop and grow its presence in Dubai.
"SMP Trustees is delighted to be starting a new adventure in Dubai with a new Representative Office to be based in the Emirates Towers. Dubai has positioned itself to be world-class and a world-leader in many industries. Our industry relates to professional services within the wealth management sectors and Dubai is a very attractive and effective location for a group like SMP," McGowan said.
WAM/Esraa/Moran
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