We’ve written before about the influx of companies establishing offices in the Middle East, and how that region presents one of the few growth opportunities around the world in the current economic environment. Now, Reuters reports that one of Russia’s top performing hedge funds, Pharos Financial Group, has opened an office in the Dubai International Financial Centre (DIFC) to attract Gulf investors to its funds.
With offices in Moscow and now Dubai, some suggest that the Kremlin harbors ambitions of turning Moscow into a regional financial capital, competing against Dubai for emerging market capital.
The Dubai International Financial Centre (DIFC) is already an established hub for global finance. It bridges the time gap between the financial centers of Hong Kong and London. Over 700 firms have registered at the DIFC, which offers its member institutions many incentives such as 100 per cent foreign ownership, zero tax on income and profits and no restrictions on foreign exchange, according to a Pharos-issued press release.