Alpen Capital has become the latest investment banking name to set up in Abu Dhabi’s new financial free zone.
The investment bank, based in Dubai, said yesterday that it had received approval from the Abu Dhabi Global Market to establish a branch office.
The Alpen Capital Abu Dhabi branch office will be located on Al Maryah Island in the new Abu Dhabi Global Market financial free zone, which declared itself open for business last October.
Alpen Capital will join eight other financial firms which have announced plans to open in ADGM including the UK’s Aberdeen Asset Management; Australia’s Macquarie Group; and Abu Dhabi Financial Group and Bahrain’s GFH Financial Group, which are jointly setting up an Islamic bank in the free zone.
Afkar Capital, an incubator for asset management fund start-ups, was the first financial institution brought on board by ADGM, receiving its licence in January.
Alpen said the new office would be regulated by the Financial Services Regulatory Authority and would provide services including arranging credit, arranging deals in investments and advising on investments or credit.
“ADGM is on its way to establishing itself as one of the leading financial hubs in the region and we are excited to be a part of its growth story,” said Rohit Walia, Alpen Capital’s executive chairman.
Last month ADGM announced it had signed up 160 member firms in its first year of business including law firms, professional and corporate service providers and family offices..
lbarnard@thenational.ae
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