Merrill Lynch opens office in Dubai (UAE/US)

Merrill Lynch has officially opened its new regional headquarters at the Dubai International Financial Centre (DIFC). Merrill Lynch President and COO, Ahmass Fakahany, Jeffrey Culpepper, head of Global Markets and Investment Banking, Middle East and North Africa and Eva Castillo, head of Global Private Client, Europe, Middle East and Africa were present for the event.

Merrill Lynch was awarded a full banking license by the Dubai Financial Services Authority (DFSA) in January 2007.

Ahmass Fakahany, Merrill Lynch, President and Chief Operating Officer, said, "The DIFC is a phenomenal achievement. His Highness Sheikh Mohammed's vision of creating a world class capital market in this incredible country is truly becoming a reality and I am delighted to be present at the opening of Merrill Lynch's new office.

"Merrill Lynch's presence in Dubai spans some thirty five years and we have witnessed first hand the development of the financial services industry here and in the wider region. We are delighted to be part of this important new financial community."

Jeffrey Culpepper, head of Global Markets and Investment Banking, Middle East and North Africa, said, "We look forward to working together in further strengthening and developing our business throughout the Middle East and North Africa."

Eva Castillo, Managing Director and head of Global Private Clients, Merrill Lynch EMEA, said, "Today marks an important milestone in Merrill Lynch's 45 year presence in the Middle East, our office in the DIFC signifies our continued commitment to growing our business."

Merrill Lynch has had a presence in the Middle East for over 45 years and has held a licence from the DIFC with regards to its Global Private Client business since 2005. In September of last year Merrill Lynch also announced that it had launched the Dubai Investible Index (DII), the first investible index designed to track stocks listed on the Dubai International Financial Exchange. In May 2007, Merrill Lynch announced it had launched its Direct Market Access platform on the Dubai International Financial Exchange (DIFX) and had received membership of the Dubai Mercantile Exchange this month.

Additionally this year, the firm announced a partnership with the Arab International Women's Forum. Established in 2001 as the first not for profit organisation of its kind, AIWF has brought together Arab and international business and professional women from over 40 countries, showcasing their development, promoting cultural diversity and creating greater public awareness of women's success and prospects in the Arab world.

Source: Property World Middle East

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