Orion Capital Joins the DIFC

• Posted: Monday, May 12, 2008
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• Author: pradhana
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• Filed under: Miscellaneous

Orion Holding Overseas, a leading financial services firm in the MENA region, announced that its wholly-owned subsidiary, Orion Capital Limited, has received a license from the Dubai Financial Services Authority to operate as an authorised firm in the Dubai International Financial Centre (DIFC).

The license enables Orion Capital to deal in investments as principal or agent, as well as arrange custody. The firm can now arrange credit or deals in investments and act as advisor on financial products or credit to regional and international financial institutions who seek to enter markets in the MENA region.

Nasser Al Shaali, CEO DIFC Authority, said: "Joining the DIFC gives Orion Capital a platform to further exploit the growth potential for financial products and services in the regional market. We look forward to providing them the support necessary for developing their new business."

Mr. Mohamed Hafez Khalil, CEO of Orion Holding Overseas, said: "Regional and international financial institutions have a need for financial services that allow them access to the growing markets of the Arab world. We plan to offer Direct Market Access to UAE, KSA, Kuwait, Egypt and Jordan equity markets. This is possible through our strategic and exclusive clearing relationships with our SHUAA Securities partners as well as seeking EUREX, DGCX and DME memberships for our derivatives offering."

Today's announcement follows Shuaa Capital's acquisition of a 20% stake in Orion Holding Overseas, in January this year. /PR

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