AllianceBernstein (AB) has expanded its presence in the Middle East with a new office in Dubai International Financial Centre (DIFC), becoming the latest in a string of global asset management firms to set up shop in the region.
The move comes as part of AB’s strategic plan to strengthen its presence in the Middle East. AB has been granted a Category 4 Licence from the Dubai Financial Services Authority (DFSA), the independent regulator of financial services conducted in the DIFC.
Jean-Paul Hobeika, managing director of Middle East institutions, has been appointed as senior executive officer. He will work alongside Eduard van Nes, head of intermediary sales for Middle East and Africa.
“This marks a significant milestone for AB and we are thrilled to bring our extensive expertise and investment solutions to the region’s discerning investors,” said Hobeika.
“We are confident that with the opening of its new office in DIFC, AB is poised to become a leading player in the region’s financial industry.”
With the new premises, investors across the region, including institutional clients, distribution partners and family offices, will have increased access to AB’s asset management services.
“We welcome global industry giant AB to DIFC as we continue to attract top international financial institutions in line with Strategy 2030,” said Arif Amiri, chief executive of DIFC Authority.
“AB’s commitment to the region is testament to Dubai’s strategic position at the centre of the world, providing the firm with access to $8 trillion of private wealth across the Middle East, Africa and South Asia.”