"WTW" Obtain approval to conduct investment business from" Dubai International Financial"
DUBAI, 3rd June, 2018 (WAM) – “WTW”, the global consulting, brokerage and solutions company listed on the Nasdaq Stock Exchange, announced today that it has obtained the approval of the Dubai Financial Services Authority to conduct its activities within the Dubai International Financial Center under the name “WTW Investments – Dubai International Financial Center Limited”.
This license represents an important step in the company’s strategic plans to expand its business in the Middle East region, and a shift in the way it interacts with its current and new clients in the region.
For the first time, the company will be able to proactively provide access to its full range of investment services regulated in or from the DIFC.
The DFSA license allows WTW to proactively provide investment advisory services and provide financing solutions in or from the DIFC, giving it access to a diverse and growing range of market sectors, including wealth management, family offices, end-of-service benefits and automatic enrollment into the pension system.
Before obtaining local licenses, WTW Investments had established its business in the Middle East, where it provided strategic advisory services to a number of the largest sovereign wealth funds and public retirement plans in the region. The company also supported global employers based in the UAE, Qatar, and Saudi Arabia, by providing integrated solutions for international retirement and savings plans, including providing strategic advice on allocating investment assets, outsourcing, and improving employee experience.
Dia Locke, Global Head of Investments at WTW, said that obtaining the DFSA license represents an important moment in WTW’s journey, and by obtaining this license, the company can now operate directly and effectively within the local market environment, and communicate with wealth managers, family offices, and institutional clients whose demand for innovative solutions and fresh ideas is increasing.
For his part, His Excellency Arif Amiri, CEO of the Dubai International Financial Center Authority, said that the decision of WTW Investments to establish its regional headquarters in the Dubai International Financial Center reflects the established position that Dubai enjoys as a preferred destination for global wealth and asset management companies, as the center hosts the largest and most established system of wealth and asset management companies in the region, which allows companies direct access to regional growth opportunities, capital and clients.
He added that with assets exceeding $3.6 trillion in the field of providing consulting and assets under management exceeding $187 billion, ‘WTW Investments’ provides extensive global experience in the field of investment and institutional consulting to the DIFC community, expressing the Authority’s aspiration to support the company in its growth process and expanding its business from Dubai.
For his part, Dr. Ahmed Warri, Director of WTW Investments, Dubai International Financial Center and Head of the Middle East and North Africa Region at WTW, said that the Dubai International Financial Center provides a favorable regulatory environment for doing business according to international standards, and the company’s obtaining a Dubai Financial Services Authority license represents a pivotal step in its regional journey, as the Middle East region is a strategic priority that WTW deals with with all its global capabilities and local expertise.
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