SMP Trustees Partners Group, a trust and corporate service provider in the Isle of Man, has established regional headquarters in Dubai.
The British financial firm, which manages regulated trust companies in Switzerland and Hong Kong, will operate businesses at a value of AED70 million (US$19.05 million) in the region, Gulf News has reported.
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The Dubai office will allow SMP Trustees to boost its presence in the region using existing relations with Dubai-based financial and professional organizations. It will also lay the foundation for its region wide expansion in the future.
Dubai FDI chief executive Fahid Al Gergawi was quoted by the publication as saying, "We consider it a major milestone that SMP Partners Group chose Dubai to grow further."
"It goes a long way in bringing world-class resources to Dubai and offers SMP Partners with the best links to a consumer market of over 2.2 billion spread across the Middle East, North and East Africa and South Asia," Gergawi added.
The Department of Economic Development in Dubai inked partnership agreement with Isle of Man in 2012 to enhance cooperation between the two regions.
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By GlobalDataSMP Group chairman Steve McGowan commented, "Dubai has positioned itself to be world-class and a world-leader in many industries. Our industry relates to professional services within the wealth management sectors and Dubai is a very attractive location for a group like SMP."
