Dubai: Dubai International Financial Centre (DIFC), said on Tuesday that three new major international companies; Berkshire Hathaway, State Street Global Advisors, and Maybank Islamic have set up shop in the Financial Centre.
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. 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.
State Street Global Advisors (SSGA), the world’s third largest asset manager with $2.73 trillion under management, was founded forty years ago and has qualified for a full category 4 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.
Maybank Islamic is the largest Islamic Bank in the Asia-Pacific region and is part of the Maybank group of Malaysia. The bank has announced plans to open in DIFC by early 2019 and will operate under a full category 5 license and join the sector’s powerful banking sector of 180 financial institutions, including 25 of the world’s top 30 banks.
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. DIFC complements Dubai’s competitive advantages by offering a financial platform with the necessary legal and regulatory framework to facilitate the flow of investments and financial services and products through Dubai,” said Arif Amiri, Chief Executive Officer of DIFC Authority.
