Mohamad Sotoudeh , Chief Executive Officer of Essdar Capital announced the incorporation of Essdar Capital Limited, a holding entity, in the Caymans Islands. Essdar Capital Limited and it’s subsidiaries and affiliates will be developed upon the direct instruction of His Excellency Khalil Foulathi, First Vice President of Abu Dhabi Chamber of Commerce and Industry.
Essdar Capital Limited and its subsidiaries and affiliates will be the core of a specialized investment and advisory company in the region. The two main operating entities of Essdar Capital Limited are in the process of being incorporated within the Dubai International Financial Centre, a financial free zone designed to promote financial services within the United Arab Emirates. In addition, it is anticipated that the two main operating entities will be authorized and regulated by the Dubai Financial Services Authority, a regulatory body established within the DIFC and charged with the creation of a world-class regulatory regime which promotes integrity, transparency and efficiency. The two main operating entities are expected to be operation by the second quarter of 2008.
The shareholders of Essdar Capital Limited, will contribute to the strength of the entity and will also provide senior board expertise.
“This is an important first step towards providing bespoke financial services advisory business from the Middle East region. Our priority is to build on today’s achievement and develop operational entities out of the Dubai International Financial Centre.” Mohammed Sotoudeh, CEO of Essdar Capital Limited, said. |
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