Private equity firm Gulf Capital has secured a financial services permit (FSP) from the Financial Services Regulatory Authority (FSRA) in Abu Dhabi, United Arab Emirates (UAE).
The FSP allows Gulf Capital to oversee assets and funds in addition to undertaking other regulated asset management endeavours in or from the Abu Dhabi Global Market (ADGM).
ADGM is a financial hub that facilitates a financial ecosystem as well as act as a link between the East and West.
Gulf Capital board chairman Hareb Al Darmaki said: “We are committed to expanding our presence in Abu Dhabi and to basing our global headquarters in the prestigious ADGM.
“Receiving a full asset management licence from FSRA will help us meet investors’ increasing demand for more regulated and transparent asset management activities within an established world-class financial centre.
“Gulf Capital remains steadfast about upholding the highest standards in our asset management operations, which are reflected in the international best practices that ADGM has embedded in its standards and regulations.”
Founded in Abu Dhabi in 2006, Gulf Capital currently has branches in Abu Dhabi, Dubai, Riyadh, Cairo, and Singapore.
The firm, which opened its global headquarters in ADGM in November last year, is said to have $2.4bn in assets under management (AuMs).
Gulf Capital co-founder and CEO Dr Karim El Solh said: “Our new asset management licence from FSRA is the next step in building our franchise.
“It offers Gulf Capital the flexibility to domicile and administer its upcoming funds from ADGM, a leading international financial centre that offers a large catchment area between West and East Asia.”