Dubai: A British financial firm has set up its regional headquarters in Dubai, Dubai FDI, an investment promotion agency at the Department of Economic Development in Dubai (DED), said on Thursday.
SMP Trustees Partners Group is one of the largest Trust and Corporate Service Providers in the Isle of Man, with regulated trust companies in Switzerland and Hong Kong.
The company will be running businesses at a value of Dh70 million in the region, and 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.
In 2012, the Department of Economic Development in Dubai signed partnership agreement with Isle of Man to enhance cooperation between the two.
This island is known for its low-tax economy and offshore banking and financial services.
“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,” said Fahid Al Gergawi, chief executive of Dubai FDI.
Steve McGowan, Chairman, SMP Group, said that Dubai being the commercial hub in the GCC, 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 location for a group like SMP,” McGowan said.
