BDO International Establishes Corporate Finance Office At The Dubai International Financial Centre

BDO International, the 5th largest global accountancy network, today announced the opening of a new corporate finance office in the Dubai International Financial Centre (DIFC).

The new office – BDO Corporate Finance (Middle East) LLP – will act as a hub for corporate finance and restructuring advisory work in the Middle East.

It will focus on building relationships with and working alongside regional family offices, institutional investors and businesses as well as helping multinational businesses who want to break into the Middle East.

Dr. Omar Bin Sulaiman, Governor of the DIFC, welcomed BDO International to the DIFC. "The world’s fifth most important accountancy consultancy joins a growing list of top global firms at the DIFC, the world’s fastest growing international financial hub. We have 20 of the world’s top 25 banks and 6 of the world’s 10 largest asset managers”.

"The Gulf has always been regarded as a cash-rich region and, I am sure, that with expanding opportunities as the centre of gravity of world commerce shifts East, coupled with growing sophistication and increasing depth of our markets, BDO International will have a highly successful operation in the region," added the Governor of the DIFC.

BDO Corporate Finance has received Category 4 Authorised Firm status from the Dubai Financial Services Authority (DFSA). Jon Breach, Corporate Finance Partner, who has relocated from the London office of BDO, heads up the office and has brought with him a team of corporate finance specialists from the UK.

Jon Breach, Lead Partner of BDO Corporate Finance (Middle East) LLP, said: “Over the last few years, we have witnessed the rising influence of Middle Eastern investors in the global corporate finance arena. By having a team of corporate finance and restructuring experts based in the region we are bringing additional specialist advisory services to the strong relationships established by the local BDO member firms. This will result in our clients being able to access a broader range of services, which is why we have opened the dedicated regional office. This market will continue to grow in importance as an international source of capital and the opportunity for us is very exciting. I look forward to working alongside the local BDO member firms in this dynamic region.”

Jawad Habib Jawad, Head of Middle East Region at BDO, said: “The Middle East is strategically important to BDO at an international level. Our strong member firms in the region will benefit from specialist corporate finance and restructuring advisory knowledge, skills and expertise on the ground. Our experience shows that Middle East investors prefer to work with local experts and this is what we will provide through this new venture. Jon brings with him a wealth of experience and he and his team will be able to draw on our regional and international BDO member firms for support where necessary.”

Dubai International Financial Centre Gets Full-Service Immigration Office for Convenience of Member Firms

A VIP delegation from the Dubai Naturalization and Residency Administration (DNRA), paid an official visit to the full-service immigration office at the Dubai International Financial Centre (DIFC), which caters to the needs of the growing DIFC community.Marwan Lootah, Chief Corporate Affairs Officer at the DIFC Authority, welcomed the top-level delegation, which was led by Lt. Col. Awad Alowaim, Assitant Director for Management and Finance.

Members of the high-ranking DNRA delegation included Lt. Col. Khalifa Matar Mubarak, Assistant Director for External Centres Sector, as well as Khalid Adullkarim, Director of Finance and Investment; and 1st. Lieutenant Salem Bin Ali Head of Naturalization & Residency – DIFC.

Marwan Lootah, DIFC Authority Chief Corporate Affairs Officer, said: “We have created a lifestyle option at the DIFC, making it a preferred destination to live and work in for the global financial industry.

“Today, the DIFC is ranked the world’s fastest growing international financial hub. We have 20 of the world’s top 25 banks and 6 of the world’s 10 largest asset managers. Attracting top institutions from across the world has been helped in a major way by the ease of doing business from the DIFC. The partnership with the DRNA has brought another added convenience to the DIFC Community,” Lootah added.

LT. Col. Awadh Al Owaim Director of General Dep. Of Human Resourses & Finance at Department of Naturalization & Residency– Dubai (DNRD) said, "This visit comes in line with strengthening the strategic partnership and finding ways for collaboration with DIFC. He stressed the Department’s efforts to expand its corporate and community relations to execute one of the strategic plan goals that the Department pursues and to reinforce the integral and strong role between DNRD and its major strategic partners so they can achieve security system for the community in the Emirate of Dubai.

Lt. Col. Khalifa Matar Mubarak Asst Manager of External Centres Sections praised the efforts of staff in specialised areas at DIFC and pledged to overcome any obstacles facing them. He asserted his endeavour to enhance DNRD work at DIFC through creating a distinguished work environment to raise the performance level and support the sense of professional dedication of staff.This strengthens DNRD role, according to Balqoubaa, and its responsibilities in community through its contribution to the development of its political systems and internal communications and sustainability of the high quality and excellence in achievement.

Hawkamah Becomes The First Signatory From MENA Region To The United Nations Principles For Responsible Investment

The Dubai International Financial Centre (DIFC) – based Hawkamah Institute for Corporate Governance has become the first-ever institution from the Middle East and North Africa (MENA) region to sign up to the United Nations Principles for Responsible Investment (UNPRI).

Hawkamah held a workshop in Dubai on responsible investment practices, in which it was announced that it had become an official signatory to the UN principles. At the same event, Dubai-based Abraaj Capital, the largest private equity firm outside Europe and the US, followed Hawkamah’s example and became the first private sector business in the MENA region to sign up to the UN-backed Principles.

Leading institutional investors around the world are increasingly recognizing that Environmental, Social and Corporate Governance (ESG) issues can be material and can impact the performance of investment portfolios. The UNPRI provides a framework for investors to integrate ESG issues into their mainstream investment and ownership practices. Since its creation in 2006, over 500 financial institutions from around the world have signed up.

Dr. Nasser Saidi, Director of Hawkamah, pointed out that: "Responsible investment practices focusing on ESG issues can be part of the solution in the current financial environment and can help to rebuild trust. It is likely that in the credit crunch aftermath, markets that will fare the best will be those in which fundamental investor concerns are identified and addressed by regulators and companies."

He explained that Hawkamah has been at the forefront of advancing corporate governance reform through working on multiple levels, ranging from raising awareness through research, award programs, workshops and development programs for directors, company secretaries and asset managers to working with MENA governments, regulators and companies to bring about comprehensive corporate governance frameworks for the region.

In addition to promoting better corporate governance, Hawkamah has also been active in encouraging companies to address and report on their material environmental and social issues. Part of Hawkamah’s strategy is to create market incentives for companies to adopt better corporate governance practices and signing up to UNPRI is the latest step in the on-going commitment to improve ESG practices in the region.

"We have not stopped at just signing up to UNPRI. Hawkamah is developing an ESG Index covering 11 markets in the MENA region in cooperation with the IFC and Standard & Poor’s. The purpose of the ESG Index is to raise the profile of those companies that perform well along the three parameters of environmental, social and corporate governance responsibility when compared to their market peers," Dr Saidi pointed out.

"Already Abraaj Capital has joined us in adopting UNPRI. We hope that our example would be followed by more institutions – from both public and private sectors."

Frederic Sicre, Executive Director of Abraaj, welcomed Hawkamah’s effort to promote ESG concepts and general best practices in the region. "As a leading regional financial institution, it is our responsibility to adopt ethical and good governance practices that are benchmarked by no less an institution than the United Nations.

"We are proud to be the first private sector corporate in the MENA region to sign up to UNPRI, and we hope that many of our peers will adopt the principles for their own benefit and for the benefit of the industry as a whole," Sicre said.

Dr James Gifford, Executive Director of the UNPRI, stated: "We very much welcome Hawkamah’s adoption of the Principles for Responsible Investment. They join a growing movement within the global investment community that is committed to promoting strong corporate governance, better risk management and transparency within the corporate sector. Hawkamah is the first PRI signatory from the MENA region and we look forward to their becoming an active participant in the PRI network

"I’m looking forward to Hawkamah becoming an active participant in the PRI network and hope they can both learn from the good practice of other signatories and share any new ideas they have on how best to implement the Principles," Dr. Gifford added.